Sports
Aspire Food Group is cutting back on staff and reducing production at its cricket farm
Pioneer in the field of insect farming Aspire Food Group has laid off 100 of its 150 employees and is temporarily scaling back production at its new cricket farm in London, Ontario, AgFunderNews has learned.
David Rosenberg, a board member at Aspire since 2017, took on the role of CEO at Aspire at the end of last year. He told us that the company is “making some improvements to its production system” to improve yields and “will need to scale back production by approximately seven months.
He added: The company has reduced its workforce, primarily in manufacturing, while implementing these changes and an updated design of how the crickets live in their habitat.”
According to Rosenberg, co-founder of vertical farming startup AeroFarms, Aspire “will run the production line four times a week instead of two shifts every day. We have reduced 150 people to 50 and we plan to hire again in July.”
Asked about the company's financial position, he said: “We have signed a term sheet and are working to close our financing by the end of the month. Demand still remains strong, but we need to scale up and produce consistently.”
The world's largest cricket processing facility
Founded in 2012 by five MBA students from McGill University, Aspire acquired the EXO cricket bar brand in 2018 beforesell it to Hoppy Planet Foods in 2021to focus solely on cricket farming and production.
Aspire's 150,000 sq. ft. facility, billed by Aspire as the world's largest cricket processing facility, supplies frozen whole crickets for customers to further process. In early 2023, co-founder and then-CEO Mohammed Ashour (who now runs a new startup in stealth mode, but remains chairman at Aspire) predicted that it would reach 100% of production capacity (12,000 tons of crickets) in the first half of 2023. 2024.
About 25% of the financing for the factory came from government grants, 30% from a loan and the balance from equity, Ashour said in an interview with AgFunderNews in March 2023, alleging significant contractual obligations for the majority of our production.”
He added: Virtually all of our production goes into animal nutrition in North America, but we also had exciting discussions with companies outside North America in human nutrition and animal nutrition.
When asked about the financing at the time, he said: My expectation is that once this facility begins to generate the unitary economy that we were aiming for, we would be able to access debt financing and other forms of capital with much greater ease.
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