Canadian insect ingredient producer secures investment

11-Aug-2023 - Last updated on 11-Aug-2023 at 13:34 GMT

Eat & Beyond Global Holdings Inc, an investment company focused on the plant-based and alternative protein sector has completed the acquisition of 50% of the shares and 100% of outstanding capital warrants in Canadian BSFL producer, Goldbloom Enterprises Inc.

Goldbloom is poised to become an industry leader in the Black Soldier Fly Larvae (BSFL) sector, according to the investor, noting that its management team consists of specialists in capital markets, the pet food industry, marketing, and entomology.

James Delany, who is the founder and president of the insect ingredient developer, has over 30 years’ experience in the pet food and protein industries, while the company’s insect specialist, Ayesha Jabeen, has a master’s degree in environmental science (Entomology) from the University of Guelph.

Live and freeze-dried larvae output

The insect ingredient developer has a 20,000 sq. ft (1858 sq. m) facility in Ontario, Canada, close to the University of Guelph, and it has corporate offices in the Yorkville region of Toronto. The dual locations facilitate a critical bridge the production site and the finance community, said the firm.

Its facility can produce both live and freeze-dried larvae for a variety of markets. The producer is focused on supplying its BSFL products into the livestock and aquaculture feed markets as well the pet food and treats industries; it is also targeting cosmetics and pharmaceutical production.

Entosytem reveals automated factory with massive capacity

In June this year, we reported that another Canada-based BSFL producer, Entosystem Inc, had opened its new plant in Drummondville, Quebec.

The inauguration of that facility came one year after the startup secured more than CAD$60m in public and private investments towards the construction of that production site.

With an area exceeding 100,000 sq. ft (9290.3 sq. m), the new, full automated factory now has the largest production capacity for larvae and organic fertilizer on the continent, said Entosystem. The factory boasts an innovative zero-waste process; it is designed to produce up to 5,000 tons of larvae and 15,000 tons of organic fertilizer per year, it added.