Agtech startup Ÿnsect extends Series C to $372 million to improve global food security and sustainability with first carbon negative and largest vertical farm in the world
Ynsect takes total financing to $425 million, more than the total amount raised by the entire insect protein sector globally
- The capital will allow the company to complete the largest insect farm in the world, now under construction north of Paris, France, a negative carbon project, grow its product lines and expand into North America
- The new funding comes from Astanor Ventures (Series C lead investor), LA-based Upfront Ventures, Robert Downey Jr.'s FootPrint Coalition, Happiness Capital, Supernova Invest and Armat Group.
- The financing is supported by a bank consortium including Caisse des Dépôts, Crédit Agricole Brie Picardie, and Caisse d'Epargne Hauts-de-France.
PARIS, Oct. 9, 2020 /PRNewswire/ -- Insect farming startup Ÿnsect have announced the extension of their Series C funding to $372 million – the largest amount ever raised by a non-American 'agtech' business.
A growing global population have increased demand for protein and plants worldwide, for human consumption and as a food source for fish, poultry, pigs and livestock. According to the UN's Food and Agriculture Organisation, consumption of animal proteins will grow by 52% between 2007 and 2030[1], posing a serious risk for the world's fragile ecosystems.
To address this problem, Ÿnsect has created a patented process for cultivating Molitor mealworm to produce highly digestible protein and fertilizer products. These products sustainably replace animal proteins consumed in the supply chain by fish & livestock farms, in pet food, and fertilizers. Studies have shown that using Ÿnsect products have led to a 34% increase in yield for rainbow trout, a 40% mortality reduction on shrimp and 25% increase in yield for rapeseed
With a vertical farm, Ÿnsect uses 98% less land while significantly reducing the carbon footprints of protein production and generating zero waste. Analyses by the Quantis firm show that the project is carbon negative, with a sequestered value chainand avoids emitting more CO2 emissions.
"Our ambition is to revolutionize the food chain starting from the basics: insects and soil," says Antoine Hubert, Ÿnsect's co-founder, president and CEO. "With climate change and increasing populations worldwide, we need to produce more food with less available land and fewer resources. We believe Ÿnsect can play a pivotal role in this global solution."
The Ÿnsect process is underpinned by technology protected by around 30 patents, representing 40% of the total patent portfolio of the top 10 insect protein companies worldwide.
Series C Partners
Investment Bank: Jefferies (Dominic Lester - Joseph Benito Sanz) – Company Lawyers: equity – Baker McKenzie (Matthieu Grollemund & Hélène Parent), debt – August & Debouzy (Xavier Rohmer & Olivier Moriceau)
About Ÿnsect
Ÿnsect is the world leader in natural insect protein and fertilizer production. Founded in 2011 in Paris, France, the Next40 company transforms insects into premium ingredients for pets, fish and plants. From its state of the art farms, Ÿnsect offers a long-term sustainable solution to accelerating consumption of protein and plants.
[1] http://www.fao.org/fileadmin/templates/wsfs/docs/expert_paper/How_to_Feed_the_World_in_2050.pdf
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