TIDMANIC
RNS Number : 0145G
Agronomics Limited
21 July 2021
21 July 2021
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Shiok Meats Pte. Ltd Raises Bridge Funding
Agronomics, the leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat, is pleased to
announce portfolio company Shiok Meats Pte. Ltd. ("Shiok Meats")
has raised a bridge funding round from South Korean strategic
investors Woowa Brothers Asia Holdings and CJ CheilJedang
Corporation, as well as Vietnamese seafood exporter Vinh Hoan
Corporation. Agronomics holds 2,465 Series A Preferred Shares in
Shiok Meats, representing a 1.6% equity ownership on a fully
diluted basis (excluding any shares to be issued pursuant to this
debt financing).
The full announcement is set out below with no material changes
or adjustments:
Shiok Meats raises bridge funding from notable strategic
investors, as they build the first state-of-the-art production
facility in Singapore
Singapore, July 21, 2021- Shiok Meats, the world's first
cell-based crustacean meat company, has raised a bridge funding
round from South Korea's leading food industry players Woowa
Brothers Asia Holdings and CJ CheilJedang Corporation and Vietnam's
top seafood exporter Vinh Hoan Corporation. This brings the total
raised capital to approximately US$30 million to date.
This bridge round also includes further investment from existing
investors such as IRONGREY (Korean family office investing in
global tech companies), Big Idea Ventures (USA/Singapore), Twynam
Investments (Australia), Henry Soesanto (CEO of Monde Nissin), The
Alexander Payne Living Trust (USA), Beyond Impact Vegan Partners
(Europe), Boom Capital Fund (USA), Toyo Seikan Group Holdings (a
Japan-based packaging and manufacturing company) and Mindshift
Capital (UAE).
Dr. Sandhya Sriram, CEO & Co-founder of Shiok Meats said,
"We are very excited to be backed by partners who believe in our
potential to scale and are equally passionate about the cell-based
meat and seafood space. The next 12-18 months are crucial, and the
funds will allow us to advance our R&D efforts and build a
state-of-the-art production facility in Singapore. We will expand
operations, collaborations and also work on vertical and/or
horizontal integration within the alternative protein
industry."
Shiok Meats, which is headquartered in Singapore, has also
received the coveted Startup SG Tech Proof-of-Value (POV) grant
from Enterprise Singapore to fast-track technology development/
commercialization.
"We are committed to bringing this novel technology to the
forefront of global food systems so they are robust enough to feed
10 billion people by 2050. As a pioneer venture, we will also
continue to do our part in educating consumers on the benefits of
cell-based meat technology for the environment, human health, and
animal welfare", said Dr. Ka Yi Ling, CTO & Co-founder of Shiok
Meats.
Since being founded in 2018, Shiok Meats has made significant
progress in a short span. They launched their first cell-based
shrimp and lobster prototypes in exclusive tasting sessions in 2019
and 2020, respectively. The company currently employs 30+
scientists, engineers, food technologists, and business
professionals and intends to launch in Singapore latest by
2023.
About Shiok Meats
Shiok Meats is the first cell-based seafood and meat company in
Southeast Asia and the first cell-based crustacean (shrimp,
lobster, crab, crayfish) company globally to bring sustainable,
healthy, cruelty-free, and delicious cell-based meat to the
world.
Follow Shiok Meats on Facebook, Instagram, and Twitter at
@shiokmeats for latest news.
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 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/portfolio/ .
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 80 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 TB Cardew
Limited Cornish Securities Capital
Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
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Richard Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Reed James Biddle Nick Searle Charles Joe McGregor
Denham Goodfellow
Eke
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+44 (0) 20 7930
0777
+44 (0) +44 (0) +44 (0) +44 (0) +44 (0) 7738
1624 639396 207 628 207 397 207 469 724 630
info@agronomics.im 3396 8900 0936 agronomics@tbcardew.com
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