Entomo Farms – 5 May
Entomo Farms is North America’s largest cricket farm, providing cricket ingredients to food manufacturers in 8 countries on a wholesale basis. Founded in 2014, the company has grown to 60,000 sq ft of farm space combined with a 5,000 sq ft kitchen in Norwood, Ontario. Key customers have included Loblaws, for their private label President’s Choice cricket powder, and Purina, for their new brand Rootlab dog food. Entomo Farms is the only certified organic provider of cricket ingredients worldwide and attained British Retail Consortium, a Global Standard for food safety certification, in December 2019, positioning it as a preferred provider for established food companies as they enter this new market.
Entomo Farms are growing quickly and steadily, and have reached a stage that they are looking for capital to help fund further expansion. They have customers across many segments, both large and small, and provide a private label product for Loblaws. They have also worked on a sustainable dog food brand with Purina. This strong, sustainable growth places Entomo well in their search for additional capital.
Their main competitors are either low cost suppliers from Asia or more tech driven suppliers in the US and Europe. Entomo’s primary advantages are their commitment to food safety, as evidenced by their recently earned BRC-Certification, their certified organic status, the increased consumer trust in a consistent, quality product made in Canada, their first mover advantage, and their ability to scale up quickly, efficiently and relatively inexpensively. These are all the hallmarks of a robust organization set for long-term success.
Ryan, Darren, and Jarrod Goldin, Co-founders – Three brothers with a track record of growing crickets and other insects for the reptile feeding trade. They started the company in 2014 and have put in place everything necessary for it to prosper.
Lauren Keegan, CEO – The company hired Lauren Keegan as CEO in January, 2020. She brings almost 20 years of experience in sales, marketing, and product development in the natural health market, including 17 years in natural/organic CPG, pet food and supplements, working with Tier 1 companies in Canada and the US.
Kelly Hagen, CFO/COO – Kelly has acquired 20+ years experience in the technology industry at large and small companies, including acquisition experience and two company exits. Kelly has also acquired an MBA from Stanford.
Entomo Foods has largely been funded by Seed and Friends and Family rounds. The company is also backed with investment from Maple Leaf Foods, Canada’s largest protein company, as well as local angel investors. They are now looking to raise $3-5M. This funding will be utilized on Farm/Production infrastructure to reduce costs, brand development for CPG consumer brands, additional sales and marketing roles to support growing demand from other brands and consumers, and digital marketing. They have plans to expand their teams by hiring roles in R&D, business development, marketing and back office support.
Entomo Farms revenue model is based around 80% B2B sales and 20% ecommerce and direct to consumer sales.
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