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Thai Union Group invests in alternative protein start-up Flying Spark
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Friday, 01 November, 2019, 15 : 00 PM [IST]
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Ashdod
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Thai Union Group PCL, which is headquartered in Thailand and is one of the world’s largest seafood producers, has invested in Flying Spark Ltd, a foodtech and alternative protein start-up.
The development will enable the latter to move ahead with its insect-growing and processing capabilities in Thailand and dedicate efforts towards cost reduction and process improvements.
The two companies will leverage their expertise and capabilities to develop an important entry in the alternative protein market.
The announcement includes both a strategic partnership and investment to promote larval insect protein as a highly-sustainable, highly-nutritious contender in the alternative protein market.
This collaboration joins Thai Union’s production capabilities and global reach with Flying Spark’s innovative technology in creating an affordable protein offering to fulfill the worldwide growing need for cheap, sustainable, high-quality protein.
The Thai firm recently announced the foundation of a venture fund with an initial commitment of $30 million for investments in innovative companies that are developing breakthrough technologies in foodtech.
The fund will focus on three strategic areas: alternative protein, functional nutrition and value chain technology.
As a first investment, Thai Union announced an investment into Flying Spark.
“We are excited to collaborate with this leading multinational seafood company,” expressed Eran Gronich, chief executive officer and founder, 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 minimising the ecological footprint. This marks a significant step forward in bringing insect protein into the food industry mainstream,” he added.
Flying Spark uses larvae from Ceratitis Capitata, that 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.
Its technology enables easy and low-cost cultivation and processing, with nearly zero waste, as all parts of the larvae are used. This gives the company an edge over conventional protein sources — not only those from meat and plants, but also over other insects, such as crickets and grasshoppers.
“Over the last years, Thai Union has made significant investments to become a leader in seafood innovation and sustainability,” said Thai Union chief executive officer Thiraphong Chansiri.
“As we move into the coming decade, we will increasingly cooperate with innovative start-ups in strategically interesting areas. This will complement our own activities as we are broadening our business beyond our traditional core,” he added.
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