On April 26th, at the “France-Korea” event arranged by French Tech and the French Embassy in Korea, Ÿnsect, the world leader in insect production, inked a Memorandum of Understanding (MOU) with LOTTE R&D center, a leading tech company in Korea. Guillaume Daoulas, Ÿnsect Food & Plant Sales Director, signed the MOU in the presence of Cho Juhyeon, Korean Vice-Minister for SMEs and Startups.
“Ÿnsect has taken a significant step forward in its development by signing an MOU with the LOTTE R&D center, a prominent Korean leader. The objective is to expand its position in high-value-added segments with natural, healthy, and sustainable ingredients. Furthermore, with the support of LOTTE R&D center, Ÿnsect aims to understand the diverse markets across Asia where it is establishing itself and cater to the demand for local proteins.” According to Guillaume Daoulas, Ÿnsect Food & Plant Sales Director, this collaboration is a significant milestone for the company.
This partnership aims to jointly research insect-based food products, increase knowledge of edible insects’ health benefits, and conduct and share surveys on “insects in human food” among consumers in Europe and South Korea. This collaboration will also allow Ÿnsect to further its growth in human food and expand its presence in Asia. The MOU between Ÿnsect and LOTTE R&D center signifies a significant milestone in developing insect-based food products and highlights the prevalence of cooperation between France and Korea in the tech industry.
The company recently announced that it had raised around $177 million in funding to push forward with its developments and scale in high-value markets and segments.
Image provided by Ÿnsect, representing Guillaume Daoulas, Ÿnsect Food & Plant Sales Director, in the presence of Cho Juhyeon, Korean Vice-Minister for SMEs and Startups.