Stories: InnovaFeed raised over 55 M€ in 2018 to produce its insect proteins
The European Innovation Council pilot's funded company InnovaFeed, specialized in the production of insect proteins, announced to have completed a round of 40 million euros, the majority in the form of capital, led by a group of investors by Creadev, the Mulliez family's fund, and Temasek, the Singaporean investment giant. These follow the historical shareholders of the company, including Accuracy partners and Olivier Duha, co-founder of Webhelp, in a total of over 55 M€ secured in 2018.
According to InnovaFeed, “With over 55 M€ in financing secured in 2018, InnovaFeed confirms its ambition to establish insect production as a key segment of tomorrow’s agro-industrial landscape. The support of these new investors (Creadev and Temasek) will enable the company to significantly accelerate its development. Over 200M€ will be invested in the launch of 5 new production sites by 2020.”
The biotech company has received a Phase 1 grant from the EIC pilot SME Instrument in 2016 and a Phase 2 grant in 2018 of 1.750.000 €.
InnovaFeed, which has its processing plant in Gouzeaucourt in Northern France, is a pioneer in the production of high-quality protein from black soldier flies (Hermetia illucens). The model is based on a unique technological expertise that allows to place the insect at the heart of the agri-food system and restore it to its natural place in our ecosystem: that of recycling nutrients to then feed fish, birds or small mammals.
A need for protein is identified as critical in the coming years by the FAO (Food and Agriculture Organization of the United Nations). A considerable and rapidly developing global market, estimated at 500 billion dollars by the FAO, including 30 to 50 billion for insect proteins.
“Insect breeding is the future,” said the company’s commercial director, Maye Walraven, stressing the need for natural and sustainable solutions to feed the growing world population and to protect our planet. “InnovaFeed’s innovating insect rearing process is deployed on an industrial scale to address the strain on quality protein to support the growth of sustainable aquaculture. Furthermore, our activity restores insect to its natural function in our ecosystem as part of the natural diet of most fish species,” Walraven noted.
In fact, the company has also recently achieved Friend of the Sea (FoS) and Friend of the Earth (FoE) certifications.
Friend of the Sea is an international certification standard that attests sustainable practices in fisheries, aquaculture and in fishmeal and fish oil production. Friend of the Sea logo is widely recognized across international markets, certifying stringent controls over environmental, economic and social responsibility.
Friend of the Earth is an international certification standard that attests sustainable practices in the agriculture and animal husbandry sectors.
InnovaFeed is the first company receiving both Friend of the Sea and Friend of the Earth certifications.
View InnovaFeed's information on the EIC SME Instrument data hub.