TIDMANIC
RNS Number : 9623U
Agronomics Limited
08 December 2021
8 December 2021
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company The EVERY Company Announces Oversubscribed US$
175 million Series C Round
Agronomics, the leading listed investment company focused on the
field of cellular agriculture, is pleased to announce portfolio
company The EVERY Company ("EVERY", formerly Clara Foods Co.) has
closed its oversubscribed US$127.5million Series C Round by raising
a total of US$175 million. Agronomics participated in this round on
the 4 November, when it announced its US$8 million investment and
based on this revised Series C Round its investment will equate to
an interest of 1.28%. This equates to an estimated portfolio
weighting based on the Company's last reported Net Asset Value of
5.6%.
EVERY is a leading precision fermentation company with a key
focus on the commercialisation of proteins traditionally derived
from animals. Recently, EVERY launched the world's first
animal-free egg protein and collaborated with the juice brand
Pressed to produce smoothies containing their protein. This recent
fundraise will help drive the scale up of its animal-free protein
platform, so that EVERYs sustainable ingredients can have a
worldwide reach.
The full announcement is set out below without any material
changes:
The EVERY Company Closes Oversubscribed $175 Million Series C
Round as it Drives Scale-up of its B2B Animal-Free Protein
Platform
Capital to Fuel Rapid Nationwide Expansion into CPG and
Foodservice Channels
San Francisco (December 7, 2021) - The EVERY Company, the
leading precision fermentation platform accelerating a global
transition to animal-free protein, today announced it has closed
$175 million in Series C financing. The round was co-led by new
investor, McWin, and existing investor, Rage Capital. Other new and
existing investors joined the round including Temasek, Grosvenor's
Wheatsheaf Group, and TO Ventures. Prosus Ventures also contributed
to the funding, marking its first investment in synthetic
biology.
Notably, the Series C round raised by EVERY(TM) (formerly Clara
Foods) was heavily oversubscribed due to strong investor appetite
to fill the growing supply gap for animal-free protein and
ingredient solutions. "The global demand for alternative proteins
has grown substantially, but the infrastructure needed to produce
the necessary ingredients has yet to catch up. EVERY's platform is
a big step towards filling that gap," said Katrin Burt, Managing
Partner of Grosvenor's Wheatsheaf Group.
The Series C round brings EVERY's total funding to $233 million.
EVERY(TM) will use the capital to scale production, commercialize a
robust pipeline of animal-free protein products nationwide, and
expand into a broad array of new food applications. EVERY(TM) will
also continue to expand its protein production platform by mining
the egg proteome for novel, hyper-functional proteins.
"It's rare for a company to credibly claim revolutionizing a
century-old industry. Arturo and the team at EVERY(TM) are doing
just that," said Gabriel Ruimy, Managing Partner of Rage Capital.
"By leveraging precision fermentation technologies, EVERY(TM) is
bringing ingredient synthesis from science fiction to supermarket
aisles, starting with egg proteins and enzymes. We look forward to
supporting the company in the commercialization of such exciting
innovation in the next years."
EVERY(TM) has pioneered a disruptive advance in food technology
by developing a platform that produces real animal proteins without
the use of a single animal. Last year, it launched the world's
first animal-free pepsin with Fortune 500 ingredients company,
Ingredion. Most recently, it launched the world's first animal-free
egg protein. In November, EVERY(TM) made its retail debut by
announcing a limited time partnership with leading national
cold-pressed juice brand Pressed to serve the world's first
nature-equivalent animal-free protein smoothie directly to
consumers for the first time.
"The restaurant industry is one of the early adopters of new
food technologies and their introduction to the consumer. Given our
deep roots in restaurants and as a prolific investor in the leading
alternative protein companies, McWin is uniquely equipped to
support EVERY's ambitious plans to bring its products to menus
worldwide," said Henry McGovern, founder of McWin Food Ecosystem
Fund and AmRest, which operates over 2,300 restaurants globally.
"Eggs are not only ubiquitous, but they are also incredibly
difficult to replace; we see tremendous potential in EVERY's
revolutionary technology."
"There has never been a better time to be a B2B ingredients
platform," said Arturo Elizondo, CEO & founder of The EVERY
Company. "As the world's biggest food companies work to evolve
their product offerings into the 21st century by driving for
cleaner, kinder, and more sustainable labels, the options available
are few and far between. We at EVERY(TM) are perfectly positioned
to enable the world's largest and smallest food companies to
transition to an animal-free future -- without compromises. Now,
our major objective is to scale the platform to make good on our
promise to bring our proteins to everyone, everywhere. This new
injection of capital will allow us to do just that."
Proteins by EVERY(TM) are distributed globally by Ingredion, a
Fortune 500 ingredients solutions company. Those interested in
sourcing animal-free proteins or needing a sample for commercial
use can contact sales@theEVERYcompany.com or visit
theEVERYcompany.com.
About The Every Company
The EVERY Company, headquartered in the San Francisco Bay Area,
is a market leader in engineering, manufacturing and formulating
animal-free, animal proteins as ingredients for the global food and
beverage industry. Originally founded as Clara Foods in 2014, EVERY
rebranded in 2021 to better convey its vision to bring animal-free
proteins to everyone, everywhere. EVERY is a team of passionate
changemakers who are reimagining the factory farm model with a more
sustainable and kinder alternative. Leveraging precision
fermentation to produce super-functional and one-to-one replacement
proteins from microorganisms, EVERY is on a mission to decouple the
world's proteins from the animals that make them. The EVERY
Company's Press Kit can be found here .
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 C 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.
For further information please contact:
Agronomics Beaumont Cenkos TB Cardew
Limited Cornish Securities
Limited Plc
The Company Nomad Broker Public Relations
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Richard Roland Giles Balleny Ed Orlebar
Reed Cornish Michael Joe McGregor
Denham Eke James Biddle Johnson
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+44 (0) 20 7930
0777
+44 (0) +44 (0) +44 (0) 7738 724
+44 (0) 207 628 207 397 630
1624 639396 3396 8900 agronomics@tbcardew.com
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