InnovaFeed raised €40m in a funding round led by Creadev.

InnovaFeed, an Evry, France-based biotechnology company producing insect-based protein for the feed industry, raised €40 million ($44.4M) in funding.

The money was raised from investors led by Creadev, with participation from international investors. Proceeds will be used for scaling the production and hiring more people.

InnovaFeed, founded in 2016 by Aude Guo, Bastien Oggeri, Clément Ray, Guillaume Gras, and Yann Grierson, is a producer of insect meals for the feed industry, by leveraging breeding technology based on an optimized zootechnical model. The compnay produces and markets meal and oil extracted from the Hermetia Illucens larva, as well as organic amendment made with insect droppings.