… This round included… global agribusiness leaders ADM and Cargill…
Innovafeed raises US$ 250 mln in series D financing round
The company plans to scale up production in the US
The Pig Site
21 September 2022
Innovafeed, a leader in the production of insects (Hermetia Illucens) for animal and plant nutrition, today announced it has raised US$ 250 million in Series D funding. This round included existing investors Creadev and Temasek, as well as new strategic and financial investors, including global agribusiness leaders ADM and Cargill.
This new round of financing brings Innovafeed’s total cumulative financing to US$ 450 million.
“At a time when conservation of our natural resources and the preservation of our environment are becoming an absolute necessity, we are convinced that the insect industry is a key solution for our planet’s food production needs," said Clément Ray, co-founder and CEO of Innovafeed. "The confidence demonstrated in us by our partners through a new round of fundraising confirms this. Their support will allow us to accelerate our deployment in service of an ever healthier, natural and sustainable food system."
With the demand for innovative and sustainable food solutions steadily growing, Innovafeed has already secured commercial partnerships for volumes representing more than €1 billion over the next 10 years.
Innovafeed will use the capital to continue increasing production capacity in France through the further expansion of its Nesle site in the north of France, the world’s largest vertical insect farm.
It will also use it to accelerate its international expansion, notably in the United States with the construction of a new production plant in Decatur, IL, in collaboration with ADM, and prepare global roll-out of Innovafeed’s technology, including development in Asia.
Finally, Innovated with use the funding to continue to invest in breakthrough technology and R&D for the formulation of high-precision and high-performance ingredients for animals, plants and, in the future, for human food.
This new round of financing reaffirms Innovafeed’s commitment to accelerate the maturity of the insect protein industry, as does the participation of world-class agribusiness leaders ADM and Cargill. Both customers and suppliers of Innovafeed’s feedstock inputs, their involvement underscores the role of Innovafeed’s unique and cutting-edge technology and the insect industry ability to transform the food system into more natural and sustainable one.
In addition to the two existing vertical insect farms...