The French insect farming firm eyes expansion in North America and Asia to increase its vertical farms.
Ÿnsect has secured a Series D funding round worth €160 million ($175.5M) from new and existing stakeholders.
The French start-up aims to use this capital injection to develop its portfolio and accelerate marketing authorizations for its ingredients across various target markets.
It also wants to accelerate its international development by building a dozen vertical farms by 2030. The company signed partnership agreements in 2022 with local industrial partners in Mexico and the US.
Ÿnsect confirmed to GlobalPETS that they are also working on expanding their footprint in Asia.
New facility in France
The company will launch soon a new farm in the French city of Amiens, which is expected to handle “the biggest volume” of production after signing contracts worth €159.5 million ($175M).
According to the firm, an additional €911 million ($1B) is in the pipeline.
Founded in 2011 in Paris, Ÿnsect processes insects for the entire food chain, including the pet industry. It operates in Europe and the US and has 3 production sites, including the world’s largest vertical insect farm and an R&D center.
The latest articles
Petco appoints new Executive Chairman to the Board
Glenn Murphy will support the pet retailer’s leadership team’s long-term growth and profitability initiatives.
Rebranding: Fressnapf updates image as part of omnichannel approach
After 3 decades, the German pet retailer has changed its logo into a petmoji. GlobalPETS analyses the reasons behind this change.
Industry responds to the need for voluntary copper claims in pet food
AAFCO sought opinion after the pet industry largely opposed any change in the current rules due to a lack of scientific evidence.
Weekly newsletter to stay up-to-date
Discover what’s happening in the pet industry. Get the must-read stories and insights in your inbox.