What is the primary product Innovafeed produces?

Innovafeed breeds black soldier flies to produce three main outputs: insect protein for animal and human nutrition, plant-based oil for animal feed, and frass (insect waste) used as a sustainable alternative to chemical fertilizers in plant nutrition, as shown on slide 4.

How does Innovafeed achieve industrial efficiency?

According to slide 5, the company uses a proprietary platform that combines genetic strain selection, substrate optimization, data-enabled production, and advanced vertical breeding systems with automated transport and storage to maximize insect growth and energy efficiency.

Who are Innovafeed's major strategic partners?

The deck highlights significant partnerships with ADM and Cargill. Slide 7 specifically mentions a long-term contract with ADM for corn byproducts and waste energy, as well as off-take contracts for finished products with both Cargill and ADM Petfood.

What is the scale of Innovafeed's operations?

As of the 2022 deck, Innovafeed had progressed from a pilot plant in Gouzeaucourt (1,000 tons/year) to a full-scale plant in Nesle (15,000 tons/year). Their next flagship project in Decatur, Illinois, is slated for 2024, as indicated on slide 6.

What are the environmental benefits cited in the deck?

Slide 9 claims that each new plant will salvage 45kT of marine resources and avoid 57kT of CO2 emissions annually. The company also reports using 100% renewable energy sources at their Nesle facility.

Innovafeed Pitch Deck: All 9 Slides + Teardown

See all 9 slides of the Innovafeed pitch deck — a 2022 Series D deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

Innovafeed’s Series D deck is a concise, high-impact presentation that prioritizes industrial execution over abstract theory. By the time a company reaches a $250M round, the narrative must shift from 'can we do this?' to 'how fast can we scale?' Innovafeed answers this by highlighting massive addressable markets—totaling nearly €100BN across protein, oil, and frass—and securing those markets through partnerships with industry titans like ADM and Cargill. The deck effectively balances biotechnology (genetic selection and substrate optimization) with heavy infrastructure (vertical breeding and…

Key takeaways

The deck identifies three distinct revenue streams: Protein (€48BN market), Oil (€24BN market), and Frass (€25BN market) on slide 4.
Strategic partnerships are the core of the pitch, featuring off-take contracts with Cargill and ADM Petfood to secure volume for new facilities as noted on slide 7.
Technical defensibility is framed as a 'Proprietary Technology Platform' spanning life sciences, data science, and hardware on slide 5.
The company demonstrates a clear path to scale, moving from a 1,000-ton pilot plant in 2017 to a 15,000-ton full-scale plant in 2020 on slide 6.
Innovafeed utilizes a 'circular' industrial model, sourcing 300,000 tons of corn byproducts and 27 MW of waste energy from ADM’s facilities as detailed on slide 7.
The team slide (slide 8) emphasizes elite professional backgrounds, including McKinsey, HSBC, and Safran, alongside €450m in total capital raised since inception.
Impact metrics are quantified for future growth, projecting 57kT of CO2 emissions avoided per new plant on slide 9.
The deck omits a specific 'Ask' slide and detailed unit economics, suggesting it was used as a high-level overview for a round with pre-existing momentum.

The Industrialization of Biotechnology

Innovafeed’s Series D pitch deck, used to raise $250M in 2022, is a study in how to present a capital-intensive hardware and biotech business to institutional investors. At this stage, the company is no longer selling a dream; it is selling a proven industrial process and a secured pipeline of demand. The deck is remarkably short at only nine slides, suggesting it served as a high-level executive summary for a round led by sophisticated sovereign wealth and private equity funds like Temasek and QIA.

Slide 1: Title and Positioning

The cover slide establishes Innovafeed not just as an insect farm, but as a "biotechnology company and leading insect producer for animal and plant nutrition." The imagery of a lush river landscape reinforces the "natural and sustainable" messaging. By dating the deck 20.09.2022, the company anchors the presentation in a specific moment of their global expansion phase.

Slide 2: The Mission

Slide 2 frames the problem through the lens of global food security. It cites the need to feed 10 billion people by 2050. The mission is broken down into three pillars: feeding the world, combining sustainability (reducing carbon footprint), and performance (competitive solutions). This is a standard but necessary framing for ESG-focused investors, ensuring the company is seen as a systemic solution rather than a niche product.

Slide 3: Why Black Soldier Flies?

This slide serves as the "Why Now" and "Why This" component. It lists the biological advantages of the Black Soldier Fly (BSF). Key claims include a "30% increase in animal and plant growth performance" and "proven health benefits" such as reduced mortality. From a production standpoint, it highlights a shorter lifespan, higher feed efficiency, and resistance to diseases. The inclusion of a photo of the fly on a human finger helps demystify the "insect" aspect, making the technology feel approachable and manageable.

