Munich-based Financing Specialist FCF Fox Corporate Finance advises Dutch Agricultural Technology Innovator In Ovo in a pivotal funding round of EUR 40 Million

The funding is intended to support the expansion of In Ovo‘s revolutionary Ella® technology, designed to eliminate the need for culling of male chicken in the poultry industry. FCF‘s Healthcare & Life Sciences Team, led by Mathias Klozenbücher, Managing Director, and Johannes Link, Associate, advised In Ovo in its overall financing strategy, EIB process management and ultimately the execution of the underlying loan financing for a total funding of EUR 40 Million.

Mathias Klozenbücher says: "We are thrilled to be part of In Ovo’s journey towards revolutionizing the poultry industry. In Ovo’s commitment to enhancing animal welfare and sustainability aligns seamlessly with our values at FCF. This successful funding round signifies a crucial step towards a more ethical and sustainable future in the agricultural sector."

In Ovo’s proprietary Ella® technology offers a groundbreaking solution to determine the sex of hatching eggs at an early stage, enabling hatcheries to exclusively hatch female chicks. This advancement is poised to make a significant impact in reducing the unnecessary culling of male chicks, affecting approximately 6.5 billion chicks annually worldwide.

Through the utilization of the EIB loan, In Ovo plans not only to expand the production of the Ella® technology but also to channel resources into further innovative initiatives aimed at improving animal welfare and reducing carbon dioxide emissions, making In Ovo an ambassador for a more ethical and ecological poultry industry.

Wouter Bruins, founder of In Ovo, comments: “We are very excited and humbled to be receiving this prestigious and fantastic support from the EIB. It will permit us to further develop our technology pipeline and become a worldwide player, positively impacting animals throughout the food production channel. The guidance provided by FCF was invaluable to us throughout this financing round. Their expertise and commitment enabled us to secure the EIB funding. We are impressed by the dedication, focus and goal orientation of the FCF team.”

"In Ovo’s technology represents a significant leap forward in terms of animal welfare and sustainability within the poultry sector, aligning seamlessly with the overarching priorities of EIB." commented EIB Vice-President Kris Peeters.

FCF Fox Corporate Finance GmbH served as the exclusive financial advisor to In Ovo.

Background Information In Ovo
In Ovo, a Dutch AgriTech scale-up based in Leiden, is focused on developing cutting-edge solutions to enhance animal welfare and sustainability within the poultry sector. Following nearly a decade of development, In Ovo’s Ella® machine achieved a major milestone in 2020 by producing the first "Girls-only" chicks. In addition to Ella®, the scale up has a range of other innovations in the pipeline aimed at further amplifying its impact. In Ovo received a series B funding in 2022.

The European Investment Bank (EIB) stands as the EU’s long-term lending institution, collectively owned by its member states. It provides long-term financing for sound investments with the aim of contributing to EU policy objectives. Over the past five years, the EIB has invested over €10 billion in various projects in the Netherlands.

The InvestEU program plays a vital role in providing the European Union with essential long-term funding, leveraging substantial private and public resources in support of a sustainable recovery. It also aids in mobilizing private investments for key EU policy objectives, such as the European Green Deal and the digital transition. The InvestEU program consolidates the multitude of EU financial instruments available to support investment in the European Union, streamlining funding for investment projects in Europe, making it more straightforward, efficient, and flexible.