TIDMANIC
RNS Number : 8329I
Agronomics Limited
09 August 2023
THIS ANNOUNCEMENT REPLACES THE ANNOUNCEMENT "MEATABLE COMPLETES
EUR35M SERIES B FINANCING ROUND" OF 8 AUGUST 2023 WITH RNS NUMBER
64131.
- in the headline and in the first paragraph the reference to
"EUR35 million of financing" should read "EUR30 million of
financing"
- the following text from the third line of the first paragraph
should be added in describing the Subscription: "using cash from
the Company's own resources. Agronomics also received 200 warrants
exerciseable any time in the next five years at a price per share
equivalent to the Subscription"
- the figure of EUR195k paid as a secondary transaction in May 2021 should read GBP195,632
- the statement relating to Agronomics' investments should read
" will be carried at GBP11.8 million (EUR13.7 million)" , rather
than EUR14.2 million; "including an unrealised gain of GBP3.9
million (EUR4.5 million)", rather than EUR5 million; " and
represents a gross IRR of 22.31%. Agronomics now holds an equity
stake of 6.51%", rather than 6.7%; " in Meatable, with the position
accounting for approximately 7.4%", rather than 9%, "of Agronomics'
30 June 2023 Net Asset Value (as adjusted for this investment)
"
- in the third paragraph the phrase "together with" was omitted
from the phrase "led by Agronomics together with New Agrarian"
- and also in the third paragraph, the amount of the
contribution from Invest-L should have read "EUR15 million", rather
than EUR17 million.
All other text remains the same.
9 August 2023
Agronomics Limited
("Agronomics" or the "Company")
Meatable Announces Successful EUR30 Million Series B Financing
Round
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce it has
invested EUR4 million (the "Subscription") as part of Meatable's
EUR30 million Series B financing round using cash from the
Company's own resources. Agronomics also received 200 warrants,
exercisable at any time in the next five years at a price per share
equivalent to the Subscription. The funding round was co-led
alongside New Agrarian Company Limited ("New Agrarian").
Agronomics first invested EUR2 million in Meatable B.V.
("Meatable") in December 2019 , followed by an additional EUR1
million in June 2020 , EUR2 million in February 2021 and EUR195,632
via a secondary transaction in May 2021 . Subject to audit,
Agronomics' investments, inclusive of the Subscription, will be
carried at GBP11.8 million (EUR13.7 million), including an
unrealised gain of GBP3.9 million (EUR4.5 million) and represents a
gross IRR of 22.31%. Agronomics now holds an equity stake of 6.51%
in Meatable, with the position accounting for approximately 7.4% of
Agronomics' 30 June 2023 Net Asset Value (as adjusted for this
investment).
The successful funding round was led by Agronomics together with
New Agrarian and saw the Dutch impact fund, Invest-NL, join as a
new investor, contributing EUR15 million , alongside renewed
support from existing investors, including BlueYard, Bridford,
MilkyWay, DSM Venturing and Taavet Hinrikus (chairman and founder
of Wise).
The funding will be used to further scale Meatable's production
processes and accelerate its commercial programme in target markets
to deliver cultivated meat products that are price competitive with
traditional meat. Starting in Singapore, Meatable's sausages and
pork dumpling products will be available in selected restaurants
and retailers from 2024. It is also establishing a presence in the
United States and target European countries. These steps ensure
Meatable can bring to life its mission to make cultivated meat
available for everyone, without compromising on taste or harming
animals, people or the planet.
Innovative technology to produce cultivated meat at scale
Consumer demand for meat continues to grow across the world, but
this comes at a huge cost to the planet. Cultivated meat is part of
the solution - a study by independent research company CE Delft
found that cultivated meat can reduce the footprint of conventional
beef by up to 92% for greenhouse gas emissions and 95% for land
use. Investors have poured nearly US$ 900 million into the sector
in 2022 alone, with the Netherlands announcing the world's largest
ever-public investment into cellular agriculture last year.
To make its cultivated pork, Meatable takes one sample of cells
from an animal without harming it and replicates the natural growth
process of the cells using its patented opti-ox (TM) technology
combined with pluripotent stem cells. This technology makes it
possible for Meatable to produce real muscle and fat cells in only
eight days , 30 times faster than the time it takes to rear a pig
for pork on the farm. Meatable has all processes in place to be
able to scale cultivated meat production affordably and provide a
genuine solution to this global, pressing problem.
