P R I S M : INTERVIEW – HOW INSECTS CAN HELP REINVENT THE FOOD CHAIN

HOW INSECTS CANHELP REINVENT THE
FOOD CHAIN

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AN INTERVIEW WITH
ANTOINE HUBERTANTOINE HUBERTCEO AND CHAIRMAN OF ŸNSECTŸnsect is a rapidly growing agri-food company based in France, set tobecome one of the global leaders in transforming insects into highperformance natural ingredients for pets, fish, plants, and humanbeings. Antoine co-founded the company in 2011. In this interview
with Arnaud Jouron, Partner at Arthur D. Little, Antoine shares somefascinating insights into the company and the exciting opportunities
for the future in the insect-based food industry.

FIRST OF ALL , COULD YOU TELL US
HOW THE ORIGINAL BUSINESS IDEACAME ABOUT?
As long as I can remember, I have always been deeply interested in
topics related to agriculture and environment, which motivated me
to study agronomical engineering later on. When studying abroadin New Zealand, I had learned how insects were contributing to soilpreservation, in addition to other interesting applications in bioengineering, thanks to their physiological properties.
Back in France, I started to work as an environmental consultant, andalongside this, I started an association to promote the topic of soilpreservation with the other future founders of Ÿnsect – Alexis Angot,
Jean-Gabriel Levon and Fabrice Berro – who shared the same interest.
In particular, we wanted to highlight how worms were contributing tosoil preservation and how we could use them to recycle organic waste
to close the food cycle, notably in cities.

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Quite soon we had transformed a small organization into a think tank,working with large labs to measure the impact of urban agriculture
in terms of nitrogen and carbon dioxide. Besides this, we looked into
what sort of food transformations

IN THE FUTURE THERE
WILL BE LESS DEMAND FOR
ANIMAL-BASED PROTEIN
AND MORE FOR PLANTS
AND MUSHROOMS, BUT
ALSO INSECTS.

were possible with insects,
highlighting the environmental(e.g., fewer GHG emissions),
health (e.g., protein rate,
nutrients) and economic benefitsof edible insects and theirpotential impact on food andfeed security. Then we decided

we needed to take an active role. Becoming a for-profit organization
while retaining a central aim of positive impact seemed to be the bestway, which gave birth to Ÿnsect.
The overarching idea of it is essentially that insects have a far greaterrole to play in our society than just producing honey and silk. They
are at the base of all food chains and have an immense amount of
biodiversity. They should be further integrated into our food cycle to
make what I would call “smart food” more effective.

C O U L D Y O U S AY M O R E A B O U T T H I S
CONCEPT OF SMART FOOD?
Well, let’s do an analogy with the concept of smart grid. In theenergy sector, there aren’t any winner-takes-all solutions, butrather, a set of different options that are more or less adapted tocertain environments. The diversity of the mix is needed to balance
the strengths and weaknesses of each option. The same goes with
agriculture – the choice of what to farm will have to vary in terms of
its fit to each area, climate conditions and local demand. For food,we could expect that in the future there will be less demand foranimal-based protein and more for plants and mushrooms, but also
insects. In this context, the aim of Ÿnsect is to help make a diversified“smart food” chain a reality by being the global leader of insect-based
products while addressing multiple markets.

W H AT A R E T H E E N V I R O N M E N TA L
B E N E F I T S O F C O N S U M I N G I N S E C TBASED PRODUCTS?
The use of insects provides real benefits for our planet’s biodiversity
and climate. We have performed end-to-end analyses on our
production cycle that support this, and found that there are
significant net reductions in GHG emissions as a result of the growthand mortality of animals fed with insect feed. There are also benefits
from carbon sequestration through the use of frass (insect droppings)
fertilizer.

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THE USE OF INSECTS PROVIDESREAL BENEFITS FOR OUR PLANET’S
BIODIVERSITY AND CLIMATE.

In addition, Ÿnsect as a company is working to reduce its own
environmental impact. Our current footprint is much lower than thatof traditional animal proteins, in terms of both carbon emissions (30to 50 times less emissions) and water use (20 times less water usedthan for beef and 50 times less than for pork), while for our energy
consumption, we have set ourselves a target of 100 percent green
electricity use within three years. Our aim is to go even further thanks
to our new farm designs, which will have improved efficiency. It’s also
important to remind ourselves that environmental improvements
are also economic improvements – reducing raw material andenergy needs allows us to address clients for which sustainability is
becoming increasingly key.

