Aiming to build a big farm, French start-up Ÿnsect raises $224 mln

The “Ynsect” experimental insect farm in Dole, eastern France, a facility that produces premium proteins natural ingredients for aquaculture and pet nutrition. (AFP)

French start-up Ÿnsect, which harvests mealworms for bug-based food and fertilizer, has raised $224 million from investors including Robert Downey Jr.’s Footprint Coalition to build an insect farm near Paris and expand in North America.

Ÿnsect has now raised $425 million, after a previous $125 million fundraising and subsidies of $23 million, a spokeswoman for the company told Reuters.

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Led by Antoine Hubert, Ÿnsect uses larval beetles for the production of insect-based nutrients for pets and fish, and as fertilizer for plants.

As well as the FootPrint Coalition, Astanor Ventures, Upfront Ventures, Hong Kong-based Happiness Capital, Supernova Invest and Armat Group took part in the fundraising.

An employee checks worms before they are being turned into protein powder at the “Ynsect” experimental insect farm in Dole, eastern France. (AFP)

An employee checks worms before they are being turned into protein powder at the “Ynsect” experimental insect farm in Dole, eastern France. (AFP)

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Last Update: Tuesday, 06 October 2020 KSA 15:45 - GMT 12:45
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