French insect protein producer Innovafeed has secured €51 million in new financing as it shifts from industrial scale-up to commercial expansion, with a particular focus on aquaculture and pet food markets.
The funding round was supported primarily by existing investors, including Creadev, QIA, Temasek, FFC, ABC Impact and ADM, alongside the company’s banking partners.
Innovafeed said its production facility in Nesle, northern France, has now reached full industrial operation. The company reported producing more than 15,000 tonnes of insect protein and oil over the past three years, with production volumes increasing tenfold while manufacturing costs have fallen by a factor of seven.
The company uses black soldier fly (Hermetia illucens) larvae to produce protein and oil ingredients for aquaculture, pet food and agriculture.
Innovafeed said revenues have doubled annually in recent years, supported by commercial agreements for its Hilucia product range. The company also claimed its production model reduces carbon emissions by 70% to 90% compared with conventional ingredients.
As part of a reorganisation linked to the completion of its industrialisation phase, Innovafeed plans to reduce its workforce by 60 positions. Around two-thirds of the affected roles are located at the company’s Gouzeaucourt site, where zootechnical research and development activities are being consolidated into the Nesle facility.
The company said future investment will focus on commercial deployment, product innovation and operational efficiency. Priorities include expanding sales of insect-based ingredients into functional aquaculture and pet food applications, developing new products and increasing production performance.
Innovafeed’s insect meal and oil products are marketed as alternatives to conventional marine and terrestrial feed ingredients. The company said the latest funding round will support the next phase of growth as it seeks broader adoption of its ingredients across aquaculture value chains.
According to Innovafeed, its Nesle facility is currently three times larger than the world’s second-largest insect protein producer.