Ÿnsect, an insect farming startup based in Paris, France, has announced an extension of its Series C funding to USD 372 million (EUR 316.2 million).
That increase takes the company’s total funding to USD 425 million (EUR 361.2 million), which according to Ÿnsect is more than that total amount raised by the entire insect protein sector globally. The new funding comes from Astanor Ventures, Upfront Ventures, Robert Downey Jr.’s FootPrint Coalition, Happiness Capital, Supernova Invest, and the Armat Group.
"Our ambition is to revolutionize the food chain starting from the basics: insects and soil," Ÿnsect Co-Founder, President, and CEO Antoine Hubert said. "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 funding, the company announced in a release, will be used to build the largest insect farm in the world. The facility is now in construction north of Paris, France, and is expected to have a negative carbon footprint.
The company has created ŸnOil and ŸnMeal, insect-based oils and feed for the aquaculture industry, which has already been used successfully in aquaculture operations. The company has a patented process for cultivating Molitor mealworms, which can produce digestible protein and fertilizer products.
“With a vertical farm, Ÿnsect uses 98 percent less land while significantly reducing the carbon footprints of protein production and generating zero waste,” Ÿnsect said in a release. “Analyses by the Quantis firm show that the project is carbon negative, with a sequestered value chain and avoids emitting more CO2 emissions.”
According to studies by the company, Ÿnsect products have increased the yields for rainbow trout aquaculture operations by 34 percent, and reduced mortality in shrimp farms by 40 percent.
The company is currently building a second insect farm in Poulainville, France, with the aim of producing more than 100,000 metric tons of feed a year – the largest insect farm in the world.
