Ynsect Funding, Investors & Competitors
Ynsect is not operational anymore. It had raised $566M across 9 funding rounds.
Last Ynsect funding round
$11M
Undisclosed stage · Apr 2025
Ynsect revenue
$4M
Series D · Apr 2023
Key investors in Ynsect
Bpifrance
Astanor Ventures
Clay Capital
Emertec
Upfront Ventures
Demeter Partners
FootPrint Coalition
Idinvest Partners
About Ynsect
Ynsect is a French agricultural technology company that bred insects, mainly mealworms, and processed them into protein meal, oil and organic fertiliser. Its products served fish feed, pet food, livestock and crop growers, and it protected the processes with a large patent portfolio. Founded in 2011 by Antoine Hubert, Alexis Angot, Jean-Gabriel Levon and Fabrice Berro, it ran a pilot plant at Dole in the Jura region and built a large automated vertical farm near Amiens. It sold ingredients to feed and pet food producers and earned revenue from product sales. In 2021 it acquired the Dutch mealworm producer Protifarm to enter human food. The company entered receivership in 2025 and was placed in judicial liquidation in December 2025.
Founded
2011
HQ
LilleWebsite
Status
Closed
Customer focus
B2B
Revenue model
Product sales
Revenue
$4M (Apr 2023)
Ynsect Valuation
Ynsect is insolvent and not operational anymore. Read the announcement ↗
Ynsect valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2025 | Write-down · Insolvency | $0 |
Ynsect Revenue
Ynsect's latest recorded revenue is $4M, as of its Series D in April 2023.
Revenue moved from $21M in July 2021 to $4M in April 2023.
Ynsect revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Apr 2023 | $4M | Series D |
| Jul 2021 | $21M | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ynsect Funding History
Before winding down, Ynsect has raised a total of $566M across 9 funding rounds.
Ynsect's first fundraising round was a $200K pre-seed round in January 2013. The most recent completed round was a $11M undisclosed-stage round in April 2025.
Ynsect funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2025 | Undisclosed stage | - | $11M | Ynsect's historic shareholders reinvested EUR 10 million in April 2025 to keep the company operating while it was in court-supervised receivership. The Evry commercial court had opened the redressement judiciaire procedure on 3 March 2025, and the new money was meant to fund activity until a takeover plan could be decided in June. The individual contributions of the shareholders were not published. The shareholder base included early backers of the company's roughly USD 600 million of lifetime funding. Ynsect, founded in 2011 and based in France, bred mealworms and processed them into protein, oil and fertiliser for animal feed, pet food and agriculture. It had built a large industrial farm near Amiens, which struggled with cost overruns and low revenue. The company was later placed in judicial liquidation in December 2025. |
| Apr 2023 | Series D | Astanor Ventures; Caisse d'Epargne Hauts de France; Crédit Agricole; Caisse des Dépôts et Consignations; FootPrint Coalition; Wind; Bpifrance; Robert Downey Jr.; European Commission; Upfront Ventures | $176M | Ynsect is a Paris-based insect farming company that develops insect-based proteins for animal feed, pet food, and aquaculture applications. The company operates through a portfolio of subsidiaries and acquired Dutch startup Protifarm in 2021 to expand into human food applications using mealworms. Ynsect has invested heavily in a production facility called Ynfarm, described as a giga-factory and the world's most expensive bug farm, which required hundreds of millions in capital investment to achieve large-scale insect production. On April 16, 2023, Ynsect closed a Series D funding round worth $175.93 million led by undisclosed investors as part of a larger Series D that ultimately raised approximately $200 million or more across multiple tranches. The company had secured approximately $200 million in contracts primarily with pet food producers including French company Virbac, and also held signed contracts with aquaculture feed suppliers like Skretting, though aquaculture production was paused. By 2023, Ynsect had refocused its strategy on pet food and other higher-margin segments following earlier strategic indecision about market focus. Historical revenue data shows the company's main entity peaked at €17.8 million in 2021, but by the 2023 round period the company remained below €10 million in annual revenues, with significant operating losses including a net loss of €79.7 million in 2023, reflecting the capital-intensive nature of the business and pre-commercialization phase of large-scale production capacity. |
