Two brothers earn millions by selling fly eggs
Two British brothers launched an unusual project to take advantage of the protein found in flies in the animal food industry, which Give them back millions of dollars.
Jason and David Drew have Africa-based Agri-protein, which makes flies put hundreds of millions of eggs on food scraps on a daily basis, and then sell larvae as animal feed.
The company notes that the larvae meal is an environmentally friendly alternative to fish meals.
“We take the remains of food and turn them into our three products, one of which is protein,” the company’s chief executive, Jason Drew, was quoted by CNN as saying. For the remainder, it is animal feed made from the oil extracted from the larvae, as well as fertilizers made from the mixture of larvae and fertilizer garden.
The founders of the company, founded in 2008, say they raised $ 105 million this year, while valued at more than $ 200 million.
Jason realized that the larvae were a source of untapped protein, after examining the remains of food surrounded by flies.
The two brothers began to be surprised by insects, since they used flies and larvae to hunt at their grandparents’ home in England.
Desirous of making food supplies environmentally sustainable, the pair began to look for science behind the establishment of insect farms. The project called the recycling of nutrients as they are recycled into a natural protein for chicken and fish.
Today, the company has fly factories in Cape Town and Durban. Each has 8.4 billion flies and 276 tonnes of food waste per day. It is noted that flies put about 340 million eggs on waste every day.
The two brothers received grants from the Bill and Melinda Gates Foundation to help fund their research.
The duo faced some major difficulties in their project, such as mastering techniques to increase the number of larvae and keep them alive for long enough. In addition to keeping financial expenses under control at a time when the brothers tried to develop the company.
Last year, the company, which employs 145 employees, signed a $ 10 million contract with Christof Industries to create 100 fly plants around the world by 2024.
The company plans to launch its facilities in Asia, the Middle East, Europe and the United States.