Dane Creek Capital Corp. (“DCCC”), has announced it has completed its third round of financing for Midgard Insect Farms Inc. (“Midgard” or the “Company”) taking its stake from 65% to 80%. Further terms were not announced.
Founded in 2016 by Joy Hillier, Midgard is headquartered in Windsor, Nova Scotia and currently operates two facilities in the province. In 2017, Midgard developed and launched a unique line of sustainable pet treats for the companion animal industry featuring cricket protein as a key ingredient and has since established a presence through the supply of wholesale cricket meal for the pet industry. The Company is now looking to expand into the agricultural sector. Midgard believes alternative protein sources including crickets and mealworms are ideally suited for nutritious feed for livestock. Moreover, ‘frass’ or the mixture of molted shells and insect waste can be used as an effective soil amendment and fertilizer making the production of insects uniquely sustainable. Cricket frass in particular is high in chitin, a key building block in the hard outer shell of the insects and known to naturally stimulate disease and pest resistance in plants.
“At almost every turn we see an expanding universe of applications for the work that Joy and her team are achieving,” said Mark Warren, Chairman and CEO of DCCC and Chair of Midgard. “Our latest investment is further evidence of our support for her team’s work and the prospects for the future.”
DCCC’s equity stake is held by Dockside Investco, its wholly owned holding company in Nova Scotia.