Austrian LIVIN Farms raises €6M in a Series A

The Vienna-based sustainable technology startup LIVIN Farms has raised €6 million in a Series A round to develop the alternative protein sector. The round was co-led by multi-millionaire Peter Luerssen and the hardware accelerator HAX, Sifted.eu reports.

• LIVIN Farms was launched in 2015 by Julia Kaisinger and Katharina Unger. It is a modular, plug-and-play insect farming factory. Food waste is fed to the larvae, which turn it into fat, fertilizers and protein. All the processes of waste processing are fully automated and remotely monitored. 
• Instead of composting or paying for waste disposal, LIVIN farms help food producers and large agriculture companies make money out of waste. The company claims that the food producers with an average-sized LIVIN factory will be able to pay off the cost of the factory and start making money on the production within 3 years.
• The fresh round was led by German multi-millionaire and yacht brand owner Peter Luerssen, and HAX, a US venture capital-based program dedicated to accelerating startups with a hardware element. 
• The fresh funding will let LIVIN Farms to grow its farming as a service model for industrial food producers.