Paris-based Ÿnsect, a company that produces protein and natural insect fertilizers, has reportedly raised €160M in a fresh round of funding.
According to Tech.eu, the French company did not disclose the names of the investors, noting that a second tranche was in talks.
The company’s previous backers include Bpi France, the European Commission, Belgium’s Astanor Ventures, and the French bank Caisse d’Epargne.
Ÿnsect says it will use the capital to change its focus from producing largely animal feed to the more profitable markets for pet meals and food ingredients.
Founded in 2011 by scientists and environmental activists, Ÿnsect claims to be the world leader in the production of protein and natural insect fertilizers. The company processes insects into high-end, high-value ingredients for pets, fish, plants, and humans.
Ÿnsect offers a long-term, sustainable, organic solution to speed up the consumption of protein and plants from its purpose-built farms. It produces lesser and yellow mealworms in automated vertical farms using technology protected by 377 patents spanning 44 categories.
Currently, Ÿnsect has three production facilities – one in Dole, France (opened in 2016), one in the Netherlands (2017), one in the US (since 2022), and a third facility, the biggest vertical farm in the world, is being built near Amiens, France.
The company has received almost $500M from international investment funds, banks, and governmental organizations and exports its goods worldwide.
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