German insect feed startup FarmInsect has raised €8 million ($8.4 million) in its latest financing round.
FarmInsect will use the capital for scaling its breeding facilities, technology improvements and for research and development work, the company said.
The Munich-based company, which was founded in 2020, uses the larvae of the black soldier fly to produce feed.
In recent years, companies producing so-called alternative feed ingredients have continued to scale and draw the interest of investors. The companies' feed ingredients are used to replace a portion of fishmeal and fish oil that is supplied through wild-capture fisheries.
