Enterra Feed Corporation, a developer and manufacturer of sustainable insect-based feed ingredients for the aquaculture, pet food and poultry feed industries, received a funding round of undisclosed amount.
ADM Capital Europe LLP’s Cibus Fund led the round with participation from PHW Group and a private Canadian company. Cibus will take a large minority stake and a board seat as part of the transaction.
The company intends to use the funds to complete construction of new facilities in Alberta (2019), British Columbia (2020) and the Midwestern U.S. (2021). The three plants will increase the company’s production capacity substantially.
Founded in 2007 and led by Geoff Gyles, CEO, Enterra has pioneered sustainable production of nutrition-rich insects for animal feed in North America. Using pre-consumer food waste as feedstock, the company farms and harvests black soldier fly larvae, a beneficial insect that reproduces swiftly under controlled conditions which are processed into high value animal feed ingredients. The larvae production process is completely sustainable, diverting food waste that would normally go to landfills, compost operations, or be incinerated.
Sales of Enterra products have tripled annually and continue to show high growth in pet food, poultry and aquaculture, as feed producers look for novel ingredients and sustainable replacements for resource-intensive inputs like fishmeal, soybean meal, coconut oil and palm kernel oil.