Ynsect: the largest funding ever raised in the agriculture sector by a non-American business.
In just two years, start-up Ynsect has raised an unprecedented $372 million, bringing its total financing to $425 million.
Numerous investment funds have dug deep, including Astanor Ventures, Upfront Ventureou and even renowned actor, Robert Downey Jr’s investment fund, Footprint Coalition.
“With this extended finance, we have now raised more than all the start-ups in the insect protein sector globally.” explains Antoine Hubert, Ynsect’s co-founder and CEO
This new capital will allow Ynsect to:
- complete construction of the largest insect farm in the world in the Hauts-de-France
- extend its product range
- expand into North America
Ynsect to build the largest vertical farm in the world and generate 500 new jobs.
In the shape of a 35 metre high tower, it will be the largest in the world.
Ynsect’s vertical farm in Poulainville (near Amiens in Hauts-de-France) is due to be operational by late 2021/early 2022.
The farm will breed and process molitor beetles for animal feed (1/3) and fertiliser production (2/3) and the site should produce up to 200,000 tonnes of ingredients in 2023.
This €100 million investment will generate 95 jobs in the first year and 500 direct and indirect jobs within 3 years.
“With a total surface area of around 40,000m2 and a height of 35 metres for the breeding area, this vertical farm will cost nearly €100 million. It will be the largest in the world”, insists Antoine Hubert.
Ynsect holds the record for the most patents in animal protein
With 30 patents, Ynsect holds 40% of the total patent portfolio held by the top 10 insect producers globally.
They are at the heart of a highly innovative and scalable industrial technology.
The Amiens farm will be a benchmark in terms of resource saving: carbon negative, water-efficient (compared to traditional fertilisers) and space efficient (the vertical construction allows a 98% saving in ground space compared to traditional farms).
“Ynsect is not just about insect farming: climate change and global population increase are forcing us to produce more food with less available land and fewer resources, without deforestation or emptying our oceans. We believe that Ynsect has a pivotal role to play in this equation.”
Find out more about the nutrition sector in Hauts-de-France.
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Ynsect is setting up in Amiens and investing more than €150 million
Sources : l’usine nouvelle, France inter, LSA Conso