Ÿnsect, a Paris-based startup that breeds insects to become ingredients for pet food, fish food and plant fertilizers, closed a $125m funding round.
The deal is believed to be the largest-ever round for an agricultural technology startup outside the US, and the infusion of cash will allow it to build the world’s largest insect farm in the world as it plans to scale for global expansion.
They don’t call them mealworms for nothin’
Founded in 2011, Ÿnsect began promoting sustainability in the food system, but decided it would be equally as beneficial to focus on production.
Now, the company has over 25 patents on its automation and sensation technologies that grow and harvest mealworms (due to their high protein density).
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The company is currently on track to book more than $70m in revenue this year — AKA the perfect case for proving to investors that big bug is big biz.
People gotta eat!
By the year 2050 there’s supposed to be 2B more people on the planet. And with that comes incentive for agricultural giants to work double time to create enough food to feed our… well, food.
But on the flip, big-ag produces 25% of the world’s carbon dioxide and methane emissions currently murdering the planet. By offering insect protein, Ynsect can help alleviate fish, water and soil depletion in a sustainable way for years to come, while also cutting down on emissions.
According to the company’s CEO, Antoine Hubert, “Our goal is simply to give insects back their natural place in the food chain.”