H OW D ID THE C O MPAN Y G ROW AND
DEVELOP?
We started as a deep tech company aiming for scale-up. The overall
idea was clear, but we needed to study the potential end markets,
define the industrial process, and obviously choose which typeof insect would be the most appropriate. In fact, we tested flies,
butterflies and beetles, comparing them in terms of physiologicalproperties, scalability and client benefits, before focusing on the
Tenebrio Molitor mealworm after our first fundraising in 2015. These
funds helped us to run several pilots, some in partnership with
universities. We then launched an industrial demonstrator and, after
just two years, we were reassured of the viability of our concept
despite some areas of remaining uncertainty. Launching this first
facility was critical in our development. With new Series B and Series

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C funding in 2019, we were able to finance our first full-scale farm,
located in Amiens. Operations started in the beginning of 2022.
The challenge now is to ramp up quickly in order to produce atfull capacity.

W H AT M A K E S Ÿ N S E C T D I F F E R E N T
FROM OTHER ACTORS IN THE FIELD?
I see several differentiating factors, but the main ones would be our
production process, our local production philosophy and the qualityof our products. First of all, our production process comprises two
independent steps, allowing us to have one harmonized and optimized
platform capable of addressing multiple end markets. The first step
consists of breeding the larvae

WITH OUR PRODUCTS WE
HAVE OBSERVED LOWER
MORTALITY RATES INANIMALS AND GREATERGROWTH IN PLANTS,THESE BEING MAJOR
FACTORS THAT CLIENTSTAKE INTO ACCOUNT
WHEN SELECTINGPRODUCTS.

using the vertical farming methodthat we have developed andscaled up. We took the traditional
systems used to grow mushrooms
and applied the principles ofIndustry 4.0 to it – the detailsof this are interesting, but wemight come back to that later.
Then the larvae are harvested to
produce what we call CFL (Clean
Fresh Larvae), which is the initial
input of all the end products. This
CFL is transformed into different
finished lines with the appropriate

mix to address each market. Most of our competitors do not havethis capacity, as they tend to be specific to only one product in one
market. In the end, this means any industrial optimization can beshared across the plants, giving us a tremendous advantage in termsof efficiency.
The second key differentiating factor compared to other alternative
proteins (e.g., soy), would be that our products are more local,
which is increasingly important both to our clients and to the end
customers. The limited surface area required by our farms due tothe verticalization concept, the controlled environment in which thelarvae are bred, and the fact that our process requires less energy andwater than other proteins allow us to be more flexible when choosing
the location of our plant. It gives us the possibility to be close to ourmarkets in different geographies and climates. Because we span theentire value chain from biomass supplier to distribution channel, wecan, for example, replace chemical fertilizers that come from Russia,
palm oil coming from SE Asia, or soy coming from South America.

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Finally, there is a point to be made about quality here as well. With
our products we have observed lower mortality rates in animals andgreater growth in plants, these being major factors that clients take
into account when selecting products. This puts us in a good position
to place our products in a more premium category.

CAN WE GO BACK TO VERTICAL
FA R M I N G AGA I N ? YO U M E N T I O N E D
T H AT YO U WA N T E D T O G I V E M O R E
D E TA I L S A B O U T T H E C O N C E P T
Yes, that’s right. So, as I said, the basic system is quite simple, andhas traditionally been used to grow many things, such as mushrooms,
insects and plants. The key component that we have added to it is tomake it completely automated, with in-built sensors and softwarethat provide us with valuable real-time data. This means better
control, process optimization, biosecurity and traceability. We havebeen constantly exploring and testing different ways of applying
technologies from Industry 4.0 to make the most of our data-based
approach.

HOW DO YOU SEE THE NE X T 10 YE ARS
C O M PA R E D T O T H E L A S T, A N D W H AT
MARKE T S WILL YOU BE PURSUING?
We used the first 10 years to lay the foundations, not only for Ÿnsect,but also for the industry, by conceptualizing, building and refining anentire ecosystem surrounding insect farming. The aim for the next 10
years will be to accelerate our expansion to the rest of the world. The
ecosystem is still very European at the moment.
This, of course, involves developing new sites internationally in orderto produce locally, being close to our raw materials and clients. It
also means exploring new applications that we have probably noteven envisaged yet, which will allow us to unlock new markets. For
example, we have only scratched the surface of the possibilities that
insects have in the health market. On this topic, we have conductedpre-clinical trials that indicate that our larvae may have cholesterolrelieving properties. This would definitely help us to accelerate
people’s acceptance of insect-based products. I think our biggest
challenge in the coming years will be to significantly increase theacceptance of mealworm-based products in order to rapidly develop
our sales in the animal-feed, human-food and fertilizers markets.
The launch of our Amiens farm will be a massive support for thisexpansion.

