InnovaFeed has raised $250 million in Series D financing which the company will use to accelerate growth.
The French company extracts protein and oil from black soldier fly larvae (Hermetia illucens) to provide the industry with the next generation of farmed salmon diets.
The latest funding round was led by Qatar Investment Authority and also includes existing investors Creadev and Temasek. It also brought in seven other financial investors, among them ADM and Cargill, both of which already have strategic partnerships with Innovafeed. This round brings Innovafeed’s total cumulative financing to $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.
He said that by feeding insect meal to animals, each 10,000-ton-production unit saves 25,000 tons of CO2 emissions per year.
It is expanding production capacity at its vertical insect farm in France. In the United States, it is constructing a production plant in Decatur, IL, in collaboration with ADM. Preparation of the roll-out of Innovafeed’s technology globally, as well as developments in Asia are underway, the company said.
The company also announced that Yves Amsellem has joined Innovafeed as Chief Operating Officer.
Amsellem brings to the table 30 years of experience in end-to-end supply chains for international food & beverage and industrial groups, including Danone and Chromology, said the company. “Amsellem brings outstanding insights and proven capabilities to Innovafeed’s expansion plans.”