Agronomics Limited Agronomics Leads Ohayo Valley's Pre-Seed Funding (8969S)
19 Novembre 2021 - 8:00AM
UK Regulatory
TIDMANIC
RNS Number : 8969S
Agronomics Limited
19 November 2021
19th November 2021
Agronomics Limited
("Agronomics" or the "Company")
Agronomics Leads Ohayo Valley's
Pre-Seed Funding Round
Agronomics, the leading listed company focused on cellular
agriculture, is pleased to announce today that the Company has
completed a subscription of US$ 1.5 million in the form of a Simple
Agreement for Future Equity ("SAFE"), in Ohayo Valley Inc ("Ohayo
Valley"). The Subscription will be paid using cash from the
Company's own resources.
Ohayo Valley is a cultivated meat company, initially focused on
producing cultivated Wagyu ribeye steak, before expanding to other
beef products. Ohayo Valley was co-founded in 2020 by Dr. Jess
Krieger. Combined, the cofounding team brings 20 years of
experience in the cultivated meat sector, including Jess' previous
position as CSO for Artemys Foods, where she led the development of
the Artemys Burger prototype.
The SAFE is expected to convert into preferred shares in Ohayo
Valley at a future equity financing round of at least US$ 1.5
million, giving Agronomics an approximate equity ownership of
18.75%. Agronomics will have the right to a board seat.
Jim Mellon, co-founder and executive director of Agronomics
commented:-
"Agronomics is thrilled to be supporting Ohayo Valley and in
particular working with Dr. Jess Krieger, to develop and
commercialise their cultivated Wagyu ribeye steak. This marks
Agronomics first investment into a company focused on producing
structured beef products, and is of great relevance, noting that
conventional beef production is heavily carbon and resource
intensive."
Dr. Jess Krieger, co-founder and CEO of Ohayo Valley added:-
"We are thrilled to work with Agronomics to achieve our mutual
goal to create a sustainable and secure food system in the era of
the anthropocene. The challenges facing human civilization are
massive, but so are the opportunities to redesign entire industries
to optimize efficiency. Consequently, we are rapidly approaching a
new agricultural paradigm through radical innovation of animal
products. The cultivated meat industry provides a future where the
traditions, culture, and community that are essential to our
identities are preserved, while simultaneously creating a more
sustainable and ethical food system. We're grateful to work with
Agronomics to make our shared vision of the future a reality."
About Ohayo Valley
Ohayo Valley is a cultivated beef company blending plant-based
meat and cultivated meat to develop cultivated Wagyu ribeye.
Although starting with Wagyu, the product portfolio will be
expanded to produce all types of beef - including ground beef and
other steak cuts. Ohayo Valley uses a deep tech platform for
innovation, combining synthetic biology, biomanufacturing, and food
engineering to create animal products, without animals.
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 18 companies at the Pre-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 Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter,
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists claims that
if we maintain existing animal protein consumption patterns, then
we will not meet the Paris Agreement's goal of limiting warming to
1.5
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 1 billion has been invested worldwide
since the industry's inception in 2016.
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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