World's largest insect farm to open, with record investment

Ÿnsect cultivates mealworm under its own patented process to make digestible protein and fertilizer products. These products can replace animal proteins currently used by fish and livestock farms, as well as animals proteins for pet food and fertilizers.

The Series C funding will enable the French company to complete the farm in the city of Amiens, northern France (it received the first tranche of investment last year) to become the largest global vertical farming company.

The farm will be complete by 2022 and will produce 100,000 tons of insects annually, which will be used to supply wet pet food. It is a negative carbon project creating 500 direct and indirect jobs.

Ÿnsect will be the largest vertical and insect farm in the world when complete

 ŸNSECT

Ÿnsect's co-founder, president and CEO, Antoine Hubert stated that "our ambition is to revolutionize the food chain which, literally, starts from the basics: insects and soil."

The company believes that it can play a pivotal role in climate change and food insecurity. Hubert says, "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."

A report by the Food and Agriculture Organization entitled How To Feed The World In 2050 states that a growing population and rising incomes means that there is now increased demand for protein and plants, not only for human consumption, but also for the fish, poultry, pigs and livestock that people eat.

According to the UN's Food and Agriculture Organisation, consumption of animal proteins will grow by 52% between 2007 and 2030 and this will place huge pressure on the world's ecosystems and water resources, not to mention the requirement of more water and land, whilst increasing the greenhouse gas emissions.

Mealworm on Ÿnsect's conveyor belt

 ŸNSECT

This round of funding is the first time that U.S. investors have been involved and allows expansion beyond Europe and Asia.

The new funding comes from Astanor Ventures, LA-based Upfront Ventures, Hollywood star Robert Downey Jr.'s FootPrint Coalition, existing investor Hong-Kong-based Happiness Capital, Supernova Invest (the leading early stage investor in the French deep tech market) and Armat Group (based in Luxembourg).

The insect sector-for human consumption or as in the case of Ÿnsect as a replacement for other animal protein, such as pet food-is experiencing a boom.

Photo: Ÿnsect are building the largest insect farm in the world. Credit: ŸNSECT

Source: Forbes

Source: Forbes