Thai BSF company raises USD 1 million
The fund will help scale up its pilot facility in northern Thailand to produce insect meal for the animal feed industry.
Flylab closed a USD 1 million in SEED and Pre-Series A round in 2022 led by Sanyo Trading that will help scale up its commercial operations. The company was previously co-financed by ALES Global Investment Partnership III and MSIVC2021V Venture Capital Investment Limited Partnership to build its first Black Soldier Fly (BSF) pilot plant in northern Thailand.
Given the rising feed costs, BSF meal is becoming a more affordable source of protein for animal feed and, as a result, Flylab has received a large amount of demand from many different prospects in the animal feed industry. The first contracts have been signed for the full capacity of production over the next three years with aquafeed and pet food manufacturers.
Flylab now aims to raise a USD 15 million Series A round in 2023 to build its first industrial-scale factory in Bangkok to produce more than 6,000 MT of insect-based ingredients for the animal feed industry.