Taking its revolutionary cultivated meat process global
To truly make an impact, cultivated meat needs to be widely
available. To address this demand, Meatable is launching its first
commercial products in Singapore starting in 2024, and is currently
partnering with the relevant authorities to secure regulatory
approval. Meatable has already successfully held its first external
tasting events in Singapore earlier in 2023, following approval
from the Singapore Food Agency (SFA). In addition, it has started
production of its products on the ground together with Esco Aster
Pte Ltd , the first and only commercially licensed cultivated meat
manufacturer in Singapore, and has begun co-development of its
product range with plant-based butcher Love Handle SC .
Meatable is also working to expand its operations into the
United States and across Europe. Recent regulatory developments
have boosted confidence in the industry, with the USA approving two
cultivated meat companies to start selling their products.
Meanwhile, the Netherlands recently became the first European
country to officially give the green light for companies to
organise tastings.
Jim Mellon, co-founder of Agronomics, said:
"Meatable is one of the leading companies helping to transform
the cultivated meat industry. With 80 billion animals slaughtered
every year for meat and vast amounts of the Amazon rainforest
already destroyed because of animal agriculture, there is a real
need to find a solution that can provide meat at the scale needed
to address a growing mass market. The latest funding round will
allow Meatable to scale up production in Singapore, and soon in the
US, as it moves towards commercialisation as part of its
Go-to-Market strategy."
Krijn de Nood, co-founder and CEO of Meatable, said:
"We are thrilled to have the renewed support of our existing
investors, including Agronomics, while welcoming Invest-NL as a new
investor. This is a huge sign of confidence in the incredible
quality, taste, and proven scalability of our product, especially
in the current investment climate. When 14% of the world's global
emissions comes from the traditional meat industry, it is clear
there needs to be an alternative to reduce the harm our diets are
currently causing the planet. We believe cultivated meat is the
answer and we are confident we have the tools and the processes in
place to make this a reality. We look forward to working closely
with our investors as we enter our next growth phase and cement our
position as global leaders."
Since this Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. Meatable is an early-stage company with no
revenues with operating costs of approximately EUR1.6 million per
month, and total assets as at 31 December 2022 of EUR23 million,
including cash or near cash of EUR20 million with no material
liabilities.
New Agrarian, the affiliate of Agronomics, has invested EUR6
million on identical terms to Agronomics for 2.86%. In aggregate,
Agronomics and New Agrarian will own 9.63% of Meatable on a fully
diluted basis and have the right to a board seat following the
close of the financing round.
About Meatable
Meatable is an innovative, Dutch food company, aiming to
deliver, at scale, the new natural , cultivated meat that looks
like, tastes like, and has the nutritional profile of traditional
meat. Its proprietary opti-ox (TM) technology [is designed to
enable] Meatable to produce meat rapidly, sustainably, and without
harming animals. Founded in 2018 by Krijn de Nood (CEO), Daan
Luining (CTO), and Dr. Mark Kotter (principal inventor of opti-ox
(TM) technology), Meatable has brought together a team of close to
100 experts with unique knowledge in fields including molecular
biology, chemistry, tissue engineering, bioprocess development,
food safety, and food science to create the new natural meat.
Follow Meatable : LinkedIn , Twitter , Instagram , Facebook .
About Agronomics
Agronomics is the leading listed venture capital firm with a
focus on cellular agriculture. The Company has established a
portfolio of over 20 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.
About Invest-NL
Invest-NL serves as the Dutch National Promotional Institution.
As a leading impact investor, its core mission is to facilitate
financing for ventures that may initially seem challenging to fund.
By working in collaboration with diverse stakeholders, including
financiers, investors, and development specialists from both the
public and private sectors, Invest-NL actively tackles significant
societal challenges. These encompass the transition towards a
carbon-neutral and circular economy, promoting affordable and
accessible healthcare, and fostering advancements in deep tech
innovations.
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 Cenkos Peterhouse SEC Newgate
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Public Relations
Broker
========== ============ =============== =============== =============================
Richard Reed Roland Andrew Giles Balleny Lucy Williams Bob Huxford
Denham Eke Cornish Potts Michael Charles George Esmond
James Harry Rees Johnson Goodfellow Anthony Hughes
Biddle Alex Aylen Alice Cho
(Head of
Equities)
========== ============ =============== =============== =============================
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0)
639396 207 628 207 523 207 397 207 469
info@agronomics.im 3396 8000 8900 0936 agronomics@secnewgate.co.uk
========== ============ =============== =============== =============================
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