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Within the animal feed markets, pet food is a top priority, as this is a
growing and resilient market that is very well adapted to the qualityof our products (e.g., protein contents, palatability), and also provides
attractive prices and potentially high margins. To address livestock
feed, which is a far deeper market, we need to continue to improve theefficiency and performance of our farms to be more competitive in amarket that has large volumes yet lower expected margins. Aquafeed
is also a high-priority market, as it has a strong appetite for insect
protein given its benefits in terms of accelerated growth and lower
mortality.
With regard to human food, we truly believe that this will be thebiggest market in the long term. Whether that happens in the next
five or 50 years will depend on our ability to deliver on marketing andcommunications, as well as build up international partnerships tohelp cross the chasm of popular acceptance – today it’s still limited
to “early adopters”.
Finally, we plan to address the fertilizer market with our “Ynfrass”
product, which we would like to use for more than just feeding plants.
This is part of an ongoing R&D program to establish the effects on thegrowth and health of plants that use insect fertilizer, and the results
are already quite promising.

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D I D YO U S E E A N Y R E L U N C TA N C E
F R O M S TA K E H O L D E R S T O B E
C O N V I N C E D T H AT I N S E C T P R O D U C T S
C O U L D B E S U C C E S S F U L?
I think there are two elements here: one is client acceptance, and theother is regulatory approval. Regarding client acceptance, it is clearthat this is evolving for the better. At the time of our last fundraisingin 2020, we felt confident that there was a demand for animal andplant feed already thanks to our sales teams, who worked side byside with clients such as pet food companies. Having focused first on
quality, we can now focus on improving our technology and processes
to become more competitive on price. As for regulatory approval, we
have had to put in place an ecosystem that supports the approval of
our products, putting regulators in touch with relevant scientists,
universities, clients and suppliers. This approach has paid off, with ourmealworm products recently gaining approval for human consumption
from the European Sanitary Agency.

LOOK ING FORWARD, ARE THERE ANY
E L E M E N T S T H AT R I S K S L O W I N G D O W N
GROWTH?
Much of our expected growth rests on our ability to execute theplanned expansion. For us to be successful, it is critical that we
continue to have access to local talent and capital. This is especiallydemanding, given the fact that our industry does not exist inalmost all the countries where we plan to expand, and that someroles are difficult to source, such as the technical ones. Thus, weneed to think carefully about our recruitment strategy and how wewant to continuously train our new joiners in order to develop therequired skills. With regard to funding – be it capital, borrowing or
subsidization, we need to acquire a deep understanding of the local
ecosystems surrounding our potential suppliers and clients, as well
as a perspective on local and national authorities.

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H OW WO ULD YO U C O MPARE THE
GROWTH PHASES OF ŸNSECT IN
T E R M S O F D I F F I C U LT Y ?
We might have the impression that the new phases are more difficult
than the previous ones, but they are, in fact, just different. The issues,
people involved, knowledge, and available resources are simply not
the same. For example, the first funds we had to raise as a young
company of 10 people with a narrow focus on innovation were notsimpler to get than the large funds we raised afterwards. We werein a cutting-edge field and we had to build a totally new industry. In
fact, we had to identify and clearly define the potential markets tounderstand who the clients were and develop products to address
them accordingly. We also had to move fast from principles to adetailed industrial design and our first full-scale operational plant.
On top of that, we had to convince the regulatory bodies and investors
to support the industry. In reality, the moments where things went
wrong allowed us to clarify how we should do things differently. It
also forced us to be very flexible and think on our feet, growing andadapting as we went along.

H O W D O Y O U S E E T H E A G R I C U LT U R E
S E C T O R E V O LV I N G I N T H E N E X T
1 0 Y E A R S , A N D W H AT M A J O R
I N N O VAT I O N S D O YO U S E E F O R
YOUR INDUSTRY?
I think agriculture will be more diverse, driven by consumers who aredemanding a wide range of products. This diversification is currently
reflected by low-tech systems such as permaculture, local-loop foodsourcing, urban farming, and so forth. These are allowing consumers
to eat more fresh fruit and vegetables, while reducing the carbon
footprint that results from importing these from further afield.
However, this is insufficient in the long run. We need to see a stepchange in the use of technology. Greater use of technology would
help to optimize the use of water, fertilizer, feed, etc., and ensurethat it is applied exactly when and where it is needed.
Also, I think we will see less monoculture on a massive scale andmore diversity even on a regional level. New pairings of livestock
and plants will be explored, and will unlock a broader range of
products. Rather than seeing farmers raising large vertebrates, wemight see hybrid systems playing off the benefits of insects, algae,

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mushrooms and plants, taking into account the particularities of thelocal environment. These are some of the ways to respond to thissimultaneous demand for greater diversity and sustainability.
This can also be applied to fishing. Rather than focusing on thetwo or three popular species that will invariably be overfished anddestabilizing the ecosystem, we could fish the 150 species that areavailable to us while respecting the quotas. The same stands for theuse of algae, mushrooms and insects, which have fallen out of use or
never been consumed. If people are provided with indications for how
to cook these, the demand will eventually follow. This initial spark
requires the help of influencers, as I think there is a real audience,
especially with the younger generations.

