Beta Hatch Closes Series A1 Funding Round for Continued Innovation of Its Insect Feed Technology – Wilbur-Ellis Corporate

Company to Break Ground on Largest Mealworm Facility for Animal Feed in North America

CASHMERE,
WASH.,May 21, 2020 –
Beta Hatch, a company industrializing the production of insects as a
sustainable protein for animal feed, today announced the close of their Series
A1 funding. Co-led by Cavallo Ventures, Wilbur-Ellis’ venture capital arm, and early-stage
venture firm Innova Memphis, the round also included investments from Klein
Private Equity Investment and Brighton Jones Investment Partners.

Beta
Hatch develops insect-rearing technology that converts organic waste directly
into high-value proteins, oils and nutrients for poultry and aquaculture,
enabling insects to cost-effectively meet the global scale of demand for plant
and animal nutrients.

“Insects
have the potential to be the world’s most sustainable protein,” said Virginia
Emery, Founder and CEO, Beta Hatch. “This new funding allows us to break ground
on the construction of our sustainable flagship facility, so that we can scale
up production commercially to meet existing demand of thousands of tons, and to
continue our technology development to further bring down costs and increase
efficiencies.”

The
new flagship facility in Cashmere, Wash., will be the largest mealworm production
facility for animal feed in North America, with the capacity to produce a ton
of insect protein per day. Scheduled to be operational in early 2021, the
facility will be partially powered by waste heat from a neighboring data center
to reduce electrical needs.

“A
range of markets will benefit from access to a new source of healthy,
sustainable alternative feed ingredients,” said Cavallo Ventures’ Managing
Director Son Vo. “This financing supports an essential next step toward commercialization,
which will enable Beta Hatch to meet these markets’ needs while offering an
innovative way to produce feed for our food, starting with aquaculture.”

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“Whether for aquaculture, poultry or even for use in the
domestic pet marketplace, we clearly see the opportunity posed by Beta Hatch in
addressing the need for more sustainable sources of feed protein,” said Dean
Didato, Partner, Innova Memphis. “The Beta Hatch team has engineered several
innovative solutions to increase insect growth and mechanical processing
efficiencies that provide a competitive edge in the space. In addition, with consumer desires to
know more about the origin of one’s food and its rearing, harvesting and
processing, Innova fully believes that these trends will drive further market
adoption of insect protein.”

Beyond
the funding, Beta Hatch’s contributions to the scientific community continue to
grow as the Company recently completed the first published assembly of the yellow
mealworm genome. The genome will be published as part of an open source article
in the Journal of Insects as Food and Feed in Summer 2020 and will serve as an important
resource for the scientific community in furthering research on the mealworm and
other commercially relevant insect species.

About
Beta Hatch

Founded
in 2015, Beta Hatch is pioneering the insect farming industry through an
innovative fusion of engineering and entomology. With a combination of trade
secret processes, patent-pending equipment, and superior genetic stock, Beta
Hatch is developing the tools needed to grow insects on an industrial scale to
disrupt plant and animal nutrition. www.betahatch.com

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About
the Wilbur-Ellis Companies

Founded in
1921, the Wilbur-Ellis companies are leading international marketers,
distributors and manufacturers of agricultural products, animal nutrients and
specialty chemicals and ingredients. By developing strong relationships, making
strategic market investments and capitalizing on new opportunities, the
Wilbur-Ellis companies have continued to grow the business with sales of over
$3 billion. For more information, please visit www.wilburellis.com

Cavallo
Ventures, Inc. is the venture capital arm of Wilbur-Ellis, investing in
companies and technologies that align with its four business divisions –
Agribusiness, Nachurs Alpine Solutions, Nutrition and Connell.

About
Innova

Innova
is an early-stage venture capital firm, founded in 2007, that focuses on
starting and funding high-growth companies in the Medical, Technology and
AgTech fields that match both Innova’s expertise.  Innova has invested in over 120 companies and
has been recognized by both Crunchbase Forbes, and SSTI in their rankings of
most active early stage investors. Innova provides the synergy of experienced
management, market expertise and venture capital to accelerate the development
of new products and services into thriving businesses. For additional
information please visit www.innovamemphis.com


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