Agronomics Limited Agronomics leads VitroLabs Series A Funding (2210M)
20 September 2021 - 4:00PM
UK Regulatory
TIDMANIC
RNS Number : 2210M
Agronomics Limited
20 September 2021
20(th) September 2021
Agronomics Limited
("Agronomics" or the "Company")
Agronomics leads leather producer VitroLabs Series A Funding
round
Agronomics, the leading listed alternative proteins company
focused on cellular agriculture and cultivated meat, is pleased to
announce it has led portfolio company VitroLabs Inc's ("VitroLabs")
Series A funding round with a US$ 7.0 million investment ("the
Subscription"). The Subscription is part of a funding round being
undertaken by VitroLabs with the proceeds being used to build and
scale the world's first pilot production facility of cultivated
leather.
Agronomics previously invested US$ 3.5 million in VitroLabs via
SAFEs and CLNs, which will convert on completion of this funding
round. Therefore, in total, Agronomics will hold an equity
ownership of 14.65% on a fully diluted basis and will have the
right to a board seat. Agronomics will now carry this position in
its accounts at a book value of US$ 12.75 million, subject to
audit, including an unrealised gain on cost of US$ 2.25 million and
an IRR of 40%. The VitroLabs position will represent approximately
8.7% of Net Asset Value.
VitroLabs is the Bay-Area-based biotechnology company focused on
producing leather via its innovative and unique cell culture
process. Its technology encompasses utilising a tissue engineering
process to create genuine hides directly from animal cells for
leather products. The global luxury leather goods market is a US$
48 billion opportunity, and VitroLabs is set to become the world's
first company to commercialise cultivated leather.
Jim Mellon, non-executive director of Agronomics, recognises
VitroLabs technology as a pioneer and category leader in the field
of cultivated leather:
"The application of cell culture to produce materials provides
VitroLabs with a unique positioning to supply genuine leather to
the fashion industry in particular, offering a sustainable and
direct replacement to conventional leather sourcing and
production."
Ingvar Helgason, CEO and Co-founder of VitroLabs commented:-
"Sustainable sourcing is not a bonus anymore - it's fundamental
to the future of not just the fashion industry, but also protecting
the planet and our collective future. Our technology allows for
sustainable sourcing without requiring compromise on the part of
consumers or brands - that's why we see cultivated leather hides as
the right solution for the luxury market."
About VitroLabs
VitroLabs, founded in 2016 and headquartered in the San
Francisco Bay Area is a biomaterials company developing a scalable
tissue engineering platform for the efficient and
environmentally-friendly production of leather hides from only a
few cells. Combining tissue engineering processes with proprietary
advances to achieve commercial scale, VitroLabs is on a mission to
produce a range of new biomaterials that achieve the look, feel and
performance of traditional luxury materials without compromise. The
cultivated leather process involves taking a one-time collection of
cells from an animal. The cells are grown in a nutrient-rich
environment. Without ever going back to the animal again, the cells
grow, divide and form into tissue. The composition of cultivated
tissue achieves the same complexity of traditional hides,
containing a variety of cells and proteins that render a durable
and luxurious material when finished, but without the need to raise
or slaughter animals. The process is not only cruelty-free, but
more sustainable than traditional leather. For more information,
visit www.vitrolabsinc.com .
Since this Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. VitroLabs is an early-stage pre revenue
company with operating costs of approximately US $300,000 per
month, and total assets as at 3 0 June 2021 of US $612,000
including cash or near cash of US $512,000 with no material
liabilities.
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat. The Company
has established a portfolio of 16 companies at the Seed to Series B
stage in this rapidly advancing sector. It seeks to secure minority
stakes in companies owning technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/ .
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with
approximately US$ 170 million invested worldwide 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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
For further information please contact:
Agronomics Beaumont Cenkos Peterhouse
Limited Cornish Limited Securities Capital TB Cardew
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 Michael Johnson Charles Goodfellow Joe McGregor
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+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) 7738
639396 +44 (0) 207 +44 (0) 207 +44 (0) 207 724 630
info@agronomics.im 628 3396 397 8900 469 0936 agronomics@tbcardew.com
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