France’s Ynsect to refocus bug business after capital increase

Sybille de La Hamaide

After raising 160 million dollars($ 177 million ) from people, French insect-based formula producer Ynsect will refocus its strategy on high-margin businesses like animal food, close a manufacturing facility, and lay off employees, according to its chief executive.

According to Antoine Hubert, who is negotiating for additional funding, the company will use the proceeds to expand its largest lateral insect farm in the world, Amiens, in northern France, as well as for different projects.

Mealworms and other farmed insects are ground down to make proteins for use in fishing, animal, pet food, fertilizers, and human nourishment. Because they use less water and land than crops and produce fewer greenhouse chemicals, they are regarded as more environmentally friendly enzymes.

However, the concept is pricey, making the food significantly more expensive than its plant-based options.

Hubert said, referring to animal food, individual nutrition, and fertilizers,” We cannot afford to invest a lot of resources in markets that are the least remunerative( animal feed ), while you have other businesses where there is much demand, good yields and higher profits.”

While continuing its study, Ynsect will shut down its French production facility, which was acquired by Protifarm in 2021 and produces a different kind of bug. 35 jobs may be eliminated as a result.

Out of a total of around 360 employees, the company will also eliminate 38 work in France, according to Hubert.

Ynsect has signed business contracts for 180 million euros over three years and is in talks for an additional 1 billion euros, of which more than half is for pet food, according to the company, which announced agreements in December to develop mosquito item production facilities in the United States and Mexico.

In its most recent round of fund-raising in 2020, Ynsect raised more than 315 million dollars, of which 175 million were used as capital and the remaining funds went toward debt and incentives.

( 1 x 0. 9051 euros )

( Editing by Sharon Singleton, reporting by Sybille de La Hamaide )

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