Among other companies, Footprint Coalition, a green tech firm launched by Hollywood actor Robert Downey Jr., has invested in insect-based ingredients company Ÿnsect. In another round of funding, French company Ÿnsect has managed to raise $224 million from various investors, including the actor’s organization.
Series C funding
On Tuesday, Ÿnsect announced that its Series C funding has amounted to $372 million. The insect farming startup said the latest fundings had become the largest amount it had ever raised. So far, the startup has raised a total of $425 million from investments. The overall investments even surpassed the total money collected by the whole insect protein industry worldwide.
The investment shows that “for investors indeed this is a sector that’s more than promising,” @Ant1_Hubert ,the company’s co-founder, said in an interview. “It’s not the future, it’s now.” #next40 #insect #agtech #circulareconomy #agriculture #frenchtechhttps://t.co/lJR8rjkVsk
— Ÿnsect (@Ynsect) October 8, 2020
Particularly, the Series C funding came from investments of Upfront Ventures, FootPrint Coalition, Happiness Capital, Supernova Invest, and Armat Group. The initial investors include Bpi France, Talis capital, IdInvest, Finasucre, Bois Sauvage, Vis Vires New Protein Capital.
The company, Ÿnsect, focuses on breeding insects to make premium ingredients for animal foods and plant fertilizers. Ÿnsect has a process which cultivates mealworm to make easily-digestible protein and fertilizers. Actually, their products serve as sustainable alternative nutrition for fish and livestock animals and plants.
Building the Largest Insect Farm
The new project can create 500 direct and indirect jobs. Moreover, the company estimates to produce 100,000 tons of insect products per year. And with American investors like Upfront Ventures and Downey’s FootPrint Coalition, Ÿnsect said it also intends to expand in the US.
Antoine Hubert, company co-founder, said Ÿnsect aims “to revolutionize the food chain” by starting with the basics: insects and soil. Hubert also serves as Ÿnsect’s chief executive officer and president.
“We need to produce more food with less available land and fewer resources,” Hubert added. The chief executive added that doing that ensures they don’t clear forests or empty oceans. “We believe Ÿnsect can play a pivotal role in this global solution.”