Cricket producer Entomo Farms has raised CAD 3.7 million ($2.9 million approx.) in a funding round to support the company’s growth and expansion.
Based in Ontario, Entomo Farms offers an alternative to traditional meat and plant-based proteins with its cricket powders and whole roasted insects.
Since being founded in 2014, the company has grown to 60,000 square feet of production space, supplying its ‘nutrient-packed’ crickets to dozens of brands and food companies around the world.
Entomo Farms says that it will use the new funds to support operational expansion to meet growing demand. In addition, capital will be used for sales and marketing activities.
The company did not disclose details of the funding participants, other than to say that the round was led by investors in Asia and Canada.
“We are thrilled to continue our growth trajectory in the alternative protein and sustainable foods space,” said Lauren Keegan, CEO of Entomo Farms.
“We are expanding our facilities to support the exciting growth of our customers and we look forward to launching a new consumer brand later this year.
“With this investment, and a planned capital raise in late 2021, we will keep paving the way for crickets as an important food ingredient for people and pets.”
In 2018, Entomo Farms received backing from Canada-based meat company Maple Leaf Foods.
© FoodBev Media Ltd 2020
World Dairy Innovation Awards – OPEN FOR EARLY BIRD ENTRIES!
The awards celebrate excellence and innovation across the global dairy industry.
Don’t miss out on having your innovations recognised on a global scale.
Early bird deadline 19 March – enter now!