Kilskyre agritech company secures €1.1M in funding

Kilskyre based agritech comapny Hexafly have secured €1.1m HBAN (Halo Business Angel Network) an initiative of Enterprise Ireland. The funding brings the total investment in the comapny to €2.2m.
The total investment includes €900,000 in angel funding, with Enterprise Ireland, SOS Ventures, Yield Lab and Cedas Foundation making up the rest of the two rounds. It is the largest HBAN angel investment in agritech to date and will help to fund 50 new jobs over the next two years, as well as a new larger production facility. The investment will also enable Hexafly to further expand its reach in international markets including Europe, the US and Asia.
Hexafly was established in 2016 by Alvan Hunt and John Lynam in response to the growing issue of the global food shortage. The founders developed an innovative method of sustainable insect farming that converts low value waste streams – using black solider flies – into high-value feeds, fertilizers and bioplastics. Hexafly supplies these insect-derived products to a range of companies in the aqua and animal feed, medical, cosmetic, food and plant nutrition industries.
Initially, Hexafly set up a pilot plant in Kells, Co. Meath, before establishing a large commercial plant in Ashbourne, Co. Meath, in early-2018. With more than 90% of its insect-based products exported and growing demand in the Far East and US, the company is planning to pursue a €10M series A round in 2019 to facilitate the construction of a much larger production facility. 
Alvan Hunt, CEO and CoFounder of Hexafly said: “Insect-derived protein produces significantly more protein per square metre when compared to soymeal, it is 100% natural and leads to up to a 90% reduction CO² emissions when compared to other protein feed ingredients. Moreover, the animals that eat this insect-derived protein are actually healthier as no additives or chemicals are used in the products. Our goal is to educate people about the benefits of insect-derived protein, how sustainable it is and essentially find smart ways to feed the growing global population."
He also went on to say “We’re incredibly grateful for the support of HBAN and the other investors – in particular, the advice and mentoring we’ve received has been invaluable. We’re very excited about our future growth plans and the potential for Hexafly."