Innovafeed closes €250 million Series D funding round

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Technician of the Innovafeed vertical insect farm in France

Innovafeed oversees the world’s largest vertical insect farm in Nesle, France

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Innovafeed

Innovafeed, a startup that sustainably produces black soldier flies (Hermetia Illucens) for animal, aquaculture and plant nutrition, has raised 250 million euros in its most recent financing round. The Series D round was led by the Qatar Investment Authority (QIA) and also includes existing investors Creadev and Temasek. This latest round brought in new strategic and financial investors: global agribusiness leaders ADM and Cargill – both of whom have strategic partnerships with Innovafeed – as well as Future French Champions, ABC Impact, IDIA Capital Investissement and Grow Forward.

This new round of funding brings Innovafeed’s total cumulative funding to €450 million.

“The trust shown in us by our partners through a new round of donations confirms that the insect industry is a key solution to our planet’s food production needs. Your support will allow us to accelerate our commitment to serving an increasingly healthier, natural and sustainable food system,” said Clément Ray, co-founder and CEO of Innovafeed.

insect farm
Innovafeed’s insect farm

The startup plans to expand into the United States and aims to produce high quality ingredients for plant, animal and human nutrition

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Innovafeed

Innovafeed has already closed commercial partnerships for volumes worth more than 1 billion euros over the next 10 years.

Innovafeed will use the funds to:

  • Further increase in production capacity in France through the further expansion of the Nesle site in northern France, the world’s largest vertical insect farm
  • Accelerating its international expansion, particularly in the United States, by building a new manufacturing facility in Decatur, IL in partnership with ADM; and prepare for the global rollout of Innovafeed’s technology, including development in Asia
  • Continue to invest in breakthrough technology and R&D for the formulation of high-precision and high-performance ingredients for animal, plant and, in the future, human nutrition
Substrates for insect breeding
Substrates for insect breeding

The company has raised a total of 450 million euros so far

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innovafeed

Appointment of new Chief Operating Officer and US General Manager

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 and beverage and industrial groups including Danone and Chromology, Amsellem brings outstanding insight and proven skills to Innovafeed’s expansion plans.

In addition, the Company has appointed Maye Walraven, a French-American citizen, as Innovafeed’s General Manager for North America, a newly created position. Previously, she was Vice President of Business Development at Innovafeed.

Unique partnerships for international use of Innovafeed technology

The participation of world-class agribusiness leaders ADM and Cargill, both customers and suppliers of Innovafeed’s raw materials, underscores the role of Innovafeed’s unique and state-of-the-art technology and the ability of the insect industry to transform the food system into a more natural and sustainable one.

“Our expansion in the United States is a critical step in our scaling. It will give us access to a deep source of raw materials and significantly increase our production capacity. I very much look forward to working closely with our local industrial partners, who are instrumental in to accelerate the development of the entire industry and support our momentum with their investment,” added Walraven.

One claim: to go beyond the “impact-native” industry

Innovafeed also announced today the creation of an Impact Committee to place sustainable development and social impact at the heart of its business model, thereby increasing the global positive impact of the industry.

dr  Darian McBain
dr McBain will chair Innovafeed’s Impact Committee

The Impact Committee will define and support Innovafeed’s ESG strategy over the next three years

This committee will be responsible for defining and supporting Innovafeed’s ESG strategy over the next three years and will be chaired by Dr. Darian McBain, recognized for more than 20 years of sustainability work and previously Global Director of Corporate Affairs and Sustainability for the Thai Union seafood company.

“I am proud to assume the role of President of the Impact Committee of Innovafeed, an emerging company whose values ​​and commitment to finding sustainable solutions to global food challenges I share. I believe the insect industry will play a key role in building sustainable food systems and reducing our impact on climate change. I hope to use my sustainability expertise to help improve Innovafeed’s sustainability and ESG commitments and performance,” commented Dr. McBain.

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