Innovafeed raises $250m in funding round to accelerate growth

Insect producer Innovafeed has announced it has raised $250 million in a Series D funding round that included investment from ADM and Cargill.

This latest round brings Innovafeed’s total cumulative financing to $450 million.

Led by Qatar Investment Authority, the round included existing investors Creadev and Temasek, as well as ADM and Cargill – both of which have strategic partnerships with Innovafeed. Other participants included Future French Champions, ABC Impact, IDIA Capital Investissement and Grow Forward.

The company plans to use the capital to support a global rollout of its technology and to invest in R&D for the formulation of high-performance ingredients for animals, plants and, in the future, human food.

“The confidence demonstrated in us by our partners through a new round of fundraising confirms the insect industry is a key solution for our planet’s food production needs. Their support will allow us to accelerate our deployment in service of an ever healthier, natural and sustainable food system,” said Clément Ray, co-founder and CEO of Innovafeed.

The company will also use the capital to increase production capacity by expanding its Nesle site in the north of France, which it says is the world’s largest vertical insect farm. In collaboration with ADM, Innovafeed also plans to construct a new production plant in Illinois.