French start-up Ÿnsect raises $224 mln to build bug farm

French start-up Ÿnsect, which harvests mealworms for bug-based food and fertiliser, has raised $224 million from investors including Robert Downey Jr.'s Footprint Coalition to build an insect farm near Paris and expand in North America.

French start-up Ÿnsect, which harvests mealworms for bug-based food and fertiliser, has raised $224 million from investors including Robert Downey Jr.'s Footprint Coalition to build an insect farm near Paris and expand in North America. Ÿnsect has now raised $425 million, after a previous $125 million fundraising and subsidies of $23 million, a spokeswoman for the company told Reuters.

Led by Antoine Hubert, Ÿnsect uses larval beetles for the production of insect-based nutrients for pets and fish, and as fertiliser for plants. As well as the FootPrint Coalition, Astanor Ventures, Upfront Ventures, Hong Kong-based Happiness Capital, Supernova Invest and Armat Group took part in the fundraising.

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