PARIS — Biotech developer Innovafeed has raised $250 million in a Series D funding round led by the Qatar Investment Authority.
As a producer of insects intended for animal and plant nutrition, Innovafeed aims to build a circular and zero waste agri-food sector that is more sustainable and resilient.
The company has developed several product applications using black soldier flies, including insect protein for aquaculture; insect oils for pigs and poultry; and insect droppings in 100% natural fertilizer.
“The trust shown by our partners through a new fundraising confirms that the insect industry is a key solution for the food production needs of our planet”, declared Clément Ray, president and CEO and co-founder from Innovafeed. “Their support will allow us to accelerate our deployment in the service of an ever healthier, natural and sustainable food system.
In addition to their already existing strategic partnerships with Innovafeed, ADM and Cargill also joined the round as new investors, alongside groups such as Future French Champions, ABC Impact and Grow Forward.
Series D funds will be used to increase Innovafeed’s production capacity in France through improvements to its existing facilities.
The company will also invest part of the funds in R&D to create additional applications for animals and plants, with plans to expand to human food in the future.
Additionally, the company plans to accelerate its international expansion, using some of the money to prepare for a global rollout of its technology, including development in Asia.
Innovafeed will also build a new plant in Decatur, Illinois, in conjunction with ADM as part of this ramp-up.
“Our expansion into the United States is a critical step in our scaling,” said Maye Walraven, the new General Manager for North America at Innovafeed. “This will allow us to access a deep source of raw materials and significantly increase our production capacity. .”