TIDMANIC
RNS Number : 1536Y
Agronomics Limited
04 May 2023
4 May 2023
Agronomics Limited
("Agronomics" or the "Company")
Investee Company Update: Good Dog Food Announces Successful
GBP3.6 Million Seed Financing Round
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that the
Company has invested GBP1 million ("the Subscription") in Good Dog
Food Limited ("GDF") as part of its GBP3.6 million Seed financing
round. The Subscription was paid using cash from the Company's own
resources and will result in Agronomics holding 8,768 shares in GDF
representing 42.4% of the company. Investors joining this latest
round of financing include Siddhi Capital, a prominent and highly
respected investor in innovative food products and technologies,
together with a number of private individuals. Jim Mellon, an
Executive Director of Agronomics and a 2.99% shareholder in GDF,
also participated in the fundraise, with a GBP300,000
investment.
GDF is focused on developing cultivated pet food, with the goal
of creating a novel range of products from ingredients that should
appeal to pet owners who value sustainable, slaughter-free,
antibiotic-free, high quality nutritious food for their pets. Meat
provides essential nutrients for companion animals, however, when
produced from livestock or fish, it is a major driver of climate
change and often results in the overexploitation of natural
resources. Food for companion animals accounts for almost a quarter
of meat produced in the US, and in the US alone it is estimated dog
and cat food is responsible for 65 million tonnes of CO2-equivalent
methane and nitrous oxide.
In March 2022 Agronomics launched GDF, investing GBP150,000 in
the Founder's round. Subject to audit, Agronomics will be carrying
this investment at GBP4.96 million, including an unrealised gain of
GBP3.81 million.
Jim Mellon, Executive Director of Agronomics said:-
" By creating sustainable, ethical meat from cells, Good Dog
Food are able to replace the 20% of meat and fish produced globally
for use in pet food.
As a dog owner, I have been looking for high-quality
alternatives to traditional meat to provide to my dogs. Good Dog
Food will do exactly that. It is even more exciting to know that
Good Dog Food may accelerate the introduction of cultivated meat to
the broader public "
Owen Ensor, GDF's CEO, adds:-
"We're extremely excited to work with Agronomics. Their
industry-leading expertise and advice have been fundamental to the
ongoing success of Good Dog Food. With their support, we aim to
bring some of the first ever cultivated meat products to market
and, ultimately, help transform our food system into one that is
both sustainable and ethical. Developing products for pet food is
the natural starting point."
About Good Dog Food
Good Dog Food aims to develop the first ever cultivated meat
products for the GBP80B pet food industry. They will create meat
that is truly healthy, ethical, and sustainable whilst being free
from antibiotics and steroids. Given the more straightforward
regulation for pet food, Good Dog Food aims to commercialise
product faster than cultivated meat for human food. To date they
have removed all animal components from their manufacturing
process, have developed prototype products, and built relationships
with leading pet food manufacturers and retailers. Find out more at
www.gooddogfood.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 over 20 companies 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 and be 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 $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however, still, less than US$ 5 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Genuity Cenkos Peterhouse
Limited Cornish Limited Limited Securities Capital
Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker
================== ================= ================== =====================
Richard Reed Roland Cornish Andrew Potts Giles Balleny Lucy Williams
Denham Eke James Biddle Harry Rees Michael Johnson Charles Goodfellow
Alex Aylen (Head
of Equities)
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+44 (0) 1624
639396 +44 (0) 207 +44 (0) 207 +44 (0) 207 +44 (0) 207
info@agronomics.im 628 3396 523 8000 397 8900 469 0936
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