Thai agritech startup eyes $15 million in Series A funding

The company farms black soldier fly (BSF) to produce fly oil, meal, and frass for the pet food and aquaculture sectors. It is raising $15 million (€14M) to finance the establishment of a new production facility and expand its global footprint.

In a statement to GlobalPETS, Flylab said its pilot production has already sold out. The company has signed contracts for full-capacity production for the next 3 years at a new facility that will produce 6,000 tons by the third quarter of 2023.

The company recently reached $1 million (€930,700) in a pre-series A round to boost its operations.

Flylab, founded in 2021, saw its pilot facility running at full capacity in less than a year since it opened, farming 30 tons of fresh BSF larvae each month. At its current capacity, the startup can manufacture 7 tons of fly meal, 2 tons of fly oil, and 25 tons of fly frass monthly.

More investment is on the way

The company is also preparing to hold a Series B round of funding in 2024 to set up 2 more production facilities by 2025. One in Thailand, with a 15,000-ton production capacity, and a second plant in Vietnam.

A major chunk of Flylab’s customer base is in Thailand; however, it supplies pet food companies in the UK, US, Japan, South Korea, Australia, Canada, Mexico, Egypt, and the Middle East.

A Flylab representative stated that the company is also negotiating to expand its business in South America. 

The agritech firm uses technology and data such as the Internet of Things (IoT), climate control, vertical farming, and robotics to produce sustainable, nutritious protein meals for pets and animals. It also claims to be the first startup to “harness the bioconversion power” of the BSF to recycle agricultural waste into food for animals and plants in Thailand.