Exo produces protein bars that use cricket powder as the primary protein source. The bars contain about 13 grams of protein per serving and are sold in Whole Foods, Equinox gyms, and Wegman’s. The product launched via a Kickstarter that raised $20,000 in the first three days and began in the co-founders’ kitchen; co-founders include Greg Sewitz and Gabi Lewis. Exo outsources cricket grinding to third-party operators; the article cites retail cricket powder costs around $30 per pound, with roughly 3,000–4,000 crickets per pound. High production cost and occasional stock shortages have been challenges for the company. The new funding is intended to help scale the business, reduce costs at scale, address stocking issues, and support development of new cricket-based products. Exo makes healthy food products using insect (cricket) protein and currently offers four flavors: Cocoa Nut, PB&J, Apple Cinnamon, and Blueberry Vanilla. Co-founded by Greg Sewitz and Gabi Lewis, the company focuses on producing tasty, nutritious protein bars made from crickets. Exo plans to use its newly raised capital to scale production, make key hires, and expand its product line. The company secured $1.2M in seed funding from investors that include Collaborative Fund, Start Garden and Tim Ferriss. Exo was selected for AccelFoods' inaugural class and received a six-figure investment from AccelFoods' dedicated investment fund during the six-month program, along with investments from many of AccelFoods' limited partners. The funding and accelerator support position Exo to increase manufacturing capacity and broaden its retail and product offerings. Exo produces protein bars made from cricket flour combined with dates, cocoa, coconut and almond butter, sweetened with raw honey. The bars contain about 10g of protein and, according to the company, the cricket flour has more protein than beef. The reviewer found the bar mildly sweet, not noticeably “buggy,” though an early version was crumbly and a bit crunchy from coconut chips. Exo promotes crickets as a more sustainable protein source that avoids the environmental and antibiotic issues the team attributes to conventional livestock. The company ran a Kickstarter campaign that raised $20,000 in three days to fund construction of a factory to produce its bug-based snacks. The reviewer is uncertain about mass-market appeal but recommends trying the bars for a healthier office option.

Total raised

$5M

Funding rounds

3

Latest round

Series A

Latest activity

Mar 2016