TIDMANIC
RNS Number : 2282T
Agronomics Limited
23 March 2021
23 March 2021
Agronomics Limited
("Agronomics" or the "Company")
Investee Company Update: Meatable Announces US$ 47 Million
Series A Financing
Agronomics, the leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat, is pleased to
announce portfolio company Meatable B.V. "Meatable" has closed a
US$ 47 million Series A funding round, with participation from new
investors Section 32 , Jeffrey Leiden and strategic investor DSM ,
as well as support from existing investors, BlueYard Capital ,
Humboldt and Taavet Hinrikus in addition to Agronomics.
As stated in the announcement dated 18(th) February 2021,
Agronomics invested EUR 2 million in this Series A round, for 1,197
preferred shares. Agronomics holds 4,752 preferred shares in
Meatable, representing an equity ownership on a fully diluted
basis, of 5.70%. Subject to audit, Agronomics will now carry this
position in its accounts at a book value of EUR 7.95 million,
representing an unrealised gain on cost of EUR 2.95 million.
The full announcement is set out below with no material changes
or adjustments:
Meatable Raises $47 Million Series A to Continue Scaling
Trajectory and Expand Its Product Portfolio with Beef
Consortium of life sciences and food investors Section 32, DSM
Venturing, Dr. Rick Klausner, Dr. Jeffrey Leiden and existing
investors was formed to optimally support Meatable for its next
phase of growth
AMSTERDAM, March 23rd - Meatable, the cultivated meat startup,
has closed $47 million USD in its Series A funding round, bringing
the company's total funding to $60 million. Meatable finalized its
first showcase product in 2020 and aims to use the new funds to
advance smallscale production at the Biotech Campus Delft and to
diversify its product portfolio.
The consortium consists of Dr. Rick Klausner Section 32, Jeffrey
Leiden, and DSM, and includes existing investors, such as BlueYard
Capital, Agronomics, Humboldt, and Taavet Hinrikus, showing
continued support. They recognize the positive impact cultivated
meat will have on climate change, see the trillion-dollar potential
of the cultivated meat marketplace, and are betting on Meatable to
solve the industry's scalability and speed-to-market challenges
with its patented opti-ox(TM) technology.
Dr. Rick Klausner, former director of the US National Cancer
Institute and former Executive Director of Global Health at the
Bill & Melinda Gates Foundation, sees great potential in
Meatable and its technology.
"We are committed to joining Meatable in its mission to address
the world's most pressing challenges. We see a smart start-up that
has accomplished a lot in a short amount of time. They have a great
team and game-changing technology that can address the challenges
around the global food insecurity issues our planet is facing,"
said Klausner. "They have all the right ingredients to become the
leading choice for sustainably and efficiently produced meat."
Meatable's proprietary technology enables it to use pluripotent
cells to replicate the natural process of fat and muscle growth, in
proportions that emulate traditional cuts of meat. The entire
process takes only weeks, where it takes years to grow a live
animal.
"To be able to meet the growing demand for meat worldwide, we
need breakthrough solutions. Cultivated meat has the potential to
continue to produce the product we love - meat - using a much more
efficient production process. Having Rick Klausner, Jeffrey Leiden,
Section 32 and DSM support us in realizing that potential is a huge
step for Meatable," said Krijn de Nood, CEO and co-founder of
Meatable. "We are honored to welcome a like-minded
group of investors who support us on our mission - to develop,
accelerate and bring to life sustainable, healthy and
environmentally sound technologies that can improve the human
condition. With this funding we believe we are well on our way to
bringing our first products to market to sustainably satisfy the
world's appetite for natural meat."
Meatable aims to produce cultivated meat, for which no animals
are slaughtered, fewer GHG emissions are released, and
significantly less land and water are required. And, unlike
plantbased alternatives, the end-product will provide the full
experience of eating actual meat, with the same texture, taste, and
nutritional benefits.
After successfully completing its first pork showcase product,
Meatable is currently focused on the further development of
cultivated pork and beef. Meatable's technology is adaptable to any
cell-based species, including cows, pigs, sheep and fish, giving
the company great opportunity for further product development.
###
About Meatable
Meatable is a Dutch cultivated meat 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 technology enables Meatable to produce the 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 technology), Meatable has brought
together a team of experts with unique knowledge in fields
including molecular biology, chemistry, tissue engineering,
bioprocess development and food science to create the new natural
meat. Follow Meatable: LinkedIn, Facebook, Instagram, Twitter.
Media Contacts:
Hilary McCarthy (US) hilary@clearpointagency.com Phone: +1
774.364.1440
Anke van de Vliet (Europe) anke@weare49stories.com
Note to editors: Facts/figures and photos available upon
request
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 16 companies at the Seed to Series B
stage in this rapidly advancing sector. It seeks to secure a 5-10%
initial ownership in 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 the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with c
US$ 170 million invested globally between 2016-2019 and over US$
270 million raised in 2020 alone. Additional financings are
anticipated as the capital requirements of these companies grows to
build out and scale up manufacturing facilities. Currently it is
estimated that there are 60 companies globally within the sector.
AT Kearney, a global consultancy, has predicted that Cultivated
Meat's market share of meat consumption will be 35% by 2040.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
For further information please contact:
Agronomics Beaumont Cenkos Peterhouse Capital TB Cardew
Limited Cornish Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Nick Searle Charles Goodfellow Joe McGregor
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+44 (0) 20 7930 0777
+44 (0) 7738 724 630
+44 (0) 1624 639396 agronomics@tbcardew.co
info@agronomics.im +44 (0) 207 628 3396 +44 (0) 207 397 8900 +44 (0) 207 469 0936 m
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