Innovafeed, the French insect agriculture company, has successfully closed a €51 million funding round. Concurrently, the firm is consolidating its operations at its commercial-scale black soldier fly larvae production facility located in Nesle, France. This reorganization includes a reduction of 60 employees from its total workforce of 300.
The recent funding round increases Innovafeed's cumulative funding, including grants, to over $500 million. Key investors in this round include existing shareholders Creadev, QIA, Temasek, FFC, ABC Impact, and ADM, alongside several banking partners. Innovafeed was established in 2016 by Aude Guo, Bastien Oggeri, and Clément Ray.
This strategic consolidation aims to integrate R&D activities from the Gouzeaucourt pilot facility into the Nesle site, which is expected to close by 2027. Innovafeed has dramatically scaled production at Nesle, increasing output tenfold while reducing costs sevenfold. The company reports achieving approximately 1,000 tons of insects per week.
Innovafeed continues to expand its market presence, with revenues doubling annually, driven by partnerships in aquaculture and pet food sectors. Clients such as BioMar, Auchan, and NaturAlleva partner with Innovafeed for its high-performing and sustainable insect-based ingredients, which offer nutritional and functional benefits.