No recovery or investment offer was submitted on time for the Ynsect start-up, specializing in the production of protein and fertilizer based on insects, according to the newspaper Les Echos on Tuesday.
The French company had launched in January a call to investors or buyers as part of a safeguard procedure, and the offers could be submitted to the administrator until February 17.
A company spokesperson did not wish to comment on the information on Tuesday evening.
Specializing in breeding and transformation of insects for animal feed, human and fertilizers, Ynsect has raised a total of $ 600 million from investors since its creation in 2011, but is today confronted with difficult rise in power of its model.
The company, whose head office is located in Essonne, has two production sites, near Dole (Jura) and Amiens (Somme).
The safeguard procedure, opened at the end of September 2024 and current until the end of March, placed Ynsect under the protection of the commercial court for six months during which its claims are frozen.
The Ynsect farm in Dole, in the Jura, February 8, 2018 / Sebastien Bozon / AFP / Archives
Ynsect would need some 130 million euros, according to Les Echos, which would allow him to complete his giga-from in the Somme and increase his production.
The procedure can be extended for an additional six months or even more by judicial decision, but Ynsect could also be placed in recovery.
At a time when the world is concerned about the exhaustion of resources, times are hard for insect flours. Another French pioneer in the sector, Agronutris, announced at the end of January that his holding company had been placed in safeguard procedure for “Stabilize your financial situation”.
If its industrial tool “Is now fully operational”Agronutris had indicated that “Access to financing is made more difficult by an uncertain economic context and investors hampered by the news in the sector and the announcements made recently by other industrial players”.
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