Agronutris secures future with €10M investment

Agronutris received funding from insect farming company La Compagnie des Insectes to save part of its operations. According to French media, in late September, it became the majority shareholder following an investment of more than €10 million ($11.7M). 

La Compagnie des Insectes will join former investors Mirova Environnement Acceleration Capital fund and the Lagarde family, who are now minority shareholders.

Production 

The funding will save Agronutris’ Rethel plant in the Ardennes region (190 km from Paris) less than 2 years after its inauguration. The plant has roughly 80 employees.

However, Agronutris’ holding company, EAP Group, will be liquidated. The Haute-Garonne-based company had filed for a safeguard plan in January in a French commercial court.

In a statement published at the time, Agronutris attributed the filing to investor caution amid economic uncertainty. 

“Access to financing has become more challenging due to an uncertain economic environment and investors being cautious following recent developments in the sector and announcements made by other industry players,” it said. 

Industrialization of the insect protein

Founded in 2011, Agronutris raised €100 million ($117M) in 2021 to industrialize its insect-based protein production process.

La Compagnie des Insectes specializes in the breeding of black soldier flies, designs and develops insect production units and has a national and international reach. Created in 2021, it has already bought other companies in the sector.