French biotech startup InnovaFeed receives $167 million

According to the press release, InnovaFeed, a biotech company, has received $167 million from existing investors Creadev – an evergreen investment company operating worldwide, and Temasek – a global investment company headquartered in Singapore. The fundraising is bringing the total financing of InnovaFeed to $238 million. 

Founded in 2016 by Aude Guo, Bastien Oggeri, Clement Ray, and Guillaume Gras, InnovaFeed is a biotech company that produces a new source of protein from insect rearing for animal feed and aquaculture in particular. The company is aimed to generate local economic dynamics and have a global impact on the environment. InnovaFeed has developed a new source of high-quality insect protein, derived from the black soldier fly to support animal agriculture.

This fundraising will contribute to the future development projects of InnovaFeed in France, but also internationally, with the construction of new sites planned in South-East Asia, and more imminently in the US. 

The company has announced the launch of the Nesle site, the world’s largest insect protein production site, and its partnership with ADM (Archer-Daniels-Midland Company), an agro-industry leader. The company is aimed to deploy its industrial model on the largest American agricultural site in Decatur (Illinois). Construction will begin in 2021 and targets a capacity of 60,000 tons of insect protein per year.