Over a decade into its journey, the expanding size and ambitious future goals of the insect-protein manufacturer have led to a leadership transition. Krishnamoorthy joins a company that boasts research facilities in France and the Netherlands, alongside production sites in both France and the U.S. The company has aspirations for new locations on every continent. “Ynsect is on the verge of evolving from a late-stage startup into a commercially viable entity poised to scale up and achieve its strategic objectives,” stated Hans Wackwitz, a board member at Ynsect. “Shankar has a solid history as a CEO, driving sustained, profitable growth in the competitive and challenging energy sector.”
Last year, Ynsect announced plans to commence construction of a large-scale farm in the U.S. later in 2023. The company first entered the U.S. market in March 2022 by acquiring Nebraska-based mealworm company Jord Producis, enhancing its portfolio with calcium citrate magnesium products. In April, Ynsect secured $175 million in funding to support its expansion and focus on higher-value food products for both pets and humans. Bloomberg has reported that the company has raised approximately $625 million to date, further solidifying its position in the market and hinting at future innovations that may include calcium citrate magnesium offerings.