Exo, a New York, NY-based developer of insect-based protein food, closed a $4M round of Series A funding.
The round was led by AccelFoods, with participation from existing and new investors Collaborative Fund, Tim Ferriss, Start Garden, musician Nas, and endurance athlete Amelia Boone.
The company, which has now raised $5.6M having previously raised $400k in pre-seed funding and $1.2m in seed funding in October 2014, intends to use the funds for a national retail expansion plan, scale of production, and growth of product line.
Launched in 2014 by Greg Sewitz and Gabi Lewis, and also led by Kyle Connaughton, former Head Chef of R&D at The Fat Duck, and digital marketing and growth expert Zac Goldberg, who was on the founding team at Groupon, Exo makes nutritious and sustainable food products using cricket protein and ingredients. Its bars are designed as a meal replacement, on-the-go snack, or pre/post exercise nutrient boost. 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.
All products are free of gluten, soy, dairy, artificial preservatives and refined sugars.
Exo bars are available online at http://www.exoprotein.com and in select retail stores.