Exo Inc. Explained

Exo is an American insect food company that manufactures protein bars using cricket flour from pulverized house crickets.[1] [2] The products are marketed as a good source of nutrition.[3]

History

The company was founded by Gabi Lewis and Greg Sewitz in 2013, during their graduate program at the Brown University campus.[4] They first ordered 2000 crickets and worked on some of the prototype recipes from them. They later shifted to New York and worked with Kyle Connaughton, an R&D expert at the Fat Duck restaurant, to make a nutritious protein bar that was also appealing to the palate.[5]

Using Kickstarter, the company's founders raised $55,000 in early 2016, exceeding the initial target of $20,000.[6]

By March 2016, the company had raised a total of $5.6 million from early investors and Series A funding.[7] [8]

Exo was acquired by Aspire Food Group in the spring of 2018.[9] [10] All of Aspire's in-house Aketta branded products will now become part of the Exo brand.[11]

Notes and References

  1. Web site: This startup just got $4 million to get you to eat more bugs. . March 7, 2016. 27 May 2016.
  2. Web site: Mmmm, Crickets: How Exo Protein Bars Found Its Wings. . March 5, 2016. May 27, 2016.
  3. Web site: Cricket Bars Are the Next Trendy Food—And You Might Start Seeing Them In Rap Videos. . March 7, 2016. May 27, 2016.
  4. Web site: Exo Raises Another $4 Million for Cricket Flour Protein Bars. SnapMunk . March 21, 2016. May 27, 2016.
  5. Web site: Cricket Protein Bar Company Exo Rakes in Another $4 Million in Funding. Eater . March 7, 2016. May 27, 2016.
  6. Web site: Exo: Protein Bars Made from Cricket Flour. Kickstarter. 27 May 2016.
  7. Web site: Exo, protein bar made from crickets, raises $4M. . March 7, 2016. May 27, 2016.
  8. Web site: Legendary rapper Nas just invested in a company that makes protein bars out of crickets. . March 7, 2016. May 27, 2016 .
  9. Web site: Cricket consolidation: Aspire Food Group acquires Exo. foodnavigator-usa.com. foodnavigator-usa.com. en-GB. 2020-04-10.
  10. Web site: 12 Burning Questions for the Entrepreneur Trying to Get You to Eat Bugs. Bronner. Stephen J.. 2018-04-17. Entrepreneur. en. 2020-04-10.
  11. Web site: Cricket protein companies combine. www.foodbusinessnews.net. en. 2020-04-10.

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