[1/2] Ynsect's Chairman and CEO Antoine Hubert displays mealworms at the laboratory of the insect farm Ynsect, which harvests mealworms for bug-based animal food and fertilizer, in Dole, France, October 22, 2020.
Farmed bugs, such as mealworms, are ground down to produce proteins for aquaculture, livestock, pet food, fertilisers and human nutrition.
Ynsect will close its Dutch production plant, acquired through the takeover of Protifarm in 2021, which rears a different type of bug, while keeping research activities.
In addition the company will cut 38 jobs in France, out of a total of about 360 people, Hubert said.
In its latest round of fund raising in 2020 Ynsect brought in more than 315 million euros, of which about 175 million euros was capital and the rest in debt and subsidies.