FRANCE— French insect protein company, Innovafeed has raised US$250 million in Series D funding, to continue to increase production capacity in France through the further expansion of its Black Soldier Fly (BSF) based Nesle production site in the Somme department.
The round takes the company to US$450m worth of financing to date. The capital will also go towards its international expansion strategy, notably in the US with the construction of a new production plant in Decatur, Illinois, in collaboration with ADM.
In addition, the round will support a global roll-out of Innovafeed’s technology as well as ensuring ongoing investment in ingredient R&D.
The Series D round for Innovafeed was led by Qatar Investment Authority (QIA), with other participants including existing investors, Creadev and Temasek, and new strategic and financial backers: ADM and Cargill
“The confidence demonstrated in us by our partners through a new round of fundraising confirms the insect industry is a key solution for our planet’s food production needs. Their support will allow us to accelerate our deployment in service of an ever healthier, natural. and sustainable food system,” said Clément Ray, co-founder and CEO of Innovafeed.
Innovafeed added that it has secured commercial partnerships for volumes representing more than €1bn over the next 10 years, and that it sees the US as a promising market to launch ingredient solutions for human consumption.
However, currently, the majority of Innovafeed’s insect protein output is directed at the aquaculture market.
With Fortune Business Insights projects the aquafeed market to grow from US$ 58.19 billion in 2021 to US$ 85.17 billion in 2028, the segment is set to remain strategic and a priority for innovafeed over the next three to five years.
The insect player also made some team changes: Yves Amsellem has joined it as its new chief operating officer, with over 30 years of experience in end-to-end supply chains for international food and beverage and industrial groups, including Danone and Chromology.
The company has also appointed Maye Walraven as general manager for its operations in North America, a newly created role. She was previously the company’s vice president of business development.
In addition to the appointments, the company also revealed that it has created an impact committee to place sustainable development and social impact at the heart of its business model and thus reinforce the global positive impact of the industry.
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