Future Positive, BPI France in €14.2m round for Ynsect

Previous investors in the group include Emertec Gestion, Demeter Partners, New Protein Capital and business angels. 

The fresh capital is intended to fund the opening and development of a new factory in the French Jura region set to produce insect-protein-based flour.

BPI France invested through the Ecotechnologies fund, which focuses on supporting companies developing sustainable technologies and is part of the Programme d'Investissements d'Avenir (PIA).

Previous funding
The new funding round brings the total raised by the group to €35m. Ynsect previously benefited from two funding rounds: a series-A in February 2014, and a series-B in December the same year.

The series-A, which amounted to €1.8m, was co-provided by Demeter and Emertec, whose contribution was complemented by private investors. Emertec contributed half of the capital, investing via the €47.5m Emertec 5 fund, while Demeter drew capital from the Demeter 3 Amorçage vehicle, which had held a €43m first close in late 2012.

The series-B, which amounted to €5.5m, included Demeter, Emertec and New Protein.

Company
Established in late 2011 by Antoine Hubert (CEO), Alexis Angot, Jean-Gabriel Levon and Fabrice Berro, Ynsect operates a large-scale insect farm, with a view to develop new ingredients for several markets.

The products include cosmetics and speciality chemicals, and will ultimately inlcude elements for the nutrition and the general food sectors. Among other goals, the firm is aiming to enhance the quality of animal nutrition by developing insect-protein-based food.

People
Emertec Gestion – Franck Lamy (investment manager).
Demeter Partners – Olivier Dupont (board director). 

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