Source: Kurt Schlosser, Geekwire, May 21, 2020
Beta Hatch, the insect-growing startup looking to revolutionize the animal feed business through its science and technology, has raised $3 million as part of a new funding round.
Founded in 2015 by PhD entomologist Virginia Emery, the company has raised $5 million in total equity while also securing $4.6 million in state and federal funding.
The latest round was co-led by Cavallo Ventures, the venture capital arm of Wilbur-Ellis, and early-stage venture firm Innova Memphis. Klein Private Equity Investment and Brighton Jones Investment Partners also participated.
Currently operating out of a facility in SeaTac, south of Seattle, Beta Hatch will use the cash to continue to innovate on its technology and also move its entire operation to Cashmere, Wash., next year.
That flagship facility will be the largest mealworm production facility for animal feed in North America, with the capacity to produce a ton of insect protein per day. It’s scheduled to be operational in early 2021 and will be partially powered by waste heat from a neighboring data center to reduce electrical needs.
Beta Hatch develops insect-rearing technology that converts organic waste directly into high-value proteins, oils and nutrients for poultry and aquaculture, enabling insects to cost-effectively meet the global scale of demand for plant and animal nutrients.