Global Bugs is looking to raise funds of $4m to progress its expansion of breeding and processing crickets for food and feed in two key sites. The first site is located in Thailand where we intend to scale up the present production of 10 tonnes of dry crickets to 350 tonnes of dry crickets per annum. This site is mainly supporting the demand for crickets as a food ingredient from our customers in Asia, especially for Japan and Thailand, but also for the fast growing EU and North American markets.
The second site is a part of a larger Global FoodPark in Scandinavia together with several consortium members in order to farm salmon, vegetables and crickets as a sustainable protein source and ingredient to the salmon feed, all based on circular economy.
Global Bugs Asia Co., Ltd. is responsible for the farming of crickets and Global Bugs Trading Co., Ltd is responsible for the processing, marketing and sales of end products to our customers. Both companies are subsidiaries to Global Bugs Holding AB in Sweden and are supported by the Board of Investment (BOI), in Thailand. The support from BOI gives us many benefits such as tax exemption on both company tax and tax on dividends for a period of up to 8 years.
- Global Bugs Holding AB is a company based in Stockholm, Sweden, with two subsidiaries in Thailand. The Company’s business is positioning itself to become a leading supplier of crickets in the growing alternative protein market, in particular via our farming and processing facilities in Thailand.
- Thanks to our innovative production unit, at Global Bugs we have designed a holistic approach, from the rearing to the processing of crickets, following what we call the EntoPark methodology. The new farm, subject to full funding, will be fully automated, with 30,000 cricket boxes using a new, proven, and cost efficient method based on vertical farming. We are in discussions with the Swedish engineering firm ABB Food & Beverage division, to be the supplier for the complete automation inside the farming and process areas of the EntoPark.
- The EntoBox solution, patent pending, used for farming the crickets will be tailor-made for its purpose by means of maximising the production and at the same time minimising manual handling without jeopardizing the feeding and watering process for the crickets. For the development of the EntoBox, we are in discussions with the Swedish firm Berotec.
- Global Bugs has an experienced management team and an advisory board with an extensive knowledge and broad experience to actively support the Board of Global Bugs.
- Global Bugs has acquired all relevant certificates for food processing such as HACCP, GMP and GAP and is also under process to acquire a certificate to comply with the Business Social Compliance Initiative (BSCI).
We would like to discuss this in more detail with interested investors, and it would be a perfect opportunity to meet us at the ASIA-PACIFIC AGRI-FOOD INNOVATION WEEK in Singapore, November 20-22, 2019 where we are located in the Tech Hub area.
Co-Founder / CEO Global Bugs Asia & Global Bugs Trading