Thai Union invests in alternative protein firm Flying Spark

Thailand-based food products company Thai Union Group has announced an investment in Flying Spark, which produces larval insect protein as a sustainable alternative protein.

Flying Spark makes use of fruit fly larvae, which consume fresh fruits and have a lifespan of only seven days.

The company said that the larvae have the potential to increase their body mass by 250 times in that period.

With its technology, Flying Spark ensures low-cost cultivation and processing with zero waste as all the parts of the larvae are used for producing proteins.

Thai Union CEO Thiraphong Chansiri said: “Over the last years, Thai Union has made significant investments to become a leader in seafood innovation and sustainability.

“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.”

The investment was made through Thai Union Group’s venture fund, which primarily invests in companies engaged in the production of alternative protein, functional nutrition and value chain technology development.

Initially, Thai Union has committed an investment of $30m in companies engaged in the development of breakthrough technologies in food-tech.

Furthermore, the company added that it will invest in entrepreneurial companies, which are associated with alternative protein and value chain technologies.

Thai Union said that it will partner with such companies to support them in fast-tracking their development.

The creation of a new venture fund follows the opening of Space F, the country’s first food-tech incubator and accelerator.

Last June, Thai Union Group entered an agreement to acquire a 25.1% stake in Thammachart Seafood Retail (TSR) for approximately THB37m ($1.1m).

TSR was originally incorporated in 2007 and provides professional management services to Thai retailers for their seafood counters, handling fresh and frozen products at a total of 158 locations across the country.