• Ynsect

  Participated · Series C · Feb 2019

  Ÿnsect produces natural insect protein and is shifting its commercial focus from primarily animal feed to pet foods and food ingredients. The company says the new capital will support that pivot toward higher-margin markets. Ÿnsect cited soaring costs—energy, raw materials and the cost of capital and debt—as a driver for refocusing its operations. As part of the refocus it will close a Dutch production plant acquired via Protifarm about two years ago. The shutdown triggers 35 immediate job cuts and a further 38 positions slated to go, from a workforce of 360 (a 20.27% reduction). Management says the move responds to market dynamics where animal feed is less remunerative than pet-food and food-ingredient markets. The company declined to disclose investors for the newest raise and said a second tranche is in discussion. Ÿnsect farms mealworms that produce protein ingredients for animal feed and fertilisers and is constructing a large insect farm in Amiens, north France. The company says it will complete construction in 2022 and produce 100,000 tons of insect products annually. Ÿnsect plans to use the new funding to finance expansion into the US. Management frames the technology as a more sustainable way to produce food inputs amid climate change and growing populations. The company reported that Covid-19 had little impact on its workflow this year. Its total funding to date now stands at $425 million. Ÿnsect produces insect-derived protein at scale using mealworms and automated, sensor-driven cultivation technologies. The company applies automation and sensing technologies from industries like automotive and data centers, holds 25 patents, and uses an AI-enabled, fully automated production process. Its products are sold into pet food, plant food and aquaculture animal feed markets, with particular emphasis on fish and shellfish farming. Ÿnsect is expanding globally and plans to build what it calls the world’s biggest insect farm in Amiens Métropole in northern France, while beginning expansion into the North American market. The company is on track to book more than $70 million in revenue this year. Management has signaled a goal of reaching unicorn status as it scales production and market reach. Ynsect is an innovation company that farms and transforms insects into high-quality natural diets for livestock and pet nutrition, and potentially human nutrition in the longer term. Its main product is TMP — Tenebrio molitor protein — a de-fatted protein meal made from farmed mealworm larvae. The company has designed proprietary technology to farm mealworm larvae, using automation and machine-learning software connected to sensors to ensure insect welfare, promote growth, and safeguard operators' health. Ynsect intends to increase capacity at Ynsite, its pilot centre in Jura, France, and to begin preparatory engineering for a large insect unit targeted to produce at least 20,000 metric tons of insect protein per year. The company closed a $15.2M Series B, bringing cumulative private and public funding to $37M over the prior three years. Founded in 2011 and based in Evry, France, Ynsect focuses on scaling mass-breeding and processing of mealworms for the animal feed market. Ynsect is a French insect biotechnology company founded in 2011 that has developed Entoraffinerie© for the nutritional and green chemistry markets. The company has run major R&D programs with academic and research institutions across France and Europe, including CEA, INRA, CNRS, IFREMER, AgroParisTech, IRSTEA and Wageningen University. Ynsect raised €5.5m in funding from New Protein Capital alongside existing investors Emertec Gestion and Demeter Partners. The company intends to use the funds to advance its solution, accelerate R&D in a new 1,700 m² facility at Genopole in Évry, and begin industrializing its processes. Ynsect also plans to strengthen its international position, particularly in Asia, and continue developing partnerships with manufacturing companies abroad. It is supported by Bpifrance and the Île-de-France Region.

No current team members are available.