TIDMANIC
RNS Number : 8196U
Agronomics Limited
04 August 2022
4th August 2022
Agronomics Limited
("Agronomics" or the "Company")
Agronomics Leads All G Foods Series A Financing Round
Agronomics, the leading listed company focused on the field of
cellular agriculture, is pleased to announce it has led All G Food
Holding Pty Ltd 's (" All G Foods") Series A financing round with a
AU $15 million (approximately GBP8.7 million) investment (the
"Subscription"), subscribing for 2,803,214 Series A Preferred
Shares. The Subscription is conditional on All G Foods' shareholder
approval which is expected in Q3 2022. Agronomics will own 8.01% of
All G Foods on a fully diluted basis following close of the round.
The Subscription will be made using cash from the Company's own
resources and will represent an estimated portfolio weighting based
on the Company's last reported Net Asset Value of 5.8%.
All G Foods is an alternative protein, Asia-Pacific company
focused on the commercialisation of its precision fermentation
platform designed to create sustainable dairy products and dairy
proteins. It also owns a rapidly growing plant-based meat business
Love BUDS(TM) which it is commercialising through key channels
throughout Asia-Pacific including the Woolworths group.
All G Foods, based in Sydney, Australia was founded in 2020 by
CEO Jan Pacas. Jan is an experienced entrepreneur, previously
founding and building successful businesses, with multiple
successful exits, including Mad Paws Holdings Limited ( Mad Paws )
and Flare HR Pty Ltd ( Flare ) . All G Foods is aiming to be the
first company in Asia-Pacific to commercialise next generation
dairy proteins. Expanding off the back of its existing plant-based
meat business, All G Foods will focus on markets in the Asia
Pacific region, utilising its existing distribution channels to
increase the reach of its animal-free dairy products. Its technical
team, led by Dr Roman Buckow, and Dr Jared Raynes, a former food
chemistry and dairy lead at the Commonwealth Scientific and
Industrial Research Organisation ( CSIRO -- Australia's government
agency responsible for scientific research), is already showing an
accelerated path toward commercialisation from the scale-up of its
dairy proteins, including whey and caseins.
Agronomics has identified All G Foods as having leading dairy
precision fermentation expertise and notably a focus on casein
micelle formation, the 3D spherical assembly of casein proteins
critical for full functionality in dairy products, which to date
has been a challenge for other companies in the sector globally.
Agronomics recognises the need for multiple successes in the
precision fermentation dairy category, to disrupt the US $700
billion global dairy market.
Agronomics will join a key list of existing investors, including
W23 Pty Limited (" W23 ") , the venture capital and innovation fund
of Woolworths Group Ltd, Australia's largest supermarket chain and
the Clean Energy Finance Corporation ( CEFC ) , Australia's AU$ 10
billion 'green bank' established to facilitate investment in clean
energy sector, who both invested in the seed round. The remaining
investors of the Series A funding round will be announced in due
course. We believe the total funding will make All G Foods one of
the best funded companies in the cellular agriculture sector in
Asia-Pacific.
New Agrarian Company Limited "New Agrarian", the affiliate of
Agronomics, will be investing AUD $10 million (approximately GBP5.8
million), on identical terms to Agronomics for 5.34%. In aggregate,
Agronomics and New Agrarian will own 13.34% of All G Food on a
fully diluted basis and have the right to a board seat following
the close of the financing round.
Since this Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. All G Foods is an early-stage company
generating small revenues with operating costs of approximately AU$
476,000 per month, and total assets as at 30 June 2022 of AU$ 8.8
million, including cash or near cash of AU$ 4.9 million with no
material liabilities.
Jim Mellon, executive director of Agronomics commented:-
"We are delighted to be expanding our portfolio to include All G
Foods, and increasing our exposure to the readily disruptable dairy
industry, which is large enough to support multiple winners across
different jurisdictions. We recognise Asia-Pacific as a growing
market for alternative proteins and realise the need for further
focus on precision fermentation dairy given the enormous markets
and the cruelty of conventional dairy farming. Further, with our
investment in Liberation Labs, we are taking a proactive approach
to ensure the infrastructure and broader ecosystem is in place for
industrial production by the time our portfolio companies are ready
for large scale commercialisation."
Jan Pacas, founder and CEO of All G Foods added:-
'We could not be happier with Agronomics leading our Series A
round due to their wealth of experience in funding the cellular
agriculture sector. When looking for investment it is critical for
us that our investors share our vision for developing technology
that can change the way we impact the planet through categories
that are simply not sustainable as our populations grow. We are
confident with investors like this we are able to accelerate our
commercialisation objectives and be the first in Asia-Pacific'
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
it forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
About All G Foods
At All G Foods we know that proteins created through animal
agriculture can't feed the next generations of humans. That's why
our mission is to design a sustainable food future - one that is
limitlessly good. We believe the solution to the growing protein
demand is innovative, affordable, delicious, nutritious, and
sustainable alternative proteins, so we're leading technological
innovations for the creation of next generation dairy and meat.
We're on a trajectory to develop the world's first-to-market
identical dairy milk, entirely animal free through precision
fermentation and doing plant-based differently to any other brand
with our Love BUDS(TM) products. Our bunch of thinkers, doers,
problem solvers, investigators, futurists, helpers and organisers
all thrive here at All G Foods, and our differences make us better.
Our people love what they do, love working with each other, and
love leaving an imprint for a better future.
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 24 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 $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 4 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse TB Cardew
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Joint Joint Public Relations
Broker Broker Broker
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Richard Reed Roland Andrew Giles Lucy Williams Ed Orlebar
Denham Eke Cornish Potts Balleny Charles Alistair Walker
James Harry Max Gould Goodfellow
Biddle Rees Michael
Alex Aylen Johnson
(Head
of Equities)
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+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0) +44 (0) 7738 724
639396 207 628 207 523 207 397 207 469 630
info@agronomics.im 3396 8000 8900 0936 agronomics@tbcardew.com
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