Slide 4: Products and Market Size

This is one of the most critical slides in the deck. It breaks the business down into three distinct revenue streams, each with a massive Total Addressable Market (TAM):

Protein: €48BN market for animal feed, with a projected €1BN human food market by 2027. Partners include Barentz, Cargill, ADM, and Auchan. · Oil: €24BN market as a plant-based oil alternative in animal feed, partnered with Cargill and Auchan. · Frass: €25BN market as a replacement for chemical fertilizers, partnered with Hello Nature and Monsieur Marguerite.

By totaling nearly €100BN in addressable markets, Innovafeed justifies the large Series D check size. The presence of logos like ADM and Cargill under "Global customers" provides immediate commercial validation.

Slide 5: The Proprietary Technology Platform

To defend its margins, Innovafeed must prove it has a moat. Slide 5 divides their expertise into three categories: Life Sciences (genetics and substrate optimization), Data Science (continuous operational improvement), and Hardware & Automation (vertical breeding and HVAC). The mention of a "Unique HVAC approach" is particularly important for an indoor farming operation, as energy costs for climate control are often the primary failure point for the industry.

Slide 6: Ambition and Track Record

This slide demonstrates execution. It tracks the company from inception in 2016 to a pilot plant in 2017 (1,000 tons/year) and a full-scale plant in 2020 (15,000 tons/year). The timeline extends to 2024 with the Decatur, IL flagship project in partnership with ADM, and mentions MOUs already in place for the US, EU, and Asia through 2030. This shows a clear, non-speculative path to global dominance.

Slide 7: The USA Flagship Site

Slide 7 focuses on the Decatur, Illinois facility to illustrate the "circular" industrial model. By co-locating with ADM’s largest corn facility, Innovafeed secures:

Up to 300,000 tons of corn byproducts (feedstock). · 27 MW of waste energy and recycled process water (utilities). · Off-take contracts with Cargill and ADM Petfood.

This slide is a masterclass in de-risking. It shows that the two biggest inputs (feed and energy) and the output (sales) are all secured by long-term contracts before the plant is even fully operational.

Slide 8: The Team and Backers

The founders—Clément Ray, Aude Guo, and Bastien Oggeri—are presented with elite pedigrees: McKinsey, HSBC, Rothschild, and top-tier French engineering schools (Centrale Paris, Ponts et Chaussées). The bottom of the slide is a "who's who" of late-stage investing, featuring Temasek, QIA, Creadev, and major banks like BNP Paribas and Societe Generale. The claim of €450m invested since inception signals that this is a well-capitalized, institutional-grade venture.

Slide 9: Impact and Scale

The final slide quantifies the ESG impact. It notes the current headcount of 300 employees and 54% female managers. More importantly, it projects the impact of each new plant: 500 jobs, 45kT of marine resources salvaged, and 57kT of CO2 avoided. This provides the "Impact ROI" for the Series D investors.

What Innovafeed Does Well

The deck excels at Industrial Symbiosis . By showing how they plug into existing ADM infrastructure, they solve the two biggest problems in insect farming: the cost of feedstock and the cost of heat. Most startups try to build everything in a vacuum; Innovafeed shows they are an integrated part of the global agricultural supply chain.

Furthermore, the Commercial Validation is undeniable. Listing Cargill and ADM not just as "potential partners" but as holders of "off-take contracts" (Slide 7) and "global customers" (Slide 4) removes the market adoption risk that usually plagues biotech startups.

What is Missing from the Deck

As a Series D deck, there are notable omissions that were likely covered in a separate data room or a more detailed appendix:

Unit Economics: There is no mention of the cost to produce one ton of protein versus the market price. While they mention "competitive solutions," the actual margin profile is absent. · Detailed Financials: There are no revenue charts, burn rate figures, or EBITDA projections. The deck relies entirely on market size and partnership logos to imply financial health. · The Ask: The deck does not explicitly state how much they are raising or how the funds will be allocated between the Decatur plant, R&D, and global expansion. · Competitor Analysis: The deck ignores other major players in the insect protein space (such as Ÿnsect or Protix), choosing instead to frame Innovafeed as the undisputed leader.

Founder Takeaways

Sell the infrastructure, not just the science. Innovafeed spends as much time talking about HVAC and automated transport as they do about fly genetics. For a $250M round, investors need to see that you can build and operate massive factories, not just succeed in a lab.

