Legendary Foods emerged as the first runner-up of the 2022 African Development Bank-backed AgriPitch Competition in the fiercely contested Women-led businesses category. The company was awarded a cash prize of $15,000.
Legendary Foods delivers the nutrition of meat at the price and sustainability of plants using insect agriculture made into delicious products. Led by Shobhita Soor, the company produces palm weevil larva, a local delicacy that has been traditionally harvested. The company’s vertical farm system avoids the deforestation practices usually used in palm larvae harvesting while ensuring the highest quality larvae.
Palm larvae, traditionally widely consumed across West and Central Africa, are a highly nutritional source of protein, good fats, and many essential vitamins. Protein-rich foods like chicken and beef lack shelf stability, making them difficult and expensive to access.
The AgriPitch Competition is a central and recurring activity of the African Development Bank’s ENABLE Youth Program. The competition targets African youth working in the agricultural value chain. The participating entrepreneurs received training to build business skill capacity with the requisite tools and knowledge to bolster their investor readiness and financial management and help them pitch bankable business proposals.
Source: Private Equity Support
