Key facts:
- InnovaFeed raises €140 to build the largest insect protein factory in Europe.
- With Ynsect, which has also raised capital this year to expand its production in the USA, it leads the French AgTech (and more broadly FoodTech) ecosystem in terms of funding and .internationalization
- It will partner with ADM (interestingly already invested in many alternative protein startups such as Perfect Day)
Why it matters – DigitalFoodLab’s opinion:
Even if both leading insect startups are now expanding their operations to the US, it is heartening to see how France and Europe can build leadership in AgTech. As insects for human consumption was banned in France a few years, and highly discouraged across Europe, many startups have focused their energy on animal feed (notably aquaculture).