Secure the supply chain. The most impressive part of this deck is Slide 7. If you are in a capital-intensive industry, showing that you have secured your raw materials and your energy via "waste" streams from a partner is the ultimate way to prove sustainability and cost-efficiency simultaneously.

Use logos as a shield. When you have partners like Temasek, ADM, and Cargill, you don't need 50 slides. The social proof does the heavy lifting. If you have major pilots or off-take agreements, they should be the centerpiece of your deck, not buried in the appendix.

Frequently asked questions

What is the primary product Innovafeed produces?: Innovafeed breeds black soldier flies to produce three main outputs: insect protein for animal and human nutrition, plant-based oil for animal feed, and frass (insect waste) used as a sustainable alternative to chemical fertilizers in plant nutrition, as shown on slide 4.
How does Innovafeed achieve industrial efficiency?: According to slide 5, the company uses a proprietary platform that combines genetic strain selection, substrate optimization, data-enabled production, and advanced vertical breeding systems with automated transport and storage to maximize insect growth and energy efficiency.
Who are Innovafeed's major strategic partners?: The deck highlights significant partnerships with ADM and Cargill. Slide 7 specifically mentions a long-term contract with ADM for corn byproducts and waste energy, as well as off-take contracts for finished products with both Cargill and ADM Petfood.
What is the scale of Innovafeed's operations?: As of the 2022 deck, Innovafeed had progressed from a pilot plant in Gouzeaucourt (1,000 tons/year) to a full-scale plant in Nesle (15,000 tons/year). Their next flagship project in Decatur, Illinois, is slated for 2024, as indicated on slide 6.
What are the environmental benefits cited in the deck?: Slide 9 claims that each new plant will salvage 45kT of marine resources and avoid 57kT of CO2 emissions annually. The company also reports using 100% renewable energy sources at their Nesle facility.

Cover slide of the Innovafeed pitch deck — Series D 2022 — Innovafeed pitch deck, slide 1 (2022)

Innovafeed pitch deck: the facts

Company: Innovafeed
Year: 2022
Stage: Series D
Slides: 9
Sector: Agriculture / Biotechnology
Deck type: Fundraising
Outcome: $250M Raised
Headquarters: Paris, France

Innovafeed pitch deck PDF

The full Innovafeed deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Innovafeed pitch deck was used for

This deck is the nine-slide fundraising presentation Innovafeed used in 2022 to raise a US$250M Series D round. The company produces insect-based ingredients from black soldier fly larvae for animal and plant nutrition and used the deck to emphasize industrial-scale validation, strategic off‑take partnerships with ADM and Cargill, and the defensibility of its vertical insect-farming technology platform.[1][2][4][12][14][15] The round was led by Qatar Investment Authority and was framed as funding for scaling production capacity, especially in France and new facilities such as the planned site co-located with ADM’s plant in Decatur, Illinois.[1][2][4][5][12][15]

Business model: Innovafeed develops and operates large-scale industrial facilities to breed and process the black soldier fly (Hermetia illucens) into insect protein, oil, and other ingredients for animal feed (aquaculture, poultry, swine) and plant nutrition, positioning itself as a supplier of sustainable feed ingredients to global agribusiness customers.[1][2][4][6]

Round: Series D.[1][2][3][4][8][9][10][11]
Lead investor: Qatar Investment Authority (QIA).[1][2][3][4][9][10][11]
Investors: Lead: Qatar Investment Authority (QIA), Existing: Creadev, Existing: Temasek, New strategic: ADM, New strategic: Cargill, New/financial: Future French Champions, New/financial: ABC Impact, New/financial: IDIA Capital Investissement
Industry: Insect-based animal and plant nutrition / AgTech / Biotechnology.[1][3][4][6]

Year: 2022.[1][2][3][4][8][9][10][11]

Raised: US$250M (approximately €250M) in equity; plus about €38M in associated debt financing from a syndicate of French banks.[1][2][3][6]

Headquarters: France (operations and press materials reference Paris and Nesle, France as key locations).(1)[3][6]

Total funding: Multiple sources state that the September 2022 Series D brought Innovafeed’s cumulative financing to around US$450–470M, following earlier rounds.[1][3][6][11]

Use of funds as presented: Innovafeed stated that Series D proceeds would accelerate growth by scaling industrial production capacity in France, supporting international expansion (including the planned Decatur, Illinois facility with ADM), and funding further technology and R&D to improve performance and sustainability of its insect-based ingredients.[1][2][4][5][6][12][15]

What happened after the Innovafeed deck

The 2022 Series D round of US$250M, raised with the help of this deck, established Innovafeed as one of the world’s best‑financed insect-farming companies and enabled substantial scaling of its industrial operations and partnerships, particularly at Nesle in France and in its planned US facility with ADM.[1][3][4][6][7][11][12][13][15]

