The Bug Picture (TBP)
Description
The Bug Picture is pioneering locally produced, environmentally beneficial protein for animal feed by converting organic waste into valuable, sustainably produced agricultural inputs of protein and fertilizer for the local East African market through the bio-processing powers of insects (black soldier fly larvae).
Market Opportunity/ Problem
Market research indicates the global black-soldier-fly market will reach $2.57B by 2030 with a CAGR of 33.3%. This high growth is attributed to growth in 1). global meat and aquaculture demand (expected to more than double in East Africa by 2050), 2). alternative proteins due to rising prices of soy and fish meal, 3). government support for the use of insect-meal in livestock feed, and 4). fundraising by key players operating in the Black-Soldier-Fly industry. These factors are driving a transition towards more sustainable and localized animal feed production. With a rapidly growing population and animal-derived protein demand across East Africa, the black-soldier-fly can provide a circular-economy-based solution to an interconnected set of food security, climate change, and development challenges. TBP plans to produce larvae and vertically integrate them to create retail products for sale in East Africa.
Company Information
Years of operation
3
Type of organization
Private company
Stage of the business
Early stage/ Startup
Agribusiness focus
Provision of inputs
Agriculture value chain(s) focus?
Livestock
Primary country of operation
Kenya
Other country(ies) of operation
Rwanda
How many employees does your business have?
3
Does the business have more than 30% women ownership?
No
Does the business have more than 30% youth ownership (under 35 years)?
Yes
Financing and expansion overview
How much capital is the company currently fundraising (US$)?
>1m
What is the split between equity and debt?
80% debt and 20% equity