ImpactAlpha, February 24 – Ynsect, a French company that raises mealworms for farm feed and crop fertilizer, has secured $125 million in a Series C funding round. The round was led by European impact investment firm Astanor Ventures.
Ynsect was launched in 2011 with a goal of commercializing insect farming “to help create a sustainable food system and meet the rising demands of global protein consumption.” The company raises mealworms and uses their larvae to make two products: YnMeal, a fishmeal for farm-raised fish, and YnFrass, an organic plant fertilizer made from mealworm larvae castings.
Funding from its Series C round will be used to expand the capacity of its farm in Amiens, France to produce 20,000 tons of insect protein each year. The company also plans to open a factory in North America.
Ynsect appears to be Astanor’s first investment, according to the firm’s website website.