InnovaFeed nabs $250M to extend its vertical insect farms to the U.S. • TechCrunch

innovative feedThe vertical insect farm operator that raises insects for animal and plant nutrition has raised $250 million in a Series D funding round led by Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA).

While countless companies are developing alternative and more sustainable ways to repair protein for humans, such as through lab-grown meat, others are tackling the underlying problem from a different angle, exploring new ways to grow traditional meat and fish populations with insect protein Approach. InnovaFeed is one of several emerging biotech companies focused on harnessing insects and converting them into nutrients for animals – this includes aquaculture (fish farming), poultry and pigs, and pet food. On top of that, InnovaFood also uses insect manure to create organic fertilizers to boost plant and crop growth.

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Founded in Paris, France in 2016, InnovaFeed has previously raised around $200 million and has another $250 million in the bank, and the company is well-funded to build its Two existing vertical insect farms in northern Franceincluding increasing its production capacity Nestle The company claims to be the largest such farm in the world.

The company plans to add ten more similar locations by the end of the decade, and with the latest cash infusion, it confirmed it is partnering with the food processing giant to expand into the U.S. with a new production facility in Decatur, Illinois ADM Its headquarters is nearby.

InnovaFeed at work Image credit: InnovaFeed

To support its expansion into the US market, InnovaFeed has appointed a new general manager for North America. Maye Walraven is a French-American, formerly vice president of business development at InnovaFeed.

“Our expansion in the U.S. is a critical step in our scaling,” Wallraven said in a statement. “This will allow us to access a deep source of raw materials and significantly increase our production capacity.”

InnovaFeed isn’t the only company working on using insects for animal protein.Other prominent players in the field include Ÿnsecta Paris-based startup that has secured a substantial VC-backed vulnerability farm, while the UK-based better origin It’s about turning food waste into insect feed.

Collectively, these companies are looking to serve what is expected to be Nearly $1 Billion Industry In five years, that number could accelerate As food prices continue to rise The effects of climate change are becoming more widespread.

InnovaFeed co-founder and CEO Clément Ray said: “At a time when protecting our natural resources and protecting the environment has become an absolute necessity, we believe the insect industry is a critical solution to our planet’s food production needs. Program.”

In addition to the $50 billion multinational food giant ADM, InnovaFeed also counts Cargill As a customer, this underscores the far-reaching impact of InnovaFeed’s technology in the food industry. In addition, both ADM and Cargill joined QIA in investing in InnovaFeed as part of their Series D round, along with Temasek, Creadev, Future French Champions, ABC Impact, IDIA Capital Investissement and Grow Forward.

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