Published: November 23, 2020
Ÿnsect raises funds for world’s biggest bug farm
In October, French agtech startup Ÿnsect announced it had extended its Series C funding to $372mn, the largest amount ever raised by a non-American agtech firm. An insect farming company, Ÿnsect aims to tap into a rapidly growing market for insect proteins.
“With the extension of our Series C funding to US$372mn this year, US$148mn of which were disclosed in 2019, Ÿnsect’s total financing has been increased to US$425mn,” Ÿnsect’s CEO, co-founder and president Antoine Hubert tells EMEA Finance. “The new funding comes from a number of investors. I’m happy to share that we have also secured significant financial partnerships with several banks to support us in our next exciting project.”
The investors include Astanor Ventures (Series C lead investor), Robert Downey Jr’s FootPrint Coalition, Happiness Capital, Upfront Ventures, Armat Group and Supernova Invest (the leading early stage investor in the French deep tech market). They are an international mix, hailing from as far afield as Hong Kong, Los Angeles and Luxembourg.
The bank consortium includes Crédit Agricole Brie Picardie, Caisse d’Epargne des Hauts de France, and Caisse des Dépôts, which is Ÿnsect’s partner for real estate project financing as well.