Following the 2022 Series D, Innovafeed’s Nesle, France facility reportedly increased production volumes by around tenfo
The company advanced its partnership with ADM, including plans to build what has been described as the world’s largest i
Subsequent reports in 2026 describe additional financing (e.g., a $59M raise) focused on commercial growth, operational

What the Innovafeed deck got right

High-caliber, strategically aligned investor syndicate validated by the round outcome. Innovafeed’s deck underpinned a US$250M Series D led by QIA and joined by major strategics ADM and Cargill, making it one of the largest agtech rounds outside the US and positioning the company as one of the best‑financed insect-protein players globally.[1][3][4][6][8][9][10][11] This level of investor syndicate quality serves as strong external validation of the deck’s narrative.
Clear focus on proven industrial scale and operational learning curves. The deck’s emphasis on industrial validation is supported by public information about Innovafeed’s operating Nesle facility and subsequent tenfold production increase with large cost reductions after the Series D.[1][6][7][13] Grounding the story in an existing large-scale plant, rather than a purely conceptual model, is a major strength.
Compelling co‑location and circular-economy strategy with blue-chip partners. Innovafeed framed its model around co‑locating insect farms with major agro‑industrial partners (e.g., ADM’s corn processing plant) to upcycle side streams into insect feed, creating logistics and sustainability advantages.[1][4][6][12][15] This integrated, circular-economy positioning strengthens both the environmental and economic logic of the business.
Strong commercial and equity alignment with ADM and Cargill. The deck leverages long-term strategic partnerships and offtake agreements with ADM and Cargill, who also appear as equity investors, to de‑risk demand for Innovafeed’s output.[1][2][4][11][12][14][15] Presenting both commercial and investment alignment from such partners is a powerful credibility signal.
Defensible technology positioning in a rapidly scaling insect-protein niche. By focusing on black soldier fly (Hermetia illucens) technology at industrial scale and highlighting proprietary process know‑how, Innovafeed’s deck could credibly argue for defensibility in a nascent but rapidly professionalizing insect-protein sector.[1][2][4][6] This positions the company as a potential category leader rather than a niche player.
Concise, late-stage appropriate narrative focused on validation and scale-up plan. The nine-slide format, as described, suggests a concise story centered on industrial proof points, strategic partners, and a clear scale-up roadmap, which aligns with how late-stage investors typically evaluate capital-intensive deep-tech companies.[1][4][6][7][11][12]

What could have been stronger

Limited visibility on detailed economics and profitability in the deck. Externally, the round and deck were framed around industrial validation and strategic partnerships, but there is little publicly available detail from the deck itself on unit economics, gross margins, or concrete path to profitability, which are critical in a capital-intensive manufacturing model.[1][4][6][7] This limits an investor’s ability to assess whether the validated technology translates into attractive financial returns.
Partnership and offtake terms not fully quantified in public framing of the deck. While Innovafeed’s press materials and coverage emphasize large strategic partners ADM and Cargill and a planned Decatur facility, there is comparatively less quantified disclosure (at least publicly) around signed offtake volumes, pricing, and contract durations beyond headline partnership announcements.[1][4][12][14][15] Without those metrics in the deck, investors must infer the true scale and firmness of demand.
Execution and ramp‑up risks under‑documented in externally visible deck narrative. Public sources highlight rapid industrial scale‑up at Nesle and ambitious plans for the US, but do not reference much detail from the deck about operational risk mitigation, execution timelines, or contingency planning for ramp‑up delays and regulatory hurdles.[1][4][6][7][15] That makes it harder to evaluate execution risk based on the deck alone.

How an investor would read this deck

What draws attention

Evidence of industrial‑scale production at the Nesle, France plant, including volume ramp‑up and cost reduction claims referenced in later coverage.[1][6][7]
Strategic significance of long-term partnerships with ADM and Cargill, including their involvement as Series D investors and co‑development of the Decatur, Illinois facility.[1][2][4][5][12][14][15]
Technology defensibility of Innovafeed’s black soldier fly platform, particularly its vertical farming process, co‑location model to upcycle agricultural by‑products, and IP portfolio (where disclosed). [1][4][6][15]
Market positioning versus other insect-protein players, given reports that Innovafeed became one of the world’s best‑financed insect-farming businesses after the Series D.[6][11]

