PARIS — Biotechnology developer Innovafeed has raised $250 million in a round of Series D funding led by Qatar Investment Authority.
As a producer of insects for use in animal and plant nutrition, Innovafeed aims to build a circular and zero waste agri-food chain that is more sustainable and resilient.
The company has developed several product applications using black soldier flies, including insect proteins for aquaculture; insect oils for pigs and poultry; and insect droppings in 100% natural fertilizer.
“The confidence demonstrated in us by our partners through a new round of fundraising confirms the insect industry is a key solution for our planet’s food production needs,” said Clément Ray, chief executive officer and co-founder of Innovafeed. “Their support will allow us to accelerate our deployment in 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, along with groups like Future French Champions, ABC Impact and Grow Forward.
Funds from the Series D round will be used to increase Innovafeed’s production capacity in France through improvements to its existing facilities.
The company also will invest some 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 a portion of the money to prepare a global roll-out of its technology, including development in Asia.
Innovafeed also will be constructing a new plant in Decatur, Ill., in collaboration with ADM as part of this acceleration."Our expansion in the United States is a critical step for our scale-up,” said Maye Walraven, the new general manager for North America at Innovafeed. “It will enable us to access a deep source of feedstock and significantly increase our production capacity.”