Insects go to the Stock Exchange
Israeli company FlyingSpArk to go public
FlyingSpArk, which produces an alternative form of protein powder from fruit fly larvae and was founded by Eran Gronich, is planning on making an initial public offering on the Tel Aviv Stock Exchange and is planning on raising $6.2 million (NIS 20 M), at a company valuation $30-$37 million (NIS 100-120 M). The funds will be used to establish a production facility in Thailand. Israeli Investment bank Value Base is the underwriter of the IPO, which is expected to take place over the coming weeks, according with The Times of Israeli.
FlyingSpArk in the earliest years operated under the footech incubator TheKitchen, part of the Strauss Group in Ashdod, one of the strategic investors in the company that owns 35% of its shares. An additional strategic partner is Thai Union, one of the largest tuna and seafood producers in the world.
The solution offered by PlaySpArk is to produce protein powder from fruit fly larvae. According to the company, the benefits of that type of protein are abundant: it is highly nutritious, environmental-friendly, and economically sustainable. It is a material rich in protein, as well as iron, magnesium, amino acids and Omega-7, and is cholesterol-free.
EFA News - European Food Agency