FarmInsect, a Landshut, Munich-based agritech startup, raised $8M in Series A funding.
The round was led by Sandwater with participaiton from Minderoo Foundation, EIC Fund, and Bayern Kapital’s Wachstumsfonds Bayern 2.
The company intends to use the funds to expand its sales activities and increase its production capacity.
Established in 2019 by serial entrepreneurs Wolfgang Westermeier and Thomas Kuehn, FarmInsect provides an automated fattening system that allows farmers to manufacture protein-rich animal feed from insect larvae on their own farm. This means that they no longer need to import expensive, environmentally-unfriendly feeds such as soy and fishmeal.
The company has been operating a first pilot plant at the Venture Lab of the Technical University of Munich (FACIT) since 2019. The startup is supported by the EU and the Bavarian Ministry of Agriculture as part of the EIP Agri funding program and EIC Accelerator.
FinSMEs
23/10/2022