FlyBlast files for bankruptcy: ‘It became clear that the focus on cultivated meat was going to kill us’

FlyBlast, a Belgian startup that used genetically engineered black soldier flies to produce insulin and other proteins, has filed for bankruptcy. Led by Johan Jacobs, the company’s initial focus on providing molecules for the cultivated meat industry proved too risky. According to Jacobs, many potential customers had already solved their cell culture medium price issues, were in denial about them, or couldn’t afford FlyBlast’s solution, which was still in development. This, combined with venture capitalists’ view of the company as an additional layer of risk on top of the already risky cultivated meat sector, made securing funding impossible. Although the company had explored other markets like animal health and biopharma, they were unable to pivot quickly enough to survive, ultimately running out of money despite successful technical progress.

Source: FlyBlast files for bankruptcy: ‘It became clear that the focus on cultivated meat was going to kill us’