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Agronomics, a U.K.-based investment company focused on cultivated meat and alternative proteins, has completed an oversubscribed equity fundraise of £10.0 million (US$13.2 million). The capital will go towards supporting the company’s existing portfolio, which includes BlueNalu, Mosa Meat, Bond Pet Foods and Shiok Meats, as well as investing in new opportunities in the fast-growing alternative protein sector.
The fundraising will help provide additional capital following Agronomics’ completion of a number of high-profile investments since the beginning of this year, including participating in cell-based pioneer Mosa Meat’s US$55 million Series B round and backing Dutch lab-grown pork startup Meatable, Finnish air protein company Solar Foods, cultivated leather makers VitroLabs, the newly established LIVEKINDLY Collective, and Tropic Biosciences, a British startup developing novel high-performing tropical crop varieties.
The Board is extremely pleased to have raised a significant amount of funding to accelerate Agronomics growth and the still nascent field of cellular agriculture.Richard Reed, Non-Executive Chairman, Agronomics
With the US$13.2 million injection, Agronomics will have approximately US$10.77 million available for investment. The round reportedly drew participation from the London Technology Club, a high net-worth investment syndicate that lists UBS and LGT Vestra among its fee-paying members, who have not disclosed the size of its investment. Jim Mellon, the non-executive chairman of Agronomics was the leading subscriber in the round.
“The Board is extremely pleased to have raised a significant amount of funding to accelerate Agronomics growth and the still nascent field of cellular agriculture,” said Richard Reed, non-executive chairman at Agronomics.
“With these funds, we will be able to continue to support some of the most exciting companies in the sector that are already in our portfolio, as well as look to invest in new opportunities. In this round, we are glad to welcome new top tier institutional investors onto our register who are well placed to support us in our growth plans well into the future.”
The further expansion of Agronomics’ capital is validation of its role in the thematic play of the New Agrarian Revolution.Jim Mellon, Non-Executive Director, Agronomics
Previous companies that Agronomics has backed include cultivated seafood makers BlueNalu, fermented dairy food tech Legendairy, cell-based cotton startup and Brinc-alum Galy and plant-based chicken nugget brand Rebellyous Foods. It has also supported Singapore’s cultured shrimp company Shiok Meats, slaughter-free meat startup New Age Meats, and Bond Pet Foods, a company that has recently debuted animal-free cultivated chicken for pet food applications.
“The further expansion of Agronomics’ capital is validation of its role in the thematic play of the New Agrarian Revolution,” added non-executive director of Agronomics, Jim Mellon. “I am proud to be the largest subscriber to this round and look forward to great returns from the team at Agronomics.”
Lead image courtesy of Mosa Meat.