French agtech startup Ÿnsect raises $224 million
Insect farming startup Ÿnsect has extended its Series C funding to $372 million. They have added $224 million to previous funding $148 million worth and it takes the total financing of the company to $425 million. The new funding comes from Astanor Ventures (Series C lead investor), LA-based Upfront Ventures, Hollywood star Robert Downey Jr.’s FootPrint Coalition, existing investor Happiness Capital, Supernova Invest and Armat Group, Ÿnsect reports.
Founded in 2011 by CEO Antoine Hubert, Director of impacts Jean-Gabriel Levon, Director of data Fabrice Berro and Member of the strategic committee Alexis Angot, Ÿnsect is the world leader in the breeding of insects and their transformation into premium ingredients for animal and plant nutrition. Ÿnsect offers an organic, long-term sustainable solution to accelerating the consumption of protein and plants. Ÿnsect uses pioneering proprietary technology protected by c.30 patents to produce Molitor mealworm in vertical farms. Ÿnsect is currently building its second production unit, the largest vertical farm in the world.
The raised funds will allow the startup to complete the largest insect farm in the world, a negative carbon project, due to open in the city of Amiens, France in early 2022. Also, the company plans to expand to the U.S. and to make new products, such as wet pet food. Into account, companies have already committed $105 million worth of contracts.
Antoine Hubert, Ÿnsect’s co-founder, president and CEO, said:
“Our ambition is to revolutionize the food chain which, literally, starts from the basics: insects and soil. It concerns all of us, whether we are meat lovers or vegans because it is how our plants and animals are fed. Ÿnsect isn’t just about insect farming: with climate change and increasing populations worldwide, we need to produce more food with less available land and fewer resources, so that we’re not clearing forests and emptying our oceans. We believe Ÿnsect can play a pivotal role in this global solution.”