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Better Origin, which turns flies into food for chickens, raises $3M from Fly Ventures – TechCrunch

Better origin Is a startup that uses insects fed to chickens in standard shipping containers to convert waste into essential nutrients. Former investor Metavallon VC has also joined, while raising a $ 3 million round of funding for the seed series led by Fly Ventures and solar entrepreneur Nick Boyle. Its competitors include Protix, Agriprotein, InnovaFeed, Enterra and Entocycle.

Better Origin’s product is “Autonomous Insect Mini Farm”. The X1 insect mini farm will be dropped on the premises. Farmers feed black soldier fly larvae by placing food waste collected from nearby factories and farms in hoppers.

After two weeks, the insects are fed directly to the chickens instead of the regular soybean feed. For added ease of use, everything inside the container is automated and remotely controlled by a Better Origin engineer in Cambridge.

This process has a dual effect. It not only treats food waste as a by-product of agricultural practices, but also reduces the use of soybeans, whose growth contributes to deforestation and habitat loss in countries like Brazil.

In addition, given that the pandemic exposes vulnerabilities in the global food supply chain, the company’s solution is a way to decentralize food and feed production, thus protecting the food supply chain and food security. Stated.

Better Origin states that it is working on a real problem and is a fair evaluation. Western countries waste about one-third of the food produced annually, but on average, the demand for population growth means that food production needs to be increased by 70%. Food waste is also the second largest greenhouse gas (GHG) emission after the United States and China.

Founder Fotis Fotiadis worked in the oil and gas industry when he decided to work in a sustainable and pollution-free place. After studying sustainable engineering at the University of Cambridge and meeting with co-founder Mihapipang, the two began working on a sustainable startup.

Founded in May 2020, the company currently has five commercial contracts and plans to expand throughout the UK.

Better Origin states that differentiation from competitors is the nature of a “distributed” approach to insect farming as a result of how the unit is effectively “drag-and-drop” onto the farm. In a sense, it’s the same as adding a server to a server farm.

The business model is probably to use the subscription model to lease or sell the system to a farm.

Better Origin, which turns flies into food for chickens, raises $3M from Fly Ventures – TechCrunch Source link Better Origin, which turns flies into food for chickens, raises $3M from Fly Ventures – TechCrunch

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