After raising $250 million in investments (total $450 million), the sustainable animal food ingredients manufacturer Innovafeed has closed the Series D funding round. ADM, Cargill, Future French Champions, ABC Impact, IDIA Capital Investissement and Grow Forward attended the round which was maintained by Qatar Investment Authority (QIA). Creadev and Temasek as already existing investors also participated.
“The confidence demonstrated in us by our partners through a new round of fundraising confirms the insect industry is a key solution for our planet’s food production needs,” said Clément Ray, co-founder and chief executive officer of Innovafeed. “Their support will allow us to accelerate our deployment in service of an ever healthier, natural and sustainable food system.”
Innovafeed wants to use the investments to rise production capacity, expand into the US and Asia, invest in R&D technolog for insect-based ingredients amongst other things. The company could also gain different commercial partners for its sutainacle ingredients.
Furthermore, Yves Amsellem became new chief operating officer while Maye Walraven was promoted from vice president of business development to general manager for North America.
“Our expansion in the United States is a critical step for our scale-up,” Walraven said. “It will enable us to access a deep source of feedstock and significantly increase our production capacity. I am very excited to be working closely with our local industrial partners, who are key contributors to accelerate the development of the entire industry and are supporting our momentum by their investment.”
In order to increase support for sustainability and social impact, Innovafeed will establish an Impact Commitee. Thai Union’s former global director of corporate affairs and sustainability, Darian McBain, Ph.D., will preside the commitee, that promotest he company’s environmental, social and governance (ESG) policy within the next 3 years.
“I am proud to take on the role of president of Innovafeed’s Impact Committee, an emerging company whose values and commitment to finding sustainable solutions to global food challenges I share,” McBain said. “I believe that the insect industry will have a key role in building sustainable food systems and reducing our impact on climate change. I hope to contribute my sustainability expertise to enhance Innovafeed’s sustainability and ESG commitments and performance.”
original article – petfoodprocessing.net/
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