Livin Farms, an alumni startup from the 2017 AIL Acceleration-Program 2017 that specialises in growing insects as a substitute source of protein, in order to provide an alternative sustainable protein supply, recently closed a Series A funding round of $5.8 million (approximately €6 million). Congratulations!
Peter Lürßen, a German investor and shipyard owner, led the round while the hardware accelerator HAX also participated heavily. With the help of the new capital, Livin Farms plans to expand across Europe by, primarily, investing in new facilities and expanding its team.
Livin Farms has developed an industrial process for growing insects that can provide an alternative sustainable protein supply. The insects in questions are mealworms that are raised using waste from food and feed factories – in the spirit of the circular economy – and the efficiency of the process is increased by automation. As well as being used in food and animal feed as well as composting and fertiliser production, the mealworms also offer a sustainable means of disposing of waste. In this way, Livin Farms is killing many birds with one solution by offering an innovative approach to addressing today’s important challenges, while also creating economic benefits for its customers.
“With our proprietary technology and biological knowhow, our customers turn significant losses related to organic waste into highly attractive additional revenues,” says founder and CEO Katharina Unger. “At the same time, they are making a massive contribution to fixing the broken food system and, hence, saving the planet.” (Source: Brutkasten)