September 27, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Paris-based insect protein leader Innovafeed has closed on a $250M Series D, bringing total capital raised by the company to-date to $450 million.

Led by Qatar Investment Authority (QIA), the round also included agribusiness giants Archer Daniels Midland (ADM) and Cargill, both of which have strategic partnerships in place with Innovafeed, along with existing investors Creadev and Temasek, and Future French Champions, ABC Impact, IDIA Capital Investissement, and Grow Forward. 

Founded in 2016 by Aude Guo, Bastien Oggeri, and Clément Ray, Innovafeed is a global biotechnology company producing black soldier fly insect protein for animal and plant nutrition. In doing so, the company creates a circular and zero-waste agri-food chain replicating the insect’s natural role, resulting in a line of products including insect protein for aquaculture, insect oil for pigs and poultry, and 100 natural fertilizer made from insect droppings. The company also offers its protein and oil for pet food production.

“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, co-founder and CEO, Innovafeed. “Their support will allow us to accelerate our deployment in service of an ever healthier, natural and sustainable food system.”

Indeed, Innovafeed has already established commercial partnerships for volumes representing more than €1 billion over the next 10 years. However, with this new influx of capital the company stated that it intends to:

~ Continue to increase production capacity via the expansion of its Nesle site, the world’s largest vertical insect farm, in Northern France.

~ Accelerate its international expansion, most notably in the U.S.,  where it will be constructing a new production plant in Decatur, Illinois, in collaboration with ADM.

~ Prepare for the global roll-out of its technology, including development in Asia.

~And, to continue to invest in cutting-edge technologies and R&D for the formulation of high-precision and high-performance ingredients for animals, plants, and one day, humans.

New Leadership

In support of these goals, the company also announced two new appointments to its leadership team. In the role of chief operating officer will be Yves Amsellem, who brings 30 years of experience in end-to-end supply chains for international food and beverage and industry groups, including Danone and Chromology.

Likewise, Maye Walraven, a French-American national who formerly served as Innovafeed’s vice president of business development, has been appointed to a newly created role of general manager for North America.

Key to this North American expansion are the partnerships with ADM and Cargill – both customers and suppliers of Innovafeed’s feedstock inputs. 

“Our expansion in the United States is a critical step for our scale-up,” said Walraven. “It will enable us to access a deep source of feedstock and significantly increase our production capacity. I am very excited to be working closely with our local industrial partners, who are key contributors to accelerate the development of the entire industry and are supporting our momentum by their investment.”

New Committee

Along with raising a substantial Series D and announcing new appointments to its leadership team, Innovafeed also announced the formation of a new Impact Committee, created to make sustainable development and social impact a focus of its business, thus reflecting the global-scale positive impact of its industry.

Chaired by Dr. Darian McBain, who has more than 20 years of sustainability experience and was the former global director of corporate affairs and sustainability for the seafood conglomerate Thai Union, this committee will be responsible for defining and supporting the company’s ESG strategies over the next three years.

“I am proud to take on the role of President of Innovafeed’s Impact Committee, an emerging company whose values and commitment to finding sustainable solutions to global food challenges I share,” noted McBain.

“I believe that the insect industry will have a key role in building sustainable food systems and reducing our impact on climate change. I hope to contribute my sustainability expertise to enhance Innovafeed’s sustainability and ESG commitments and performance.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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