TIDMANIC
RNS Number : 1330N
Agronomics Limited
28 September 2021
28 September 2021
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company New Age Meats Announces US$ 25 million Series
A
Agronomics, the leading listed alternative proteins company
focused on cellular agriculture and cultivated meat, is pleased to
announce portfolio company Simply Foods, Inc., trading as New Age
Meats, has closed a US$ 25 million Series A funding round led by
Hanwha Solutions Corporation, a South Korean conglomerate.
Agronomics first invested in New Age Meats in July 2019 , with a
US$ 699,999 investment. The Series A financing represents a 5.14x
uplift on the original cash investment by Agronomics, with an IRR
of 119%. Subject to audit, Agronomics will carry this position in
its accounts at a book value of US$ 3.60 million, including an
unrealised gain on cost of US$ 2.90 million.
The full announcement is set out below without any material
changes:
New Age Meats Raises $25M in Series A Funding
To Speed Development of Cultured Meat
South Korea's Hanwha Solutions Leads Funding for R&D,
Commercialization Efforts
BERKELEY, Calif., September 27, 2021 - New Age Meats announced
today that it has raised $25 million in Series A funding, a crucial
milestone that will allow the Berkeley-based cultured meat company
to begin production by 2022.
Hanwha Solutions of South Korea led the funding round, with
follow-on funding from previous investors SOSV's IndieBio, TechU
Ventures, ff VC, and Siddhi Capital. Hanwha ranks among the largest
conglomerates in South Korea.
"Hanwha, more than any other investor, really got our unique
approach and that is to understand why our senses light up when we
eat meat - then create a sustainable and humane process that
delivers this experience in an affordable and widely available
way," said CEO Brian Spears.
"Hanwha's vast financial resources along with its interest in
the nutrition business made it a natural choice as a financial ally
and strategic partner," said Spears. "With the backing of Hanwha
and our other investors, we are well on our way to becoming the
largest and most innovative meat company on Earth."
NAM, which was founded in 2018, will use the Series A funding to
double the size of its workforce, build a 20,000-square-foot pilot
manufacturing facility in Alameda, Calif., and perfect the taste of
its first product offering - a variety of sausage products.
It will also build out its commercial capabilities to deliver
the product in the United States in 2022, pending approval from
federal regulators. NAM's production process is designed to scale
up quickly to meet demand in rapidly growing markets, such as
Asia.
"If the pandemic and climate change has underscored anything, it
is that the world needs to find dramatically better ways to satisfy
the growing demand by billions of people for protein without
harming animals or further hurting the environment," said
Spears.
"We believe our hybrid products, which combine cultured meat
with plant-based protein, do just that," Spears added. "And we're
moving as quickly as possible to scale up and satisfy the growing
demand for affordable meat alternatives around the world."
Prior to this Series A round, New Age Meats raised $7 million,
including investment from RXBAR Founder, Peter Rahal. Other
investors in the round include Losa Group, Supernode Ventures,
Hemisphere Ventures, Level One Fund, Climate Capital, Deep
Ventures, Mons Investments, LLC, Innovating Capital, Sand Hill
Angels, Marinya Capital, Break Off Capital, Thia Ventures,
Kingfisher Capital LLC, and BeniVC.
New Age Meats was founded to make better meat while improving
human health, animal welfare, and the environment.
###
For more information visit : newagemeats.com
or email Melissa@MHarris.com
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat. The Company
has established a portfolio of 16 companies at the Seed to Series B
stage in this rapidly advancing sector. It seeks to secure minority
stakes in companies owning technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/.
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with
approximately US$ 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.
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
------------------ ------------------ --------------------- ------------------------
Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Michael Johnson Charles Goodfellow Joe McGregor
------------------ ------------------ --------------------- ------------------------
+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
------------------ ------------------ --------------------- ------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBRGDCDDDDGBR
(END) Dow Jones Newswires
September 28, 2021 02:00 ET (06:00 GMT)
Agronomics (AQSE:ANIC.GB)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Agronomics (AQSE:ANIC.GB)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
