Agronomics Limited Portfolio Company Good Dog Food Update
21 August 2023 - 8:00AM
RNS Non-Regulatory
TIDMANIC
Agronomics Limited
21 August 2023
21 August 2023
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Good Dog Food Welcomes Henry Dimbleby As Non
Executive Director
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that
portfolio company Good Dog Food Limited ("Good Dog Food") has
welcomed Henry Dimbleby, entrepreneur and food campaigner, to the
board as a Non-Executive Director.
A prominent UK food campaigner, Henry is co-founder of
restaurant chain Leon and was lead Non-Executive Director at the
Department for the Environment, Food and Rural Affairs from 2018 to
2023. Henry led the UK Government's Food Strategy Review, creating
the first comprehensive review of the UK's food strategy in 70
years, published in 2021. At Good Dog Food, Henry will assist with
strategy, commercialisation, and government relations.
In March 2022, Agronomics launched Good Dog Food, investing
GBP150,000 in the founder's round, and a follow-on investment of
GBP1 million as part of its GBP3.6 million seed financing round in
May 2023. Subject to audit, Agronomics will carry this investment
at GBP4.96 million, including an unrealised gain of GBP3.81 million
which accounts for 3.08% of the last published Net Asset Value of
Agronomics (30.06.23), including estimated post-balance sheet
adjustments. Agronomics has an equity ownership of 40.65% on a
fully diluted basis in Good Dog Food. Jim Mellon, an Executive
Director of Agronomics, is a 2.97% shareholder in Good Dog
Food.
Jim Mellon, Co-Founder of Agronomics and Chairman of Good Dog
Food, commented:
"Henry's extensive background in shaping the UK's food strategy
makes him a great fit for the role. As we continue to drive the
growth of Good Dog Food and amplify its impact in the cellular
agriculture sector, we look forward to the fresh insights and
perspective Henry will bring to the company."
About Good Dog Food
Good Dog Food aims to develop the first ever cultivated meat
products for the GBP80 billion 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 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 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 SEC Newgate
Limited Cornish Limited Limited Securities Plc
The Company Nomad Joint Broker Joint Broker Public Relations
====================== ==================== ====================== ========================
Richard Reed Roland Cornish Andrew Potts Giles Balleny Bob Huxford
Denham Eke James Biddle Harry Pardoe Michael Johnson George Esmond
Alex Aylen Anthony Hughes
Alice Cho
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+44 (0) 1624 639396 agronomics@secnewgate.
info@agronomics.im +44 (0) 207 628 3396 +44 (0) 207 523 8000 +44 (0) 207 397 8900 co.uk
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