21 September 2022

3 minute read

By: Global Ag Media

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 included existing investors Creadev and Temasek, as well as new strategic and financial investors, including global agribusiness leaders ADM and Cargill.

This new round of financing brings Innovafeed’s total cumulative financing to US$ 450 million.

“At a time when conservation of our natural resources and the preservation of our environment are becoming an absolute necessity, we are convinced that the insect industry is a key solution for our planet’s food production needs," said Clément Ray, co-founder and CEO of Innovafeed. "The confidence demonstrated in us by our partners through a new round of fundraising confirms this. Their support will allow us to accelerate our deployment in service of an ever healthier, natural and sustainable food system."

With the demand for innovative and sustainable food solutions steadily growing, 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 increasing production capacity in France through the further expansion of its Nesle site in the north of France, the world’s largest vertical insect farm.

It will also use it to 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.

Finally, Innovated with use the funding to 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.

This new round of financing reaffirms Innovafeed’s commitment to accelerate the maturity of the insect protein industry, as does the participation of world-class agribusiness leaders ADM and Cargill. Both customers and suppliers of Innovafeed’s feedstock inputs, their involvement underscores the role of Innovafeed’s unique and cutting-edge technology and the insect industry ability to transform the food system into more natural and sustainable one.

In addition to the two existing vertical insect farms in the north of France, the financing will accelerate the deployment of Innovafeed’s technology in the United States.

Innovafeed has begun to lay the groundwork for the implementation of its circular model next to ADM’s plant and headquarters in Decatur, IL.

Thanks to the commitments of these agribusiness leaders, the insect industry will be able to scale to become an essential source of nutritional products with low carbon impact.

“Our expansion in the United States is a critical step for our scale-up. It will enable us to access a deep source of feedstock and significantly increase our production capacity," said Maye Walraven, US General Manager. "I am very excited to be working closely with our local industrial partners, who are key contributors to accelerate the development of the entire industry and are supporting our momentum by their investment."