Cricket One Company Profile

Background

Cricket One is a Vietnamese technology startup founded in 2016 by Nam Dang and Bicky Nguyen. The company specializes in sustainable alternative food production by farming and processing crickets into high-protein, high-mineral food sources. Their mission is to provide affordable and sustainable protein solutions while improving farmers' livelihoods and utilizing agricultural by-products productively.

Key Strategic Focus

Cricket One's strategic focus encompasses:

Product Diversification: Offering a range of cricket-based products, including protein powders, textured cricket meat, snacks, and health supplements, catering to both human and pet food markets.

Sustainable Farming Practices: Implementing a decentralized farming model where farmers construct cricket sheds under the company's guidance, ensuring standardized and scalable production.

Technological Integration: Utilizing automation and mechanization to enhance efficiency, such as reducing harvesting time from 10 minutes to 20 seconds per square meter breeding container.

Global Market Expansion: Collaborating with 15 distributors worldwide, servicing 20 markets, and being the sole manufacturer outside the European Union authorized to sell cricket protein within the region.

Financials and Funding

Cricket One has secured multiple funding rounds:

Series A Funding (September 2023): Led by Singapore-based investor Robert Alexander Stone, supported by Cub Capital and a Singapore-based family office, raising an undisclosed seven-figure sum.

Seed Round (October 2019): Raised an undisclosed amount from 500 Global and Masik Enterprise.

The capital is intended for scaling production capacities, enhancing technological infrastructure, and expanding market reach.

Pipeline Development

Cricket One's product pipeline includes:

Rec Rec Brand: Launched in February 2023, offering seasoned whole crickets available in nearly 200 retail outlets and e-commerce platforms in Vietnam. Plans to introduce cricket chips in October aim to challenge Vietnam's $200 million shrimp snack market.

Pet Food and Animal Feed: Developing cricket-based products for pet food and animal feed sectors, emphasizing scientific-driven approaches and extensive R&D trials.

Technological Platform and Innovation

Cricket One distinguishes itself through:

Proprietary Technologies: Collaborating with the Vietnam National University of Agriculture to develop over 60 feed recipes derived from upcycled agricultural waste, such as cassava tops.

Automation: Implementing mechanization to reduce labor-intensive processes, significantly decreasing harvesting time and enhancing scalability.

Leadership Team

Nam Dang: Co-founder and CEO, overseeing strategic direction and operations.

Bicky Nguyen: Co-founder and Business Development Director, leading market expansion and partnerships.

Competitor Profile

Market Insights and Dynamics

The edible insect market is experiencing significant growth due to increasing demand for sustainable and alternative protein sources. Cricket One operates in a competitive landscape with several key players.

Competitor Analysis

InnovaFeed: Headquartered in Paris, France, founded in 2016, specializing in insect protein for animal feed, generating 467% the revenue of Cricket One.

Ÿnsect: Based in Evry-Courcouronnes, France, founded in 2011, focusing on mealworm protein production, generating $83.6 million more revenue than Cricket One.

Aspire Food Group: Located in Austin, Texas, founded in 2012, producing cricket-based products primarily for the North American pet food industry, with 48 more employees than Cricket One.

Strategic Collaborations and Partnerships

Cricket One has established significant collaborations to strengthen its market position:

Vietnam National University of Agriculture: Partnered to develop sustainable feed recipes, enhancing product quality and sustainability.

Global Distributors: Collaborates with 15 distributors worldwide, servicing 20 markets, including being the sole manufacturer outside the European Union authorized to sell cricket protein within the region.

Operational Insights

Cricket One's operational strategy focuses on:

Decentralized Farming Model: Empowering local farmers to construct cricket sheds under the company's guidance, ensuring standardized and scalable production.

Centralized Processing Facility: Operating Asia's largest cricket processing facility in Binh Phuoc, Vietnam, with an initial capacity of 1,000 metric tons per year, aiming to increase to 10,000 tons over the next five years.

Strategic Opportunities and Future Directions

Cricket One's future strategies include:

Product Innovation: Expanding the Rec Rec brand with new products like cricket chips to capture a larger share of the snack market.

Market Education: Addressing cultural barriers to edible insect consumption through robust market education and innovative product offerings.

Sustainability Initiatives: Continuing to develop sustainable farming practices and feed recipes to minimize environmental impact and promote circular economy principles.