PARIS — Innovafeed, a sustainable, animal nutrition ingredient producer, closed its Series D funding round, raising $250 million in investments and bringing the company’s total funding to $450 million.
The funding round was led by Qatar Investment Authority (QIA), and received participation from ADM, Cargill, Future Fresh Champions, ABC Impact, IDIA Capital Investissement and Grow Forward, as well as existing investors, Creadev and Temasek.
“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 chief executive officer of Innovafeed. “Their support will allow us to accelerate our deployment in service of an ever healthier, natural and sustainable food system.”
The company plans to use the funding to:
- increase its production capacity in its existing site in Nesle, France
- advance its international expansion, particularly in the United States with the construction of a new facility in Decatur, Ill., as part of a collaboration with ADM
- prepare a global rollout of its technology
- expand its development in Asia
- invest in new R&D technology, specifically technology for the formulation of high-performance insect-based ingredients for use in animal, plant and human food.
Alongside the investment, Innovafeed secured many commercial partnerships for its insect-based ingredients, representing more than €1 billion ($973 million) during the next 10 years.
In conjunction with the investments, the company announced the appointment of Yves Amsellem to chief operating officer and promotion of Maye Walraven from vice president of business development to general manager for North America, a newly created role.
“Our expansion in the United States is a critical step for our scale-up,” Walraven said. “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.”
Innovafeed also announced the creation of an Impact Committee to support its advancement of sustainability and social impact. Chaired by Darian McBain, Ph.D., former global director of corporate affairs and sustainability at Thai Union, the committee will define and support Innovafeed’s environmental, social and governance (ESG) strategy during 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,” McBain said. “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.”
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