Insect farming startup Ÿnsect has announced the extension of its Series C funding to $372 million — the largest amount ever raised by a non-American agricultural technology business.
To help provide proteins for a growing global population, Ÿnsect has created a patented process for cultivating Molitor mealworm to produce highly digestible protein and fertilizer products. These products sustainably replace animal proteins in the supply chain consumed by fish and livestock farms and used in pet food and fertilizers. Studies have shown that using cultivated mealworm products have led to a 34% increase in yield for rainbow trout, a 40% mortality reduction in shrimp and a 25% increase in yield for rapeseed, the company said in an announcement.
With a vertical farm, Ÿnsect said it uses 98% less land while significantly reducing the carbon footprint of protein production and generating zero waste. Analyses by the firm Quantis show that the project is carbon negative, with a sequestered value chain, and avoids emitting more carbon dioxide, the company said.
"Our ambition is to revolutionize the food chain, starting from the basics: insects and soil," Ÿnsect co-founder, president and chief executive officer Antoine Hubert said. "With climate change and increasing populations worldwide, we need to produce more food with less available land and fewer resources. We believe Ÿnsect can play a pivotal role in this global solution."
The Ÿnsect process is underpinned by technology protected by around 30%, representing 40% of the total patent portfolio of the top-10 insect protein companies worldwide.
Founded in 2011 in Paris, France, Ÿnsect transforms insects into premium ingredients for pets, fish and plants. From its state-of-the-art farms, Ÿnsect offers a long-term, sustainable solution to accelerating the consumption of protein and plants.