Beta Bugs secures £1.7m to scale insect farming and genetics
The funding round was led by The TRICAPITAL Syndicate to expand production and commercial reach.
Share allotment filed at Companies House
Scottish insect genetics business developing selective breeding programmes and egg production for the Black Soldier Fly.
Scottish insect genetics business Beta Bugs has secured £1.7m in funding to scale up its operations. The investment round was led by The TRICAPITAL Syndicate, with participation from SIS Ventures, Scottish Enterprise, Beeches Group, Climate.vc, and InnovateUK, alongside existing shareholders.
Beta Bugs will direct the capital towards expanding its production capacity for Black Soldier Fly eggs and larvae, driving towards profitability over the next 18 to 24 months, and strengthening its market position. The company develops selective breeding programmes to supply sustainable protein alternatives for aquaculture, pork, and poultry feed.
Founded in 2017, the firm aims to provide a green alternative to environmentally damaging protein sources such as soy meal and fishmeal. The recent injection of capital supports the company as it expands its commercial reach and supply chain presence.
From the founder
"Beta Bugs has supplied its industry leading products to an increasing number of established and new entrant insect farmers in the UK and international markets. The company continues to develop its outstanding HiPer-Fly® breeding programme, which has demonstrated consistent increases in Black Soldier Fly genetic performance across multiple, economically valuable production traits."
Thomas Farrugia
CEO and Founder at Beta Bugs
Investor perspective
"We have supported Beta Bugs through our high growth ventures team as well as financially and this recent investment will help the company fly high as it expands the team and continues to develop its sustainable and innovative insect protein solutions. It’s a great example of a Scottish bio tech scale up providing value in the supply chain for the agriculture industry and with benefits for the economy and environment."
Kerry Sharp
Director of Entrepreneurship and Investment, Scottish Enterprise
Use of funds
- 01Scale operations
- 02Expand into international markets
Investors
The TRICAPITAL Syndicate
Arran Dewar
SIS Ventures
Kerry Sharp
Scottish Enterprise
Beeches Group
Climate.vc
InnovateUK