Context
Insect-based products are emerging as an alternative source of nutritional solutions for a widening range of feed and food applications, favored by a strong regulatory tailwind. In addition to Aquaculture and Petfood, the recent EU authorization for the use of insect proteins for Pigs & Poultry feed and the agreements for Food applications (Novel Food) act as strong drivers for this industry to take off and deploy additional industrial-scale capacities worldwide.
Agronutris, the first French biotechnology company specialized in rearing and transforming insects for food, is one of the most advanced companies in this industry worldwide with more than 10 years of R&D. It is the only company in France to have reared three species on a significant scale: cricket, mealworm (Tenebrio Molitor) and Black Soldier Fly (Hermetia Illucens). Agronutris is also the only company to have been granted approval to sell insects for human food (Novel Food Agreement).
This transaction represents a significant milestones for Agronutris enabling the company to deploy its first industrial unit in Rethel (Ardennes, France) by the end of 2022 and fund the creation of a second larger site.
About Agronutris
Agronutris is a French biotech company dedicated to the development of the insect rearing industry as an answer to the feed challenges of tomorrow. We believe that insects are an innovative and sustainable solution to face the environmental, social and societal issues of our society.
Our mission is to feed and preserve the world.
Insects are able to turn by-products from the agro industry into valuable ingredients for the feed market, contributing in that way to the development of a circular economy. Moreover, while the growing world population needs an increasing level of proteins, generating the overuse of the existing sources, insects appear as a sustainable protein source that could fill the widening protein gap.
Engaged in a human approach of our company, we want to act together with our partners and clients as a key player in the implementation of a sustainable and fair food industry. Our team, made up of experts in entomology and specialists of the agro business industry, is strongly engaged in order to provide high quality products for the aquaculture and pet food markets.
Deal Team
Should you want to know more about this transaction, you can contact one of the team members above
Bryan, Garnier & Co acts as Sole Financial Advisor to Agronutris on its €100 million Fundraising
Bryan, Garnier & Co acted as Sole Financial Advisor to Agronutris, successfully completing this €100m fundraising around SPI Industrial Project Fund, Bpifrance’s investment arm dedicated to innovative industrial projects and Mirova, one of the largest European ESG investors. Other contributors include Nutergia (3rd largest food supplement company in France), Nord Est Expansion, and Bertrand Jelensperger (founder of La Fourchette). Bryan Garnier & Co also led the debt financing structuring with leading French commercial banks.
This transaction is a strong testimony of Bryan Garnier’s team credentials within the insect industry, having gathered the highest level of expertise and insights in Europe, and gives further evidence of Bryan Garnier’s DNA to back talented entrepreneurs and industry-defining companies that are shaping new industrial boundaries.
Bryan Garnier’s continuous dialogue with the ESG investors ecosystem has been decisive in combining a group of investors bringing a range of various expertise: SPI’s strong expertise in industrial scale-ups and Mirova, one of the leading voices in sustainable investments, together with Nutergia (Food supplement), regional investors and business angel.
This transaction marks another landmark milestone for Bryan, Garnier & Co by demonstrating its expertise in the field of sustainable industrial solutions, following transactions with McPhy, HDF or Carbios, and confirms Bryan Garnier’s ambition to act as a reference partner of entrepreneurs, start-ups and corporates within the Alternative Protein market.
With c. $10bn addressable market targeted in 2030, the insect industry is now ready to deploy an ambitious industrial roll-out program that will require further financing. Bryan Garnier & Co is proud to contribute to the emergence of this industry.
“We are extremely proud at Bryan Garnier to back talented entrepreneurs in such critical moments in their scale-up phase, especially in projects that contribute positively to making the planet a better place, while contributing to bringing industries into Europe. ”
“The Alternative Proteins sector, and more generally AgTech, are at the core of Bryan Garnier’s sector expertise, and represent a top priority for the firm. We ambition to be a reference partner within this ecosystem of start-ups and corporates, across all of our investment banking services.”
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