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.
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