AgriProtein announced Tuesday it secured $17.5 million (€16.5 million) of further capital from key strategic partners to fund expansion into Europe, North and South America and Asia.

The new investment values the company at more than $117 million (€110.4 million) – making it the most valuable fly-farming business in the world.

The funding enables AgriProtein to meet growing demand from animal feed suppliers for a natural and cost-effective alternative to fishmeal, widely used in the poultry and fish farming industries.

“The new funding demonstrates a growing appetite for fly-farming in the global investment community, helping us pursue our mission to find a better way to feed the world,” said Jason Drew, co-founder of Agri-Protein.