- Innovafeed is a leader in producing sustainable animal feed and plant nutrition ingredients from insects
- New funds will be used to increase production capacity in France, boost R&D capabilities, and drive global expansion with a new production site in the United States and the preparation of its development into Southeast Asia
- Dr Darian McBain, Chief Sustainability Officer of the Monetary Authority of Singapore, to chair Innovafeed’s Impact Committee
Singapore, 21 September 2022 – Singapore impact investor ABC Impact has backed the latest funding round by French biotechnology company Innovafeed (or “Company”). Other investors in the round include global agribusiness leaders ADM and Cargill, as well as existing investors Temasek and Creadev. A leader in the production of insects for animal feed and plant nutrition, Innovafeed is raising new funds to accelerate growth amidst increasing demand for innovative and sustainable food solutions.
Tan Shao Ming, Chief Investment Officer of ABC Impact, said, “By using low value agriculture waste to breed insects such as the black soldier fly that are subsequently processed into high quality protein, oil, and frass, Innovafeed not only provides an avenue for the agriculture industry to dispose of their waste, but also a sustainable high-quality protein to augment the expected supply gap in traditional aquaculture and animal feed. We believe that there is a huge potential for Innovafeed’s technology and platform to be rolled out in Southeast Asia, given the tropical climate which is conducive for the black soldier fly, and the availability of palm oil waste which is a suitable feedstock. We are excited to support Innovafeed’s next phase of growth and help to shape the Company’s strategy in Southeast Asia.”
Clément Ray, Co-Founder & CEO of Innovafeed, said, “At a time when conservation of our natural resources and the preservation of our environment are becoming an absolute necessity, we are convinced that the insect industry is a key solution for our planet’s food production needs. The confidence demonstrated in usby our partners such as ABC Impact through a new round of fundraising confirms this. Their support will allow us to accelerate our deployment in service of an ever healthier, natural and sustainable food system.”
Since its inception in 2016, Innovafeed has grown into a global leader in the insect protein space, having secured commercial partnerships for volumes representing more than USD1 billion over 10 years. The Company has designed and built a symbiotic production model that reduces energy consumption, a key advantage in the current context. In this unique model, Innovafeed uses the waste energy of its industrial partners (previously dispersed into the atmosphere) to power the production site directly and thus void consumption of fossil fuels for production. In addition, by directly recovering the byproduct of its partners, the symbiotic production model also saves its suppliers, for each site, approximately 120 GWh per year in transportation, which represents the annual energy consumption of more than 10,000 households.
With impact at the core of Innovafeed’s values, the Company has established an Impact Committee to place sustainable development and social impact at the heart of its business model. This committee will be responsible for defining and supporting Innovafeed’s ESG strategy over the next three years. The committee is chaired by Darian McBain, who is recognized for her nearly 20 years of sustainability work and currently serves as Chief Sustainability Officer of the Monetary Authority of Singapore.
Commenting on her appointment, Dr Darian McBain said, “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. 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.”
This investment by ABC Impact will contribute primarily towards United Nations Sustainable Development Goal 2 – to end hunger, achieve food security and improved nutrition, and promote sustainable agriculture. Innovafeed’s work is also expected to generate impact that reduces biodiversity loss and environmental degradation over time.