Insect farming startup Ÿnsect tops up Series C round to $372 million

Ÿnsect, a French startup farming insects to improve food production, has raised $224 million in further funding, bringing its Series C round to $372 million with Robert Downey Jr.’s tech funding initiative joining the round.

Ÿnsect farms mealworms that produce proteins that can be used in animal feed and fertilisers and is building what it’s calling the world’s largest insect farm in north France. The funding is led by Astanor Ventures with participation from several other backers including Robert Downey Jr.’s FootPrint Coalition and Upfront Ventures. The company previously raised $148 million in the round, disclosed last year.

With the investment in tow, Ÿnsect said it will complete construct on its insect farm in Amiens in 2022 and will produce 100,000 tons of insect products annually.

It added that the funding will finance its expansion into the US.

“Our ambition is to revolutionise the food chain which, literally, starts from the basics: insects and soil. It concerns all of us, whether we are meat lovers or vegans because it is how our plants and animals are fed,” Antoine Hubert, CEO of Ÿnsect, said.

Hubert also said that Ynsect’s processes can provide a more sustainable way to produce food for the world’s growing population. He added that Covid-19 has had little impact on Ynsect’s workflow this year.

“Ÿnsect isn’t just about insect farming: with climate change and increasing populations worldwide, we need to produce more food with less available land and fewer resources, so that we’re not clearing forests and emptying our oceans. We believe Ÿnsect can play a pivotal role in this global solution.”

Several other players made up the rest of the financing including Hong Kong’s Happiness Capital, Supernova Invest, Armat Group, French government fund Caisse des Dépôts, and banks Crédit Agricole Brie Picardie and Caisse d’Epargne Hauts-de-France.

The company’s total funding to date now stands at $425 million.