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Aiming to build a big farm, French start-up Ÿnsect raises $224 mln


[10/6/2020 3:53:54 PM]

AMMONNEWS - French start-up Ÿnsect, which harvests mealworms for bug-based food and fertilizer, has raised $224 million from investors including Robert Downey Jr.’s Footprint Coalition to build an insect farm near Paris and expand in North America.

Ÿnsect has now raised $425 million, after a previous $125 million fundraising and subsidies of $23 million, a spokeswoman for the company told Reuters.

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Led by Antoine Hubert, Ÿnsect uses larval beetles for the production of insect-based nutrients for pets and fish, and as fertilizer for plants.

As well as the FootPrint Coalition, Astanor Ventures, Upfront Ventures, Hong Kong-based Happiness Capital, Supernova Invest and Armat Group took part in the fundraising.

*Reuters

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