AgriTech startup Ÿnsect raises $372 million to build world's largest vertical farm

Insect farming startup Ÿnsect has extended its Series C funding to $372 million – the largest amount ever raised by a non-American AgriTech business.

According to the UN's Food and Agriculture Organisation, consumption of animal proteins will grow by 52 per cent between 2007 and 2030, posing a serious risk for the world's fragile ecosystems.

To address this problem, Ÿnsect has created a patented process for cultivating Molitor mealworm to produce highly digestible protein and fertiliser products. These sustainably replace animal proteins consumed in the supply chain by fish and livestock farms, in pet food, and fertilisers.

With a vertical farm, Ÿnsect uses 98 per cent less land, while reducing the carbon footprints of protein production and generating zero waste.

"Our ambition is to revolutionise the food chain starting from the basics: insects and soil," says Antoine Hubert, the company's co-founder, president and chief executive. "With climate change and increasing populations worldwide, we need to produce more food with less available land and fewer resources."

Founded in 2011 in Paris, the Ÿnsect process is underpinned by technology protected by around 30 patents, representing 40 per cent of the total patent portfolio of the top 10 insect protein companies worldwide.

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