Insect farming firm Beta Bugs raises £1.72m
A Scottish company producing an insect-based alternative to animal feed has secured £1.72 million to scale-up its operations.
The funding round for Beta Bugs was led by The Tricapital Syndicate, with participation from SIS Ventures, Scottish Enterprise, Beeches Group, Climate.vc, together with existing shareholders in the business and InnovateUK.
Based in Edinburgh, Beta Bugs has developed the UK’s first comprehensive selective breeding programme and egg production site for the Black Soldier Fly, which is farmed as an alternative protein source for use in aquaculture, pork, and poultry feed and can be reared on various waste streams, including agricultural and food waste.
Founder and CEO Thomas Farrugia set up Beta Bugs in the Easter Bush Campus – a centre of excellence for animal science and home to the Roslin Institute, a renowned centre for animal genetics.
The business currently employs a team of 12 and will be looking to recruit a further four full-time commercial and technical staff.
As part of its growth plans, Beta Bugs hasappointed Chris Richards as non-executive chairman. He is a recognised veteran of the international agribusiness industry.
Mr Farrugia said “Completing this investment will allow us to expand production capacity, drive to profitability over the coming 18-24 months.”