actor Robert Downey Jr. becomes Ynsect funder
The French company Ynsect has closed a $ 372 million funding round (315 million euros) in which the popular film actor has participated Robert Downey Jr. along with five other investment funds, as reported by the company dedicated to raising edible insects this Tuesday in a statement.
Ynsect, founded in 2011, is dedicated to raising insects to use as protein for plant and animal nutrition. The funds from this round will be used to build “the largest insect farm in the world”, according to the company.
The facility will be located in Amiens (France) and will be operational in early 2022. The goal is to produce 100,000 tonnes of insect protein products per year. Ynsect estimates that the construction of this farm will cause the creation of 500 jobs direct and indirect and will allow the company to expand into the United States.
In the financing round they have participated Footprint Coalition, which is owned by Downey Jr., as well as the Astanor Ventures, Upfront Ventures, Happiness Capital, Supernova Invest and Armat Group funds.
«Our ambition is revolutionize the food chain which literally starts from the basics: bugs and mud. It affects all of us, whether we are meat lovers or vegans because it is how our plants and animals are fed, “said Ynsect co-founder, president and CEO, Antoine Hubert.
The company has entered supply contracts worth 105 million dollars (89 million euros). Among its first clients is the firm of food products for aquaculture Skretting, the German company of substrates and fertilizers for plants Compo and the Spanish winery Torres family.