Beta Hatching Funds are raised as fast as insects are raised.
The agricultural start-up, which was incubated near Seattle and is now growing in Cashmere, Washington, announced on Wednesday that the company has completed a new round of $10 million in financing as it is pushing to complete and expand a flagship in a small city east of Seattle. facility.
Beta Hatch was launched in 2015, the idea of Dr. entomologist Virginia Emory, Who is the CEO of the company, aims to create more sustainable, protein-rich feed sources for livestock, pets and other animals through the use of mealworms.
According to Beta Hatch, the 42,000 square foot flagship facility in Cashmere will be the largest mealworm production facility in North America. It will serve as a hub to produce eggs, and the growing location will be located close to the source of raw materials and other key points in the supply chain. The company plans to increase production by more than 10 times next year.
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Beta Hatch also produces mealy cordyceps or manure, which are used as organic fertilizers and soil amendments to improve soil health and plant growth for various professional and commercial growers.
“As a member of the Washington farming community, we are proud to be involved in building the future of agriculture,” Emery said at a press conference. “We are very pleased that our influence in rural America continues to expand because we hire and work with people in these communities to feed the growing global population.”
Beta Hatch prioritizes sustainable energy and zero waste practices in its operations. The Cashmere plant only uses renewable energy for power supply, and all its heating needs are provided by waste heat from nearby server farms.
The startup previously raised $9.3 million in December.
The new round of financing was led by Lewis & Clark AgriFood and existing investors Cavallo Ventures and Innova Memphis.