HOW WOULD YOU DESCRIBE THE
C U LT U R E AT Ÿ N S E C T ?
It’s difficult to define one culture. Our culture is constantly evolving,
and although it is still based on our initial values as founders, it has
also been enriched by those that have since joined us. This becomestruer when you consider that more than half of our employees havejoined us in the last year and a half. We are always looking for balance,
and we favor a culture consensus. We

I THINK AGRICULTURE WILL
BE MORE DIVERSE, DRIVEN
BY CONSUMERS WHO ARE
DEMANDING A WIDERANGE OF PRODUCTS.

share a deep sense of solidarity as ateam, considering that our successes
are always collective, and we extend
this solidarity to our ecosphere by beingcommitted ecologically, economically,and socially. Adaptability is also partof our DNA since our environments andknowledge are by nature constantly

changing, forcing us to continuously evolve. Another core value would
be authenticity, being sincere in everything we do with a strong
commitment and belief. We have ensured that we take an active rolein conserving these core values by reasserting them at regular eventsand ensuring that they are effective within our day-to-day operations
as a team, as well as with our clients, shareholders, and environment
in a broad sense.

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L O O K I N G B A C K , W H AT A D V I C E W O U L D
YOU GIVE YOURSELF 10 YE ARS AGO,W H E N YO U S TA R T E D YO U R J O U R N E Y
WITH ŸNSECT?
Firstly, the key is to recruit well and to avoid letting one’s ego get in
the way of hiring the best talent. We were clear on this from day one.
What we could have done better, however, was anticipate where andhow soon we would need to recruit in order to keep up the momentum
on key projects. This is especially the case with top management
roles and the ones requiring a high degree of expertise, as these takesix to nine months to recruit – time that is then lost for the company.
Secondly, I think we could have made more of an effort in internalizing
some core capabilities early on and highlighted its importancefrom the start to our investors. Indeed, at the beginning, we had tooutsource some of our core research and site management, which, inthe long run, was not always the most appropriate choice in terms of
cost and operability.

A N D F I N A L LY , W H A T D O Y O U T H I N K
A R E T H E E L E M E N T S T H AT M A K E U P
A GOOD LEADER?
There is not a simple answer here, and the theories on this are
numerous. I think that, as a CEO, one must have a holistic vision of theaims and challenges of a company and assess them in their correctcontext. To do this, you need to ensure that you surround yourself
with people who know more than you, and you need to feel safe
putting your trust in their hands. It is also important to be able tograsp things quickly, to connect the dots between people and topics
and apply one’s curiosity to question any subject – even if naively.
The leader has the responsibility to ensure that teams are onboarded
with energy and enthusiasm. Ultimately, the role of a CEO can belikened to that of an explorer. They must know how to provide a course
for the company while remaining flexible in the face of changing
circumstances.

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Antoine Hubert is the Chairman and CEO of Ÿnsect, theglobal leader in insect-based protein and fertilizer,
which was founded in 2011 and raised nearly $400M.
Ÿnsect is also the only aggrotech company that ispart of the French label Next 40.
Besides his role at Ÿnsect, Antoine leads thecooperative insect industry association and theInternational Platform of Insects for Food andFeed (IPIFF), and is a Board Member of the Protéines
France consortium and LFD (La Ferme Digitale). Prior
to co-founding Ÿnsect, Antoine worked on scientific projects inenvironmental risk assessment, biomass and plastics recycling.
He is an agronomy engineering graduate from Agrocampus Ouest
and AgroParisTech. Together with Alexis Angot, he co-founded
NPO Worgamic and the company OrgaNeo.
In 2021, Antoine was recognized as one of the Meaningful Business
MB100s, an award celebrating leaders who combine profit andpurpose to help achieve the United Nations Global Goals. In the same
year, he was named first in the ranking Choiseul 100, and has been
selected as part of the French American Foundation’s Young Leader
promotion.
In February 2022, Antoine published his first book, “For Planet,
People & Profit: An Insect Farmer’s Manifesto”, which highlighted thepossibility of combining ecology and economy, while calling forcommitted entrepreneurship.

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P R I S M : CONTENTS

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ARNAUD JOURON
is a Partner in Arthur D. Little’s Paris office and amember of the Operations Management and Industry
Practices.

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