FlyingSpArk, which produces an alternative form of protein powder from fruit fly larvae and was founded by Eran Gronichplans an IPO on the Tel Aviv Stock Exchange and plans to raise US $ 6.2 million (NIS 20 million) with a company valuation of US $ 30 to 37 million (NIS 100 to 120 million). The funds will be used to set up a production facility in Thailand. The Israeli investment bank Value Base is the underwriter of the IPO, which The Times of Israeli says will take place in the coming weeks.
FlyingSpArk operated for the first few years under the footech incubator TheKitchen, which belongs to the Strauss Group in Ashdod and is one of the strategic investors in the company, which owns 35% of its shares. Another strategic partner is Thai Union, one of the largest tuna and seafood producers in the world.
The solution offered by PlaySpArk is to make protein powder from fruit fly larvae. According to the company, the benefits of this type of protein are plentiful: it’s very nutritious, environmentally friendly, and economically sustainable. It is a high protein material as well as iron, magnesium, amino acids and omega-7 and free of cholesterol.