Entocycle Raises €5M in Series A Funding

Entocycle, a London, UK-based insect farming tech company, raised €5M in Series A funding.

The round was led by Climentum Capital with participation from Lowercarbon Capital, Teampact Ventures, ACE & Company, and athletes such as Antoine Dupont (World Rugby player of the year in 2021), Nikola Karabatic (World’s best handball player and Olympic champion with France in 2008, 2012 and 2021), James Haskell (former England rugby international) and Antoine Brizard (Volleyball Olympic Champion with France in 2021).

The company intends to use the funds to expand operations and business reach.

Founded in 2016 by Keiran Whitaker, Entocycle is a Y Combinator startup supplying high-quality insect farming technology and solutions. Its farm design and build service enable large-scale food producers and waste management companies to convert organic waste into high-value insect proteins, fats and fertilizers.

Is this the point of inflection for insect farming?

The global insect protein market is showing no signs of slowing down, with demand for insect protein forecast to reach 3 million tonnes and be worth $9.46bn by 2030. According to another recent report, the global black soldier fly market specifically is expected to grow by 30.5% CAGR from 2022 to reach $3.96b by 2033.

The company’s software and hardware solution, Entosight™ Neo, leverages an optical sensor to monitor and collect data on the health and productivity of a black soldier fly colony. Entocycle has also developed a breeding system and offers a full BSF farm design, commission and build service to new entrants to the insect industry.

FinSMEs

23/01/2023