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Innovafeed raises $59m, scales production, cuts R&D headcount as insect ag hits “industrialization phase”
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Innovafeed raises $59m, scales production, cuts R&D headcount as insect ag hits “industrialization phase”
French insect ag firm Innovafeed has raised a €51 million ($59 million) round and unveiled plans to consolidate activities at its commercial-scale black soldier fly larvae production facility in Nesle, France. The move is part of a reorganization that will reduce headcount by 60 people, the bulk of whom are based at Innovafeed’s R&D/pilot facility in nearby Gouzeaucourt. The firm, which has previously said that it is targeting profitability at N…
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