Thai Union Group invests in insect protein startup

Thai Union recently announced the establishment of a venture fund with an initial commitment of $30 million for investment in innovative companies that are developing breakthrough technologies in the food tech arena. The fund will focus on three strategic areas: alternative protein, functional nutrition, and value chain technology. The commitment to Flying Spark is the venture fund’s first investment.

“We are excited to collaborate with this leading multinational seafood company,” says Eran Gronich, CEO and founder of Flying Spark. “Thai Union and Flying Spark see eye-to-eye on the need for future alternative protein products to offer high-value protein while minimizing the ecological footprint. This marks a significant step forward in bringing insect protein into the food industry mainstream.”

Flying Spark uses larvae from Ceratitis Capitata, which in nature feed on fresh fruits. The larvae have a lifespan of only seven days yet multiply their body mass 250 times in that period. Flying Spark’s technology enables easy and low-cost cultivation and processing, with nearly zero waste, as all parts of the larvae are used.

The company produces a mild-tasting, 70% protein powder that is rich in iron, calcium, magnesium, and dietary fiber and is an excellent source of amino acids, using a sustainable production process that employs no hormones or antibiotics. The startup is supported by the Israeli FoodTech incubator.

Thai Union is a major producer of shelf-stable tuna products with annual sales in excess of $4.1 billion and an international portfolio of brands that includes Chicken of the Sea, John West, Mareblu, King Oscar, and others.
  
Press release