| Jul 2021 | Undisclosed stage | OurCrowd | $5M | OurCrowd, the Israeli equity-crowdfunding and venture platform, invested about USD 5 million in Ynsect in July 2021, listed as a late-stage venture round. The investment came a few months after Ynsect acquired the Dutch mealworm producer Protifarm in April 2021 and after its USD 372 million Series C, led by Astanor Ventures. OurCrowd offered the stake to its member network as part of its agri-food portfolio. Ynsect, founded in 2011 and based in France, breeds mealworms and processes them into protein meal, oil and organic fertiliser for fish feed, pet food and agriculture. It built a pilot plant at Dole and a large industrial farm near Amiens, and it holds a large insect-related patent portfolio. Further terms were not disclosed. |
| Oct 2020 | Series C | Astanor Ventures (lead); Armat Group; FootPrint Coalition; Supernova Invest; Happiness Capital; Upfront Ventures; French Partners | $224M | Ynsect is a French agtech company specializing in industrial-scale insect farming, primarily mealworms, to produce sustainable proteins for animal feed, pet food, fertilizers, and aquaculture. The company develops high-tech vertical farms using proprietary technology protected by patents. In 2020, Ynsect raised $372 million USD, described as the largest fundraising for an agtech firm outside the US, enabling construction of Ÿnfarm, the world's largest insect farm near Amiens, France, expected to produce 100,000 tons annually and employ 500 people directly and indirectly. Investors included Astanor Ventures (lead), Upfront Ventures, FootPrint Coalition (backed by Robert Downey Jr.), Happiness Capital, Supernova Invest, Armat Group, and banks like Caisse des Dépôts, Crédit Agricole Brie Picard, and Caisse d’Epargne Hauts-de-France providing equity and debt. This brought total funding since 2011 to $425 million, including prior equity and debt. The 2020 round followed a $125 million Series C in 2019 led by Astanor Ventures. Companies committed $105 million in contracts, with clients including fish feed firm Skretting, vineyard Torres, and fertilizer company Compo Group. Ynsect planned U.S. expansion and new products like wet pet food. The Amiens farm represented a major commercialization step after pilot operations in Dole, France, producing hundreds of tons yearly since 2016. Ynsect joined France's Next40 program in 2020 and attended Davos. Later developments included a Series D of $175.93M in April 2023 and a bridge round in 2025, with total raised approaching $590M over multiple rounds. |
| Feb 2019 | Series C | Astanor Ventures (lead); Water Lemon Ventures; Talis Capital; Idinvest Partners; Bpifrance; Clay Capital; Quadia | $125M | Ynsect is a French ag-tech company that breeds insects, primarily mealworms, and transforms them into premium ingredients such as ŸnMeal and ŸnOil for fish, pet food, and seafood species like shrimp, salmon, and trout, as well as ŸnFrass, an organic fertilizer for crops. The company employs deep tech including automation, AI, sensors for quality control, and holds the world’s largest insect patent portfolio with 25 patents covering technology, products, and applications. Founded in 2011, Ynsect operates a demo facility and focuses on sustainable alternatives to traditional aquaculture and animal feeding practices amid global population growth projections to nine billion by 2050. In February 2019, Ynsect raised a record-breaking $125 million in a Series C funding round, the largest ag-tech deal outside the US and Europe's largest early-stage agtech funding at the time, bringing total fundraising to over $160 million. Astanor Ventures led the round, with participation from existing investors Bpifrance Ecotechnologies, Demeter, Quadia, Vis Vires New Protein Ventures, and new investors including Bpifrance Large Venture, Talis Capital, Idinvest Partners, Water Lemon Ventures (via related entities), Crédit Agricole Brie Picardie, Caisse d'Epargne Hauts-de-France, Picardie Investissement, Finasucre, Compagnie du Bois Sauvage, Happiness Capital, and a Singaporean family office. The funds are earmarked for international expansion, including construction of the world’s largest insect farm in Amiens, northern France, with the first phase enabling 20,000 tons annual capacity of insect protein and potential for further scaling, possibly including a North American facility. Ynsect's products offer health benefits like improved animal growth, boosted immune systems, and enhanced plant growth for grains and vines. The company's founders bring over 50 years of combined expertise in insect farming, entomology, and biochemistry. |
