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Sep. 26, 2022 By Jennifer Marston, AgFunder News French insect protein startup InnovaFeed has raised $250 million Series D round of financing. Qatar Investment Authority (QIA), Qatar's sovereign wealth fund, led the investment. InnovaFeed will use the new funds to expand to the US, starting with a forthcoming insect vertical farm in Illinois, with plans to expand to other markets by the end of this decade. Why it matters *InnovaFeed has major expansion plans on its near-term horizon. *The biotech company already operates two vertical insect farms in France, one in Gouzeaucourt and the other in Nesle. InnovaFeed dubbed the latter "the world's largest insect production site" with "unprecedented production capacity" when it opened. *These sites use larvae from the black soldier fly to produce proteins and oils for animal and plant feed. *A third facility is in the works, this one in partnership with ADM to provide ingredients to its pet foods division. The plant will be located in Illinois and produce 60,000 metric tons of protein and 20,000 tons of oils for pet food and livestock feed, in addition to 400,000 tons of fertilizer. InnovaFeed plans to build 10 more such facilities by 2030. The U.S. has approved black soldier flies for use in dog food, and the EU allows insects in pig and poultry feed. However, the regulatory market for insect-based protein is still evolving and very much in early days. To read entire article, Click Here Tweet |
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