Moira Capital invests €16m in BioFlyTech
Madrid-based private equity firm Moira Capital Partners has backed Spanish startup BioFlyTech, which specialises in insect breeding for animal feed.
The capital injection will be structured in two stages: an initial €6m investment followed by an additional €10m to deploy in 2019.
Following the investments, Moira will own 80% of the business.
The initial capital injection will be used by the company to build new industrial plants and larval breed facilities, which are expected to reach an annual production of one thousand tonnes of insect proteins.
According to a statement, BioFlyTech expects to reach revenues of around €40m by 2024.
Company
Founded by entomologist Santos Rojo and his team in 2012 and based in San Vicente del Raspeig, near Alicante, BioFlyTech specialises in the artificial breeding of insects for animal feed. In particular, the company breeds black soldier flies to produce high quality proteins for farm fish fodder, in order to replace or complement fish flour.
People
Moira Capital Partners – Javier Loizaga (chair).
BioFlyTech – Santos Rojo (founder).
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