Industry & Business

Hexafly Secures Another €1.1 Million in Funding

 Breaking News
  • ASAI Issues New Guidelines For Advertising Mobile Phone and Broadband Services The Advertising Standards Authority for Ireland (ASAI), the independent self-regulatory body committed to promoting the highest standards of marketing communications in Ireland, has introduced new guidelines relating to the advertising of mobile phone and broadband services. The guidelines will complement the existing ASAI Code in ensuring that certain marketing terms used by telecommunications operators convey [...]...
  • Sustainable Apartment Living For Ireland A new report on sustainable apartment living in Ireland was launched by the Housing Agency and Clúid Housing. Amongst some of the reports findings and research were that apartment living has increased in the last few years and according to the report, the number of apartments in Ireland has increased by 85% between 2002 and [...]...
  • Brand New Campaign Showcasing Ireland’s Food and Drink Starts Fáilte Ireland’s Taste the Island campaign has gone live with a brand-new TV ad encouraging domestic holidaymakers to take a short break in Ireland to enjoy some of the 700+ food and drink related experiences on offer across this September, October and November. Taste the Island is a 12-week celebration of Ireland’s seasonal ingredients, adventurous tastes [...]...
  • Enet Expands its Data Centre Connectivity Portfolio Across Dublin Enet, Ireland’s largest wholesale, open-access network provider, has added six more data centres across Dublin to its national network. The additional data centres allow it to offer more options when it comes to dark fibre and managed bandwidth to its customers, and will result in increased connectivity for consumers. Enet is now connected to 25 data [...]...
  • ACCA and Bank of Ireland Issue Warning Amid Foreign Currency Fluctuations Many Irish companies that deal in foreign currency are exposing their businesses to significant and unnecessary profitability risks due to a lack of consideration of appropriate hedging within their organisations. That’s the message from the Association of Chartered Certified Accountants (ACCA) and Bank of Ireland who have launched a new programme to support businesses in [...]...

Hexafly Secures Another €1.1 Million in Funding

Hexafly Secures Another €1.1 Million in Funding
February 04
12:47 2019

HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and an initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, has announced that agritech company, Hexafly, has secured a total of €2.2 million after closing a recent round of €1.1 million. 

The total investment includes €900,000 in angel funding, with Enterprise Ireland, SOS Ventures, Yield Lab and Cedas Foundation making up the rest of the two rounds. It is the largest HBAN angel investment in agritech to date and will help to fund 50 new jobs over the next two years, as well as a new larger production facility. The investment will also enable Hexafly to further expand its reach in international markets including Europe, the US and Asia.

Hexafly was established in 2016 by Alvan Hunt and John Lynam in response to the growing issue of the global food shortage. The founders developed an innovative method of sustainable insect farming that converts low value waste streams – using black solider flies – into high-value feeds, fertilizers and bioplastics. Hexafly supplies these insect-derived products to a range of companies in the aqua and animal feed, medical, cosmetic, food and plant nutrition industries.

Initially, Hexafly set up a pilot plant in Kells, Co. Meath, before establishing a large commercial plant in Ashbourne, Co. Meath, in early-2018. With more than 90% of its insect-based products exported and growing demand in the Far East and US, the company is planning to pursue a €10 million series A round in 2019 to facilitate the construction of a much larger production facility.

Alvan Hunt, CEO and Co-founder, Hexafly, said: “Before we set up Hexafly, John and I knew that we wanted to start a company that would tackle a global issue, while being sustainable. We are proud to say that Hexafly is a zero-waste operation – we take in low value waste streams and convert them to insect-derived oil, protein powder, fertilizer and a high-value bio-polymer called chitin for use in various industries.

“Insect-derived protein produces significantly more protein per square metre when compared to soymeal, it is 100% natural and leads to up to a 90% reduction CO² emissions when compared to other protein feed ingredients. Moreover, the animals that eat this insect-derived protein are actually healthier as no additives or chemicals are used in the products. Our goal is to educate people about the benefits of insect-derived protein, how sustainable it is and essentially find smart ways to feed the growing global population.

“We’re incredibly grateful for the support of HBAN and the other investors – in particular, the advice and mentoring we’ve received has been invaluable. We’re very excited about our future growth plans and the potential for Hexafly. It’s fantastic to be able to provide our alternative feed sources to sectors that need them, but we also want to have a long-term presence and become part of the food chain solution on a global level.”

Julian Seymour, syndicates manager, HBAN, said: “Hexafly is a really innovative company with huge promise. Although the company already has very strong export levels, there are other vast markets, including Asia and the US, that offer expansion possibilities. Alvan and John are visionary entrepreneurs; they sought to tackle a global issue by developing an alternative protein source. The investment in Hexafly is significant and highlights the high-potential of these types of sustainable companies.”

Angel investing forms an important part of the start-up and seed investment ecosystem in Ireland. Since HBAN was established in 2007, HBAN angels have invested over €94 million in start-ups on the island. These investments have leveraged a further €150 million from other public and private funds, bringing the total invested to €224 million.

Hexafly’s co-founder, Alvan Hunt, is speaking on a panel titled, The future of investing, at HBAN’s All-Island Business Angels Conference which will take place on Thursday, 14th February, in Powerscourt Hotel, Co. Wicklow. The conference is open to non-HBAN members who want to see how the HBAN network works, connect with HBAN angels and listen to pitches from high-potential start-ups. Tickets for the conference are priced at €50 and are available now. HBAN members can attend for free. For more information about the event and to register, please visit


Pictured announcing a €900,000 investment by HBAN business angels across two rounds of funding in agritech company, Hexafly are (l-r): Alvan Hunt, CEO and Co-founder, Hexafly; Julian Seymour, Syndicates Manager; and John Lynam, CTO and Co-founder, Hexafly

About Author



Related Articles

New Subscriber

Subscribe Here


National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories

Upcoming Events

  • No upcoming events
AEC v1.0.4