French insect farming startup Ynsect secured $175M (€160M) in fresh funding to expand globally.
The firm also announced its strategic pivot away from animal feed to pet food and food ingredients. The decision was motivated by the company's desire to boost profits.
- Co-founder Antoine Hubert said, "Animal feed is a good market, but it takes more time to make a positive financial and economic impact."
- The firm is looking to raise a second tranche of the current funding round by the end of this year.
- To date, the firm has raised $625M in total capital from investors such as Bpifrance, Astanor Ventures, and Hollywood actor Robert Downey Jr.
- Ynsect is expanding into Mexico and will likely venture into Asia next.
- The firm is closing its Dutch production plant and will reduce its global workforce by 20%.
- Ynsect secured the Dutch production plant after it acquired Protifarm two years ago.
