Entomo Farms, a Norwood, Ontario-based operator of a human-grade edible insect farm, has raised an undisclosed Series A financing. The investor was Canadian protein consumer packaged goods company Maple Leaf Foods Inc, which gained a minority stake. Founded in 2014 by Jarrod, Darren and Ryan Goldin, Entomo provides cricket and mealworm powders and whole roasted insects to global food producers looking for an alternative to traditional meat protein. The partnership with Maple Leaf will help Entomo meet its “aspiration to become the largest insect protein supplier in the world,” Maple Leaf President and CEO Michael McCain said.
Entomo Farms Raises Series A Funding from Maple Leaf Foods for Expansion of Cricket Farm
NORWOOD, Ontario, April 11, 2018 (GLOBE NEWSWIRE) — Entomo Farms, North America’s largest insect farm for human consumption, announced today that it raised Series A funding from Maple Leaf Foods, Canada’s largest protein consumer packaged goods company.
Founded in 2014 by brothers Jarrod, Darren, and Ryan Goldin, Entomo Farms is providing a nutritious and sustainable alternative to traditional meat protein with its cricket and mealworm powders and whole roasted insects. The company has grown to 60,000 square feet of production space and supplies its insect protein ingredients to dozens of food companies around the world who are meeting consumer demand for alternative proteins and more diversity in their diets.
“From our first meeting with Maple Leaf Foods, we were impressed with their commitment to environmental sustainability, their expertise with scale farming, and their track record in marketing to consumers. These funds will allow us to expand production to meet increasing demand while Maple Leaf’s knowledge will help us continue to meet the needs of large food producers as we grow,” said Jarrod Goldin, President and Co-Founder.
“Our minority venture investment in Entomo is consistent with our vision to be the most sustainable protein company on earth,” said Michael McCain, President and CEO. “Entomo Farms and Maple Leaf’s products will be separate, but we are excited to help foster their continued leadership in insect protein and aspiration to become the largest insect protein supplier in the world. We see a long-term role in this form of sustainable protein delivery, both for animal and human consumption, as it is elsewhere in the world.”
“As a partner of Entomo Farms, we’re so excited to see this support for the company as well as for our industry from a protein market-leader like Maple Leaf,” said Daniel Novak, Co-Founder of Crickstart, which makes protein bars, gourmet crackers, and smoothie mixes with Entomo Farms’ cricket powder.
Entomo Farms products are available online from its website and at select retail stores, or in bulk volume by contacting the company directly.
About Entomo Farms:
Entomo Farms is North America’s largest human-grade edible insect farm. Founded in 2014 by brothers Jarrod, Darren, and Ryan Goldin, the company now supplies over 50 companies in 8 countries who are incorporating cricket and mealworm ingredients into a wide variety of foods such as protein bars, smoothies, chips, crackers, pasta and pasta sauce, baking mixes, hot dogs, and pet treats.
About Maple Leaf Foods:
Maple Leaf Foods Inc. is a leading consumer protein company, making high quality, innovative products under national brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders® Country Naturals®, Mina®, LightlifeTM and Field Roast Grain Meat Co. TM. The Company employs approximately 11,500 people and does business in Canada, the U.S. and Asia. The Company is headquartered in Mississauga, Ontario and its shares trade on the Toronto Stock Exchange (MFI).
About cricket protein:
Crickets are a complete protein source, containing all the essential amino acids, and are high in micronutrients such as omega-3s, calcium, B12, iron and magnesium, as well as prebiotic fibre from chitin in the exoskeleton. With far more efficient feed conversion ratios, crickets require less land, water, and feed to produce than traditional meat protein sources, making them a sustainable alternative. Crickets are a whole food, non-processed, and available as certified organic and non-GMO. With a roasted, nutty taste, cricket powder is easily added to other foods to increase protein and nutrition content.
Entomo Farms Contact: [email protected]
Photo courtesy of Reuters/Mark Blinch