Insect farming company Ÿnsect announced that they have extended their Series C funding to US$ 372 million.
The insect company will use the money raised to build the largest insect farm in the world in the city of Amiens, France. The farm will be completed in 2022 and wil produce 100,000 tons of insect products annually, as well as create 500 direct and indirect jobs. Its the first time the company got the support of U.S.-based investors, which will allow Ÿnsect to expand beyond Europe and Asia into the United States and grow its markets into the supply of wet pet food.
Antoine Hubert, Ÿnsect’s co-founder, president and CEO states that their ambition is to revolutionise the food chain, which according to Hubert, literally starts from the basics: insects and soil. “It concerns all of us, whether we are meat lovers or vegans because it is how our plants and animals are fed. Ÿnsect isn’t just about insect farming: with climate change and increasing populations worldwide, we need to produce more food with less available land and fewer resources, so that we’re not clearing forests and emptying our oceans. We believe Ÿnsect can play a pivotal role in this global solution.”
Ÿnsect has created a patented process for cultivating mealworm to produce a variety of digestible protein and fertilizer products. These products replace animal proteins consumed in the supply chain by fish & livestock farms, animal proteins used in pet food and fertilizers used in plant nutrition.