Edinburgh-based insect genetics firm Beta Bugs has secured a £2.1 million investment from TRICAPITAL Angels and Scottish Enterprise, propelling its ambitions to become a global leader in the field of sustainable insect farming.
This latest funding round follows a previous £1.7 million investment led by TRICAPITAL in 2023, demonstrating continued confidence in the company’s innovative approach to developing superior black soldier fly breeds.
Founded in 2017 by CEO Dr. Thomas Farrugia, Beta Bugs has established itself as a pioneer in the UK’s insect genetics sector.
The company’s focus on selectively breeding black soldier flies for improved efficiency in converting waste into protein and oil has positioned it at the forefront of sustainable food source development.
Dr. Farrugia expressed enthusiasm about the new funding, stating: “This funding allows us immediately to accelerate our growth on key fronts. We are investing significantly in our Breeding Programme to deliver further genetic gains with our HiPer-Fly® products.”
He also highlighted plans to increase production capacity and strengthen the team with key hires in finance, operations, and genetics.
The investment comes at a crucial time for the insect farming industry, which has seen rapid growth over the past decade. Black soldier fly larvae have gained attention for their ability to upcycle food, agricultural, and industrial waste into nutrient-rich ingredients for pet, aquaculture, and livestock feed. This approach offers a sustainable alternative to environmentally damaging soy meal and fish meal production.
Moray Martin, CEO of TRICAPITAL Angels, emphasised the company’s potential, saying: “Beta Bugs is clearly on a strong growth trajectory, and we remain dedicated to strengthening our partnership with them to support their mission of delivering high-quality insect genetics and products.”
The Scottish government has also recognised the importance of Beta Bugs’ work. Kerry Sharp, Scottish Enterprise Director of Entrepreneurship and Investment, commented: “This investment underscores our commitment to using our world-class innovation capabilities to increase the number of ambitious companies scaling up in Scotland, helping them create quality, high-value jobs and compete and lead in international markets.”
As Beta Bugs continues to expand its operations and develop commercial relationships with large-scale producers in the UK, it is poised to play a significant role in shaping the future of sustainable protein production. The company’s success not only contributes to Scotland’s biotechnology sector but also addresses global challenges in food security and environmental sustainability.
