Agronomics Limited Investee Company Update: New Age Meats
11 February 2021 - 6:00PM
RNS Non-Regulatory
TIDMANIC
Agronomics Limited
11 February 2021
11(th) February 2021
Agronomics Limited
("Agronomics" or the "Company")
Investee Company Update: New Age Meats Raises Additional US$ 2
million
Agronomics, a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat, is
pleased to announce portfolio company New Age Meats (trading name
for Simply Foods, Inc) has raised a further US$ 2 million via
convertible debt. In July 2019, Agronomics completed a subscription
of US$ 699,999.34 for 885,739 Series Seed Preferred Shares.
Agronomics currently holds approximately 7.0% in New Age Meats on a
fully diluted basis. This further raise does not result in a change
to the carrying or implied value of Agronomics' holding in New Age
Meats.
The full announcement is set out below with no material changes
or adjustments:
New Age Meats Announces another $2M in Seed Extension prior to
Series A
BERKELEY, Calif. , Feb. 10, 2021 /PRNewswire/ -- New Age Meats
("NAM"), a cultivated and plant-based meat startup in Berkeley, CA
with an initial focus on pork, announces an additional $2M in Seed
extension, adding to funds raised post-Seed announced late last
year. In total, the company has raised $7M and now turns its sights
towards a Series A in the coming months.
The additional funds allow New Age Meats to continue
construction of a team experienced in bringing products from
inception to mass market. Hires over the last year include not just
bioengineers with product development and scaling experience, but
also a food team featuring key Impossible Foods alumni. NAM reports
that their first products, pork sausages and dumplings, replicate
the taste, aroma, and mouthfeel of conventional pork better than
any product currently available.
"Ultimately, we will fail if our products are too expensive and
low volume to be served anywhere but luxury restaurants," says
Brian Spears, the company's CEO. "We've focused relentlessly on
driving down the cost and scaling production of our product: hybrid
cultivated and plant-based meat that doesn't sacrifice on flavor.
We want to make the world a better place by making the better
decisions easy. We are well on our way to bringing that vision to
market after our upcoming Series A."
"As we continue to ramp up to market, we strategically brought
on investors aligned with our short and long term growth," Spears
continues. "This round includes a very large, significant industry
player in Asia who for now must remain confidential. Additionally,
Peter Rahal's Litani Ventures has joined. His experience with
RXBAR, from founding to exit, is invaluable as we navigate to
become the largest meat company in the world."
Other investors in the round include follow-on investments from
ff VC, SOSV, and Innovating Capital, as well as new investments by
San Diego Tech Coast Angels, BeniVC, Oceanic Partners, Deep
Ventures, and Climate Capital.
Media Contact:
Derin Alemli, CFA
Chief Operating Officer
email: press@newagemeats.com
About New Age Meats
New Age Meats was founded in 2018 and headquartered in Berkeley,
California. Specializing in pork, NAM is working to bring hybrid
cultivated and plant-based pork products to market soon. They make
meat for meat eaters in an age where the definition of meat is
changing. Embedded in their ethos is the desire to positively
impact the world, with the mission of building a more sustainable
supply of protein for the planet.
SOURCE New Age Meats
About Agronomics
Agronomics is a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat. The
Company has established a portfolio of 16 companies at the Seed to
Series B stage in this rapidly advancing sector. It seeks to secure
a 5-10% initial ownership in technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/ .
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with c
US$ 170 million invested globally between 2016-2019 and over US$
270 million raised in 2020 alone. Additional financings are
anticipated as the capital requirements of these companies grows to
build out and scale up manufacturing facilities. Currently it is
estimated that there are 60 companies globally within the sector.
AT Kearney, a global consultancy, has predicted that Cultivated
Meat's market share of meat consumption will be 35% by 2040.
For further information please contact:
Agronomics Beaumont Cenkos Peterhouse Capital TB Cardew
Limited Cornish Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Nick Searle Charles Goodfellow Joe McGregor
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+44 (0) 20 7930 0777
+44 (0) 7738 724 630
+44 (0) 1624 639396 agronomics@tbcardew.co
info@agronomics.im +44 (0) 207 628 3396 +44 (0) 207 397 8900 +44 (0) 207 469 0936 m
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