Paris-based Innovafeed, an insect-breeding (Hermetia Illucens) platform for animal and plant nutrition, announced on Tuesday that it has secured $250M (approximately €252M) in a Series D round of funding led by Qatar Investment Authority (QIA).
Other investors who participated in the round include Creadev, Temasek, ADM, Cargill, Future French Champions, ABC Impact, IDIA Capital Investissement, and Grow Forward.
The latest funding round brings Innovafeed’s total raised capital to $450M (approximately €453M).
Fund utilisation
The French company says it will use the funds to increase the production capacity in its vertical insect farm in France (Nesle) and accelerate international expansion in the United States (Decatur, IL) by constructing a new production plant in partnership with agribusiness firm ADM.