CPE News (1/26/2021) – Entomo Farms has announced the closing of a $3.7 million new equity funding round led by investors in Asia and Canada.
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.
Entomo Farms intends to use new funding 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.
In 2017, Maple Leaf Foods (TSX: MFI) made a small minority investment in Entomo Farms. Entomo Farms did not disclose if Maple Leaf Foods participated in the financing.
photo credit: Entomo Farms
News Release
Entomo Farms Closes Equity Raise
ENTOMO FARMS RAISES $3.7M OF CAPITAL IN FUNDING ROUND LED BY INVESTORS IN ASIA AND CANADA.
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
SOURCE Entomo Farms
For further information: Lauren Keegan, Chief Executive Officer, 647-622-7716, Lauren@entomofarms.com (available to media members only)