| Dec 2016 | Series B | Bpifrance (lead); Future Positive Capital (lead); Demeter; Clay Capital; Emertec | $15M | Ynsect, a global leader in mass-scale breeding of insects for animal feed markets, closed a $15.2 million Series B funding round on December 15, 2016, led by Future Positive Capital, Quadia SA, and Bpifrance Ecotechnologies, with participation from Emertec, Demeter, Vis Vires New Protein Capital, and Business Angels. This round brought Ynsect's cumulative funding from private and public sources to $37 million over the previous three years, marking the largest investment in the insect protein sector at that time. The company employs robotics and AI-enhanced vertical farming technology to produce high-quality insect protein, targeting fish feed and pet food markets with its transformed meal protein (TMP) offering 72% protein content comparable to top-grade fish meal. The funding supports Ynsect's expansion amid favorable regulatory developments, including the EU's authorization of insect proteins in fish feed starting July 2017, influenced by advocacy from the International Platform for Insects for Food and Feed (IPIFF), where Ynsect's CEO Antoine Hubert serves as President. Ynsect focuses on sustainable protein solutions to address global food demands for livestock and pet diets. |
| Dec 2014 | Series B | Demeter Partners; Clay Capital; ID Capital; Emertec | $7M | Ynsect closed a EUR 5.5 million funding round in December 2014 with Demeter, Emertec Gestion and Clay Capital, according to deal listings. The round followed a first fundraising of about EUR 1.8 million earlier in 2014 from Emertec and Demeter. It financed the build-out of the company's first pilot farm and its research programme on rearing mealworms at scale. Terms beyond the amount were not disclosed. Ynsect was founded in 2011 by four scientists and environmental activists and is based in France. It breeds insects, mainly mealworms, and transforms them into protein meal, oil and fertiliser for animal feed, pet food and agriculture. It opened a pilot facility at Dole in the Jura region, which later became its only operating plant. |
| Feb 2014 | Series A | Demeter Partners; Emertec | $3M | Demeter Partners and Emertec Gestion invested EUR 1.8 million in Ynsect, a Paris-based insect-farming company, in February 2014, with the trade press reporting the round in early March 2014. Emertec contributed about half of the capital through its Emertec 5 fund, and Demeter drew on its Demeter 3 Amorcage vehicle. The company was founded in 2011 by a group of scientists and environmental activists. Ynsect farms mealworms and processes them into protein and oils, with fishmeal replacement in animal feed as its initial market. The round followed a small seed investment in 2013 and preceded a EUR 5.5 million round later in 2014, which funded the build-out of its pilot production. |
| Jan 2013 | Pre-seed | WILCO | $200K | Ynsect, the Paris-based insect-protein company, raised a pre-seed round of about $0.2 million in January 2013 with participation from the Wilco start-up accelerator. It was the first outside funding for the company, which had been founded in October 2011 by four scientists and environmental activists. Ynsect set out to rear insects, notably mealworms, at industrial scale and process them into proteins and oils for animal feed, pet food, human nutrition and fertiliser. The early money funded laboratory and pilot work before the company's larger venture rounds from 2014 onward. Ynsect later built an automated vertical insect farm in France and raised several hundred million dollars in total before entering insolvency proceedings in 2025. |
Who has invested in Ynsect?
26 investors have backed Ynsect across its funding rounds, including Bpifrance, Astanor Ventures, Clay Capital, Emertec, Upfront Ventures and Demeter Partners.
Lead investors include Astanor Ventures, Bpifrance and Future Positive Capital.
