Scottish biotech company, Beta Bugs. has secured a fresh £2.1m (US$2.7m) in funding to accelerate its international growth in Black Soldier Fly (BSF) genetics.
This funding follows a previous £1.7m investment led by TRICAPITAL Angels in 2023, with the latest round supported by that existing investor along with Scottish Enterprise.
The investment comes at a crucial time for the insect farming industry, which has faced high-profile failures despite its potential to revolutionize sustainable protein production. Insect farming offers significant environmental benefits, such as reducing reliance on traditional livestock, lowering greenhouse gas emissions, and conserving water and land. However, the sector has struggled with profitability, and some producers have failed to meet key milestones, raising investor skepticism.
Boosting efficacy of BSF production
Founded in 2017 by CEO Dr Thomas Farrugia, Beta Bugs operates from the Easter Bush Campus in Edinburgh, a renowned hub for animal genetics research and home to the Roslin Institute. The company specializes in selectively breeding high-performance black soldier flies to improve the efficiency of waste conversion into valuable protein and oil.
Eyes on European market
With the additional funding, Beta Bugs plans to scale up its production of BSF eggs and juvenile larvae to meet growing demand from insect farming operations. The company is already forging commercial relationships with large-scale producers in the UK and is positioning itself as a key supplier in the European market.
“This investment allows us to accelerate our growth on multiple fronts,” said Dr Farrugia. “We are making significant investments in our breeding program to enhance the genetic gains of our HiPer-Fly products. Additionally, we are expanding our production capacity to meet rising demand for our eggs, young larvae, and juvenile larvae.”
New hires
To support this expansion, Beta Bugs is strengthening its team with key hires in finance, operations, and genetics. The company has already recruited a specialist in upscaling BSF production and forging strategic partnerships.
Industry experts, including Lars-Henrik Lau Heckmann of Denmark’s Better Insect Solutions (BIS), predict that applying advanced genetics in insect farming will yield major benefits within five years, such as increased egg production, improved larval growth, and higher survival rates.
Credit: feednavigator.com
