Innovafeed has raised €51 million in fresh funding as the French insect protein producer shifts its focus from industrial scale-up to commercial expansion and product innovation.
The company, which produces insect-based ingredients derived from Hermetia illucens for aquaculture, pet food and agriculture markets, said the financing round was largely supported by existing investors and banking partners. The investment follows the completion of the company’s industrialisation phase, centred on its production facility in Nesle, France.
Since its last funding round in 2022, Innovafeed has achieved what it describes as three key milestones: reaching industrial maturity, doubling revenues annually through commercial partnerships, and demonstrating significant environmental benefits through its production model.
The company said its Nesle facility has produced more than 15,000 tonnes of protein and oil in three years, while production volumes have increased tenfold and costs have fallen sevenfold. Innovafeed claims the facility is currently three times larger than its nearest global competitor.
Chief executive and co-founder Clément Ray said the company had achieved a major objective.
“Over the past five years, Innovafeed has won its industrial bet and developed a world-unique asset: a fully operational large-scale production facility that enables highly optimised production of ingredients with functional properties that are valued by pet food and aquaculture players,” he said.
Ray added that the successful scale-up ‘opens up a new phase of commercial deployment’ as the company seeks to accelerate market adoption of its Hilucia product range.
Industry customers have welcomed the move. Fabio Brambilla, nutritionist at NaturAlleva, said insect-based ingredients are becoming increasingly important in aquaculture feeds.
“This scale-up is made possible today by Innovafeed’s technological breakthrough, which is currently the most advanced in Europe,” he said.
The funding will support commercial growth in aquaculture and pet food markets, investment in new products and applications along with further optimisation of production capacity.
As part of the transition, Innovafeed plans to consolidate activities at its Nesle site and reduce approximately 60 positions, primarily at its historic Gouzeaucourt facility.