Ynsect Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Luxembourg | 3 | Lead | Feb 2019 | |
| Paris | 3 | Lead | Dec 2016 | |
 Singapore | 3 | Participant | Dec 2014 | |
| Grenoble | 3 | Participant | Feb 2014 | |
| Paris | 2 | Participant | Feb 2014 | |
 Los Angeles, CA | 2 | Participant | Oct 2020 | |
| Los Angeles, CA | 2 | Participant | Oct 2020 | |
 Luxembourg | 1 | Participant | Oct 2020 | |
| Brussels | 1 | Participant | Feb 2019 | |
| Lille | 1 | Participant | Apr 2023 | |
| Paris | 1 | Participant | Apr 2023 | |
 London | 1 | Participant | Feb 2019 | |
 Tunis | 1 | Participant | Apr 2023 | |
This data is available for Pro users. Sign up to see all 26 Ynsect investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Ynsect
Ynsect has acquired 2 companies to date.
Last acquisition by Ynsect was on March 29th 2022. Ynsect acquired Jord Producers for undisclosed valuation.
Latest Acquisitions by Ynsect
| Description | Jord Producers is a Netherlands-based enterprise specializing in commercial production of edible insects. The company supplies protein-rich insect ingredients such as crickets and mealworms to food manufacturers pursuing sustainable protein sources. | Protifarm is a Netherlands-based producer of mealworm-derived ingredients for human nutrition, scaling sustainable protein sources from lesser mealworms. Operating the world's largest insect farming facility in Bergen op Zoom, the company supplies powdered and whole mealworms to food manufacturers in Europe and beyond. Certified under HACCP and GMP standards, Protifarm processes 100 tons of insects annually, partnering with brands for protein bars, flours, and snacks amid growing demand for eco-friendly alternatives to soy and fishmeal. |
| HQ Country | |  |
| HQ City | Lincoln, NE | Ermelo |
| Deal Date | 29 Mar 2022 | 13 Apr 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Ynsect acquisitions and their M&A valuation multiples. Start Free Trial | ||
Ynsect Competitors
Ynsect competitors included listed companies like Desert Control, Evogene, Sativus Tech and Nutriplant, and private ones like Beem Biologics and Proteine Resources.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Norway | Publicly listed | $279K | ($8M) | $9M | - | |
 Israel | Publicly listed | $4M | ($13M) | $5M | 4.0x | |
| Maricopa, AZ | Private | - | - | $2M | - | |
| United States | Publicly listed | - | ($1M) | $432K | - | |
 Brazil | Publicly listed | $39M | $1M | $6M | - | |
 Krakow | Private | - | - | $2M | - |
Ynsect Public Comps
Ynsect is defunct now, but its public comps included Benson Hill, Gold River Productions, Nature's Miracle Holding, Lavoro, Mary Agrotechnologies, Sativus Tech, Africa Eats and AgroGalaxy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $473M | ($55M) | 0.0x | - | 0.0x | - | |||
| $152M | - | 0.0x | - | - | - | |||
| $2M | ($8M) | 10.9x | 1.5x | (2.4x) | (8.4x) | |||
| $1.2B | ($278M) | 0.2x | - | (0.7x) | - | |||
| - | ($51K) | - | - | (6.1x) | - | |||
| - | ($1M) | - | - | (2.9x) | - | |||
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Common questions about Ynsect
| What happened to Ynsect? | Ynsect is not operational anymore and insolvent as of 1 December 2025. |
| When was Ynsect founded? | Ynsect was founded in 2011. |
| Where was Ynsect headquartered? | Ynsect was headquartered in Lille, France. |
| Was Ynsect publicly listed? | No, Ynsect was a private, VC-backed company. |
| How much did Ynsect raise? | Ynsect raised $566M across 9 funding rounds. |
| What was Ynsect's last funding round? | Ynsect's last funding round was a $11M undisclosed-stage round in April 2025. |
| Who were Ynsect's investors? | Ynsect's investors included Astanor Ventures, Bpifrance, Clay Capital, Emertec, Demeter Partners, FootPrint Coalition, Upfront Ventures, Armat Group, Water Lemon Ventures, Caisse d'Epargne Hauts de France and 16 others. |
| What was Ynsect's revenue? | Ynsect's last recorded revenue was $4M (April 2023). |
| Who were Ynsect's competitors? | Ynsect's competitors included Desert Control, Evogene, Beem Biologics, Sativus Tech, Nutriplant and Proteine Resources. |
| How many companies did Ynsect acquire? | Ynsect acquired 2 companies, including Jord Producers and Protifarm. |
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