Innovafeed secures €51 million

Innovafeed, one of the world’s leading producers of insect protein, has announced the successful completion of its industrial ramp-up phase. Having reached full market maturity, the French biotechnology company—which produces functional ingredients derived from the black soldier fly (Hermetia illucens) for animal and pet feed—is entering a new phase of its business. This phase will focus strategically on global commercial development and targeted product innovations. This transition is supported by a new funding round of €51 m, largely backed by existing financial and banking partners.

Following the last funding round in 2022, the company established what Innovafeed claims is the world’s largest production facility of its kind at its headquarters in Nesle. Over the past three years, more than 15,000 tonnes of insect protein and oil have already been produced there. Thanks to technological optimisations, production volume has increased tenfold, whilst manufacturing costs have been reduced by a factor of seven. Thanks to a circular economy based on an industrial symbiosis model, the products reduce CO₂ emissions by 70 to 90 per cent compared to conventional protein sources.

In parallel with the increase in production, Innovafeed is experiencing dynamic market growth and has doubled its turnover annually in recent years. This growth is driven by long-term partnerships in the aquaculture and pet food sectors, which leverage the functional benefits of the Hilucia product line.

Reaching industrial-scale production is accompanied by organisational changes. As basic research is largely complete, Innovafeed is scaling back its zootechnical R&D activities. These are being relocated from the historic Gouzeaucourt site to the main plant in Nesle. The restructuring involves the loss of 60 jobs, which is being implemented in close consultation with employee representatives, says the company.

The fresh capital from long-standing shareholders such as Creadev, QIA, Temasek and ADM is being channelled specifically into accelerating the B2B marketing of the ‘Hilucia’ range, into process innovations for new applications, and into further capacity optimisation of the production lines in Nesle.