Risks that stand out

Capital intensity and execution risk of scaling multiple large industrial insect-protein facilities, including potential delays and cost overruns, as suggested by the emphasis on big plants at Nesle and Decatur.[1][4][6][7][12][15]
Customer concentration risk due to heavy reliance on a small number of large strategic partners (ADM, Cargill) for both investment and offtake.[1][2][4][11][12][14]
Market and regulatory uncertainties in insect-based feed adoption across regions and species, which could affect utilization rates and pricing for Innovafeed’s products.[4][6][11][15]

Questions this deck invites

What are the current unit economics at full (or near‑full) utilization for Innovafeed’s flagship facilities, and how did these compare to the assumptions presented in the 2022 Series D deck?[1][4][6][7]
How firm and long‑dated are the offtake or supply agreements with ADM, Cargill, and other customers (volumes, pricing mechanisms, renewal terms), and how much of planned capacity is contracted?[1][2][4][12][14][15]
What specific process innovations and IP underpin Innovafeed’s claimed industrial advantage in black soldier fly rearing and processing, and how do they compare to peers in terms of yield and cost?[1][4][6]
How is capex for new facilities (including Decatur) structured and financed, and what are the expected payback periods under conservative price and utilization scenarios?[1][2][4][12][15]
What regulatory approvals and sustainability certifications (e.g., for feed ingredients in different geographies) are already secured, and which remain outstanding for Innovafeed’s key growth markets?[1][4][6][15]

What founders can take from the Innovafeed deck

A concentrated, nine-slide deck can successfully anchor a large growth round when it focuses on hard industrial validation, such as operating plants and demonstrated cost reductions, rather than only projections.[1][4][6][7]
Featuring strategic partners (ADM, Cargill) both as commercial offtake counterparties and as equity investors can strongly validate market demand in a nascent category like insect protein.[1][2][4][11][12][14][15]
Positioning around sustainability and circularity (upcycling agricultural by-products into high-value insect ingredients) is more compelling when tied to concrete industrial projects and scale metrics.[1][6][12][15]
A pitch that clearly ties new capital (Series D) to specific, named projects—such as a co‑located facility with ADM in Decatur, Illinois—can make a large round more tangible and credible to investors.[1][2][4][5][12][15]
Demonstrating that each successive round unlocks measurable operational improvements (e.g., tenfold production increase and significant cost reductions at Nesle after the Series D) can reinforce the narrative of capital efficiency and learning curves in industrial deep tech.[6][7][13]
Securing a sovereign wealth fund (QIA) as lead investor in a late-stage round can de‑risk perceived financing constraints for a capital-intensive model and signal long‑term confidence in the sector.[1][3][4][11]

Innovafeed pitch deck: common questions

What does Innovafeed do?

Innovafeed is a French agtech company that breeds and processes black soldier fly (Hermetia illucens) at industrial scale to produce protein, oil, and other ingredients for animal feed and plant nutrition.[1][2][4][6] Its facilities co-locate with industrial partners to upcycle local agricultural by-products into high-value insect ingredients.[1][6][15]

How much did Innovafeed raise in its 2022 Series D round?

Innovafeed raised US$250M (about €250M) in a Series D financing round announced on 20 September 2022.[1][2][3][4] The round was led by Qatar Investment Authority (QIA) and brought the company’s cumulative funding to roughly US$450–470M, according to company statements and press coverage.[1][3][6][11]

Who invested in Innovafeed’s Series D round?

According to Innovafeed’s own announcement and investor/press reports, the Series D was led by Qatar Investment Authority (QIA), with participation from existing investors Creadev and Temasek and new strategic/financial investors including ADM, Cargill, Future French Champions, ABC Impact, IDIA Capital Investissement, and Grow Forward.[1][2][3][4][5][6][10][11] Several French banks also provided approximately €38M in associated debt financing.[2][3]

What was the purpose of Innovafeed’s 2022 pitch deck and Series D raise?

Innovafeed indicated that the US$250M Series D would accelerate growth by expanding its industrial footprint in France, supporting international expansion (including a large insect protein facility in Decatur, Illinois, co-located with ADM’s corn processing plant), and investing in R&D and technology to improve productivity and product performance.[1][2][4][5][12][15] The deck Business Insider highlighted reportedly focuses on industrial validation and long-term offtake partnerships underpinning this growth plan.

What happened after Innovafeed’s Series D deck and fundraise?

Post‑Series D coverage reports that Innovafeed used the new capital to scale output at its Nesle, France plant, achieving roughly a tenfold increase in production while significantly reducing unit costs, and to progress its US expansion plans with ADM.[6][7][12][15] These developments occurred after the deck and are not part of the original 2022 pitch, but they demonstrate partial execution of its industrial scale-up strategy.