PARIS — Innovafeed, a producer of insects (Hermetia Illucens) for animal and plant nutrition, has raised $250 million in Series D funding to further expand existing capacity, accelerate international expansion, and support research and development, the company announced Sept. 20.
This round led by Qatar Investment Authority (QIA), also includes existing investors Creadev and Temasek, and new strategic and financial investors: global agribusiness leaders ADM and Cargill — both of which have strategic partnerships with Innovafeed — as well as Future French Champions, ABC Impact, IDIA Capital Investissement and Grow Forward.
The new round of financing brings Paris-based Innovafeed’s total cumulative financing to $450 million.
La Caisse d’Epargne Hauts de France, Groupe Crédit Agricole, through its Caisses Régionales Brie-Picardie and Val de France; BNP Paribas; Arkéa Banque Entreprises et Institutionnels; and Société Générale also contributed via €38 million ($37.652 million) in debt financing, demonstrating the support of these banks for the financing of the agri-food transition and that of the public authorities through the France 2030 Recovery Plan (“les Concours d’innovation”).
“At a time when conservation of our natural resources and the preservation of our environment are becoming an absolute necessity, we are convinced that the insect industry is a key solution for our planet’s food production needs,” said Clément Ray, co-founder and chief executive officer of Innovafeed. “The confidence demonstrated in us by our partners through a new round of fundraising confirms this. Their support will allow us to accelerate our deployment in service of an ever healthier, natural and sustainable food system.”
With the demand for innovative and sustainable food solutions steadily growing, Innovafeed has already secured commercial partnerships for volumes representing more than €1 billion ($990.85 million) over the next 10 years.
Innovafeed will use the capital to:
- Continue increasing production capacity in France through the further expansion of its Nesle site in the north of France, the world’s largest vertical insect farm;
- Accelerate its international expansion, notably in the United States with the construction of a new production plant in Decatur, Ill., in collaboration with ADM; and prepare global roll-out of Innovafeed’s technology, including development in Asia; and
- Continue to invest in breakthrough technology and R&D for the formulation of high-precision and high-performance ingredients for animals, plants and, in the future, for human food.
The new round of financing reaffirms Innovafeed’s commitment to accelerate the maturity of the insect protein industry, as does the participation of global agribusiness leaders ADM and Cargill, both customers and suppliers of Innovafeed’s feedstock inputs. This underscores the role of Innovafeed’s unique and cutting-edge technology and the insect industry ability to transform the food system into more natural and sustainable one.
“Our expansion in the United States is a critical step for our scale-up,” said Maye Walraven, who has been appointed by Innovafeed to the newly created role of US general manager. “It will enable us to access a deep source of feedstock and significantly increase our production capacity. I am very excited to be working closely with our local industrial partners, who are key contributors to accelerate the development of the entire industry and are supporting our momentum by their investment.”
Innovafeed also announced that Yves Amsellem has joined the company as chief operating officer. Amsellem has more than 30 years of experience in end-to-end supply chains for international food and beverage and industrial groups, including Danone and Chromology.