AgriProtein secures R242 million to fund expansion

A cost-effective alternative for fishmeal, high-protein feed made from fly larvae, may soon be available for local poultry and fish producers.

AgriProtein secures R242 million to fund expansion
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Waste-to-protein producer, AgriProtein, produces and licenses MagMeal, a high-protein feed made from the dried, milled and defatted larvae produced by black soldier flies (Hermetia illucens).

The larvae feed on existing organic waste derived from municipal and other industrial waste partners.

AgriProtein recently announced in a press release that it had secured US$17,5 million [about R242 million] to fund expansion into Europe, North America and Asia.

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Jason Drew, founder of AgriProtein, said that the funding would be used to develop the company’s international support structures for licensee factories in Europe, Asia and North America, and to expand its Cape Town-based factory in South Africa.

The funding would also assist its licensee partners in Johannesburg to implement larger production in their 250t/day of recycled waste factory.

According to the release, the funding would also enable AgriProtein to meet growing demand from animal feed suppliers for a natural and cost-effective alternative to fishmeal, widely used in the poultry and fish farming industries.

“Our new, larger factory Cape Town will be able to handle 250t of waste/day, and produce 50t of wet larvae and 30t of dried larvae, separated into 20t protein and 10t oil per month,” Drew said.

Drew added that conserving the ocean was vital, particularly with an expanding world population, and companies sourcing protein from the ocean needed to expand to insect-based proteins.

“The trawling of fish for fishmeal is one of the most destructive activities on the planet, so reducing its use in animal diets delivers enormous environmental benefit. It also means that the world’s dwindling population of wild fish can be harvested responsibly and sustainably for human consumption,” the release said.