which is produced is sold. ‘Our ambition is to revolutionize the


AGTECH STARTUP ŸNSECT EXTENDS ITS SERIES C TO $372


MILLION Insect farming startup Ÿnsect has announced that they have extended their Series C funding to $372 million – the largest amount ever raised by a non- American ‘agtech’ business. The new capital will fund completion of


the largest insect farm in the world, due to open in the city of Amiens, France in early 2022. Ÿnsect will produce 100,000 tons of insect products annually, as well as create 500 direct and indirect jobs. It will also let the company expand beyond Europe and Asia into the United States, with the support of its first U.S.-based investors, Upfront Ventures and FootPrint Coalition; and grow its markets into the supply of wet pet food. A growing global population mixed with


rising incomes have increased demand for protein and plants worldwide, not only for human consumption but also as a source of food for the fish, poultry, pigs and livestock that people eat. According to the UN’s Food and Agriculture Organisation, consumption of animal proteins will grow by 52% between 2007 and 2030. The spike in demand for protein and plants poses a serious risk for the world’s already fragile ecosystems, requiring extra water and land and generating greenhouse gas emissions. To address this problem, Ÿnsect has


created a patented process for cultivating mealworm to produce a variety of highly digestible protein and fertilizer products. These products sustainably replace animal proteins consumed in the supply chain by fish & livestock farms, animal proteins used in pet food and fertilizers used in plant nutrition, while leading to greater yields and health benefits for the animals and plants being fed. Several scientific studies have demonstrated that using Ÿnsect products in place of traditional animal proteins and chemical fertilizers have led to: a 34% increase in yield for rainbow trout, a 40% mortality reduction on shrimp; 25% increase in yield for rapeseed; a 25% mortality reduction for seabass; and a reduction in skin disease for dogs among others. The new funding and over $105M in


sales contracts recognize the dramatic yield and health benefits of the Molitor mealworm versus other insect species, and in particular the black soldier fly. By cultivating mealworms in a vertical farm, Ÿnsect uses 98% less land while significantly reducing the carbon & biodiversity footprints of protein production. The Ÿnsect process is designed for a circular economy as it generates zero waste meaning everything


food chain which, literally, starts from the basics: insects and soil. It concerns all of us, whether we are meat lovers or vegans because it is how our plants and animals are fed,’ says Antoine Hubert, Ÿnsect’s co-founder, president and CEO. ‘Ÿnsect isn’t just about insect farming: with climate change and increasing populations worldwide, we need to produce more food with less available land and fewer resources, so that we’re not clearing forests and emptying our oceans. We believe Ÿnsect can play a pivotal role in this global solution.’ The Ÿnsect process is underpinned


by deeply innovative technology protected by around 30 patents, representing 40% of the total patent portfolio of the top 10 insect protein companies in the world. To date, Ÿnsect has $105 million worth of contracts signed to supply customers including Torres – one of the most admired European wine brands in the world (Drinks International), Skretting – the largest global fish feed company and Compo Group, the European leader in plant nutrition for gardeners. “Skretting is proud to be a part of


Ÿnsect’s success and we are confident they will continue to be a pivotal player in the global food chain for years to come,” says Jenna Bowyer, Category Manager Novel Ingredients for Skretting. “We have been working with Ÿnsect for


the past 5 years, supporting their progress towards commercialisation through our continuous ingredient development activities while also committing to a long- term partnership.” “Antoine and his team are tackling one


of the world’s most pressing and significant problems: building a stable and sustainable food supply,” said Yves Sisteron, Managing Partner at Upfront Ventures and Ynsect Board Member. “Solving such a critical global issue requires deep technology and an ambitious vision, and we’re thrilled to partner with this team for the journey.” Equity and debt financing (where debt


represents $139m) was also sourced from Caisse des Dépôts, the ‘venture arm’ of the French state, and a pool of French banks lead by Crédit Agricole Brie-Picardie and Caisse d’Epargne Hauts de France. Arkea, Crédit Mutuel, BNP Paribas, Credit Agricole Franche Comté and Caisse d’Epargne Normandie also participated. Olivier Camau, Regional Director for Hauts-de-France, has stated that “Banque des Territoires, which invests prudently in the public interest, is proud to contribute to the Ÿnfarm project in Amiens, located in a “Territoire d’Industrie” or “industrial region”. This project, which is part of the region’s field of expertise, uses raw materials from the area, thereby increasing the potential for development and exports. The project contributes to the image of Amiens and the region, increasing the area’s appeal and


improving its reputation.” Pascal Lefort, Head of Development


– Belgium, Corporate, Institutional Banking Division at the Caisse d’Epargne Hauts de France said: ‘We are delighted to be the leading bank participating in the financing for the industrial flagship farm in Amiens. Ÿnsect is a major job-creation project for our region, with significant and innovative technological, environmental, and social knock-on effects. The company shared the values of Caisse d’Epargne Hauts de France. Beyond our participation in this deal as a lender, we have also helped Ÿnsect by taking equity via CEHDF Capital, allowing us to be a real partner of Ÿnsect on its journey to success. In the large and growing market for alternative proteins, our goal is to provide all the resources necessary for Ÿnsect to reach its potential in France and beyond.’ Christophe Griffart, head of corporate


& investment banking of Crédit Agricole Brie Picardie, said: ‘This extremely innovative project has received unwavering support from Crédit Agricole Brie Picardie since its inception in 2017, which has helped and advised Ÿnsect with funding.’ Ÿnsect has proven resilient throughout


the Covid crisis, with minimal disruption to construction and production. As a business currently focused on the production of animal feed and plant nutrition, protective equipment and the most stringent hygiene standards are the norm. ‘We’ve shown that we can weather significant shocks like coronavirus, which in the coming decades is going to be a significant differentiator between businesses,’ Hubert said.


FORFARMERS ACQUIRES DE


HOOP MENGVOEDERS ForFarmers has agreed with De Hoop Mengvoeders (de Hoop) to join forces. Both companies consider one powerful, international organisation, focusing on feed quality and advice for poultry farmers, to be of great added value to the poultry sector. Consumers are increasingly interested in the provenance of food. In addition the demand for high quality food, which has been manufactured in a sustainable manner is growing. Accordingly, this has led to more strategic partnerships in the broiler food chain such as the acquisition of De Hoop by ForFarmers. In 2019 De Hoop sold 322,000 tonnes


of poultry feed, primarily to broiler farmers and generated €110 million of revenues. Approximately 80% of the produced volume is sold in the Netherlands, with the remaining 20% being sold from the Netherlands in Belgium and West-Germany. The company has 52 employees and production takes place in the modern mill in Zelhem (Gelderland, the Netherlands).


Quality of feed and advice are key Pieter Wolleswinkel, Managing Director of ForFarmers Netherlands, says: ‘We are


PAGE 56 NOVEMBER/DECEMBER 2020 FEED COMPOUNDER


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