Agricoltura
Agtech startup Ÿnsect extends Series C to $372 million to improve global food security and sustainability with first carbon negative and largest vertical farm in the world
- The new funding comes from Astanor Ventures (Series C lead investor), LA-based Upfront Ventures, Robert Downey Jr.'s FootPrint Coalition, Happiness Capital, Supernova Invest and Armat Group.
- The financing is supported by a bank consortium including Caisse des Dépôts, Crédit Agricole Brie Picardie, and Caisse d'Epargne Hauts-de- France .
PARIS , Oct. 9, 2020 /PRNewswire/ -- Insect farming startup Ÿnsect have announced the extension of their Series C funding to $372 million – the largest amount ever raised by a non-American 'agtech' business.
A growing global population have increased demand for protein and plants worldwide, for human consumption and as a food source for fish, poultry, pigs and livestock. According to the UN's Food and Agriculture Organisation, consumption of animal proteins will grow by 52% between 2007 and 2030[1], posing a serious risk for the world's fragile ecosystems.
To address this problem, Ÿnsect has created a patented process for cultivating Molitor mealworm to produce highly digestible protein and fertilizer products. These products sustainably replace animal proteins consumed in the supply chain by fish & livestock farms, in pet food, and fertilizers. Studies have shown that using Ÿnsect products have led to a 34% increase in yield for rainbow trout, a 40% mortality reduction on shrimp and 25% increase in yield for rapeseed
With a vertical farm, Ÿnsect uses 98% less land while significantly reducing the carbon footprints of protein production and generating zero waste. Analyses by the Quantis firm show that the project is carbon negative, with a sequestered value chainand avoids emitting more CO2 emissions.
"Our ambition is to revolutionize the food chain starting from the basics: insects and soil," says . "With climate change and increasing populations worldwide, we need to produce more food with less available land and fewer resources. We believe Ÿnsect can play a pivotal role in this global solution."
The Ÿnsect process is underpinned by technology protected by around 30 patents, representing 40% of the total patent portfolio of the top 10 insect protein companies worldwide.
Series C Partners
Investment Bank: Jefferies ( Dominic Lester - Joseph Benito Sanz ) – Company Lawyers: equity – Baker McKenzie ( Matthieu Grollemund & Hélène Parent), debt – August & Debouzy ( Xavier Rohmer & Olivier Moriceau )
Ÿnsect is the world leader in natural insect protein and fertilizer production. Founded in 2011 in Paris, France , the Next40 company transforms insects into premium ingredients for pets, fish and plants. From its state of the art farms, Ÿnsect offers a long-term sustainable solution to accelerating consumption of protein and plants.
[1] http://www.fao.org/fileadmin/templates/wsfs/docs/expert_paper/How_to_Feed_the_World_in_2050.pdf