Industry & Business

Hexafly Secures Another €1.1 Million in Funding

 Breaking News
  • Meetings Booker Wins Enterprise Ireland’s Pioneer Travel Tech Award Meetings Booker has been named the best product winner of Enterprise Ireland’s Pioneer Travel Tech Award, which showcases and recognizes a new wave of high performing Irish travel tech start-ups. Meetings Booker is a global leader in meeting venue discovery and online booking, with over 125,000 meeting spaces in 138 countries around the world. The company’s [...]...
  • 150 New Jobs For Galway Rent the Runway, Inc., the company that created the world’s first living, sustainable closet by enabling women to rent versus buy their clothing, has selected Galway for its first-ever international technology office. The project is supported by the Irish Government through IDA Ireland. Recognising Ireland’s significant technology talent, Rent the Runway aims to hire 150 engineers [...]...
  • Gyproc Continues Monaghan Investments With New Work at Knocknacran Following a competitive tendering process, Gyproc Ireland, which mines gypsum at Knocknacran quarry for use in its factory in Kingscourt, has announced the awarding of an important new contract to Wills Bros. Ltd.  Wills Bros are one of Ireland’s leading civil engineering contractors with experience in large scale infrastructural, industrial and earthworks projects. The contract [...]...
  • Fáilte Ireland Workshops to Commence on ‘Tasty’ New Initiative Fáilte Ireland is inviting businesses and individuals interested in providing tourists with a food or drink experience to attend workshops in their local area and find out how they can get involved in their new initiative – ‘Taste the Island – a celebration of Ireland’s food and drink’ which takes place this Autumn. See full list of [...]...
  • Robots and Artificial Intellegence Discussed at ACCA Conference in Sligo The role of robots and Artificial Intelligence in accountancy were among the discussions at the recent ACCA conference hosted by IT Sligo. The national conference gathered some of Ireland’s leading experts in finance and business to discuss the many opportunities and obstacles the industry may face in the future. The event titled “Technology & Accountancy – [...]...

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