# foodyworm

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/foodyworm

- Industry: Consumer Products
- Headquarters: Cheongju, South Korea
- Website: www.foodyworm.com
- Total disclosed funding: $1.8M
- Latest round: Series A (Jul 13, 2021)
- Investors on record: 2

## About

foodyworm is a South Korean company specializing in insect technology, focusing on sustainable protein sources for animal feed and human nutrition, addressing global food security and environmental challenges.Founded in 2016 in Cheongju, South Korea, foodyworm develops insect-based materials for various applications. The founders, Dae-cheol Shin and Tae-hoon Kim, have previously worked on initiatives in the sustainable food sector. The company secured KRW 2 billion in Series A funding on July 13, 2021, from Be High Investment and Magna Investment, bringing the total amount raised to KRW 2 billion.FOOD Y WORM specializes in insect-based materials, offering sustainable protein sources for animal feed and human nutrition. Their product range targets applications like food supplements and environmentally friendly agricultural solutions, primarily marketed in South Korea with future expansion into regions seeking sustainable food sources.FOOD Y WORM's revenue is generated through business-to-business (B2B) sales of its insect-based products to wholesalers, retailers, and distributors in the agriculture and health food sectors. Their pricing plans cater to specific client needs, positioning them for strategic partnerships in the sustainable protein market.foodyworm plans to introduce new insect-based products targeting both human nutrition and agricultural solutions over the next two years. The company aims to expand into markets in Asia and Europe by 2023. The recent Series A funding of KRW 2 billion will be utilized to support product development and market entry initiatives.

## Funding rounds

- Series A, Jul 13, 2021, $1.8M — Magna Investment, Be High Investment

## Investors

- Magna Investment (https://capitalatlas.ai/funds/magna-investment) — Series A
- Be High Investment (https://capitalatlas.ai/funds/be-high-investment) — Series A