Giant Food Companies Stampede To Raise Insects For Food By: Innovafeed via BusinessWire for Natural Blaze
Innovafeed, a leader in the production of insects (Hermetia Illucens) for animal and plant nutrition, today announced it has raised US$250 million in Series D funding. This round, led by Qatar Investment Authority (QIA), also includes existing investors Creadev and Temasek, and new strategic and financial investors: global agribusiness leaders ADM and Cargill – both of which have strategic partnerships with Innovafeed – as well as Future French Champions, ABC Impact, IDIA Capital Investissement and Grow Forward.
This new round of financing brings Innovafeed’s total cumulative financing to US$450 million.
“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 & CEO of Innovafeed.
Innovafeed has already secured commercial partnerships for volumes representing more than €1 billion over the next 10 years.
Innovafeed will use the capital to:
- Continue to increase production capacity in France through the further expansion of its Nesle site in the north of France, the world’s largest vertical insect farm;
- Accelerate its international expansion, notably in the United States with the construction of a new production plant in Decatur, IL, in collaboration with ADM; and prepare global roll-out of Innovafeed’s technology, including development in Asia; and
- Continue to invest in breakthrough technology and R&D for the formulation of high-precision and high-performance ingredients for animals, plants and, in the future, for human food.
New Chief Operating Officer and US General Manager appointments
The Company also announced that Yves Amsellem has joined Innovafeed as Chief Operating Officer. With more than 30 years of experience in end-to-end supply chains for international food & beverage and industrial groups, including Danone and Chromology, Amsellem brings outstanding insights and proven capabilities to Innovafeed’s expansion plans.