French insect producer, Ynsect has closed a EUR 160 million (USD 175 million) financing round, bringing the total amount raised so far to about $625 million.

The company is refocusing on a path of profitability and concentrating on projects that are profitable in the short term in particular for the Ynfarm plant. In this context, the group is focusing on high value-added products in the pet food, bird food, plant food and human food markets. "Animal feed remains one of Ynsect's major challenges. Aquafeed is not left out, and we will continue to pursue our current projects and expand when the global economic environment becomes more favorable," the company said.

Ynsect, which operates farms in France, the Netherlands and the US, is also expanding in Mexico, while eying a possible entry into Asia. The company has secured about $175 million in supply contracts and is in the process of negotiating customer deals worth about $1 billion.