InnovaFeed announced raising €140M in a fresh round of funding backed by existing investors Creadev and Temasek.
InnovaFeed, a Paris, France-based biotech company producer of a new source of protein and oil from insect farming, announced that it secured funding totalling €140M.
The money is a combination of debt and equity, split in half. The equity was raised from existing investors Creadev and Temasek and will be used for the company's future development projects in France, and also internationally, with the construction of new sites planned in South-East Asia, and in the US.
InnovaFeed, founded in 2016 by Aude Guo, Bastien Oggeri, Clement Ray (CEO), and Guillaume Gras, InnovaFeed is a biotech company that develops large-scale insect-breeding & processing processes. It sells ingredients derived from insects for animal nutrition and aquaculture in particular as it valorises the insect entirely in a zero-waste logic, thereby producing organic fertiliser from insects frass.
The new source of insect protein is derived from the black soldier fly (Hermetia illucens) to support animal agriculture. This ingredient is a rich source of well-balanced essential amino acids, making it a crucial alternative to fishmeal that meets the nutritional needs of fish and improves their health.
Besides the protein, the company’s insects are an excellent source of high-quality oil. This highly digestible source of energy for poultry and swine is an alternative to other vegetable oils, such as soy and palm, which are largely imported.
InnovaFeed is building a production facility in France (Nesle) which targets a capacity of 60,000 tons of insect protein per year and has partnered up with the US-based food processing and commodities trading corporation Archer Daniels Midland Company (ADM), to build the world’s largest insect protein plant in Decatur, Illinois.
InnovaFeed previously secured equity funding of roughly €55 million, last one in 2018.