Entomo Farms, a Norwood, Ontario-based cultivator of cricket flour, cricket powder and insect protein, has secured C$3.7 million in financing to support its growth. The Asian and Canadian investors who led the deal were not identified.
TORONTO, Jan. 26, 2021 /CNW/ – Entomo Farms, one of North America’s leading cricket producers, announced today that it has closed a round of fundraising totalling $3.7M CAD to support growth and expansion.
Founded in 2014 by brothers Jarrod, Darren, and Ryan Goldin, Entomo Farms is providing a nutritious and sustainable alternative to traditional meat and plant-based proteins with its cricket powders and whole roasted insects. The company has grown to 60,000 square feet of production space and supplies its protein and nutrient-packed crickets to dozens of brands and food companies around the world who are meeting consumer demand for alternative proteins and more diversity in their diets. The proceeds of this fundraising round will be geared towards operational expansion to meet growing demand, and key sales and marketing activities as the company looks to increase its presence with both consumers and global audiences.
“We are thrilled to continue our growth trajectory in the alternative protein & sustainable foods space. 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,” said Lauren Keegan, CEO of Entomo Farms. “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.”
“We are so excited to be working with such a forward-thinking and mission-driven partner as we look to change the face of sustainable nutrition, together.” said Josh Campbell, CEO of hi! Human Improvement, an innovative health and wellness brand.
For more information about Entomo Farms, please visit www.entomofarms.com.