12th Feb 2020 09:55
(Alliance News) - Agronomics Ltd on Wednesday said it has invested USD3 million in meat replacement start-up Foods United Inc.
Delaware-based Foods United works with companies in the alternative protein market "for fast and efficient scaling of meat replacement food products". The firm will initially focus on plant-based chicken, Agronomics said.
Foods United raised USD100 million in the fundraising, its targeted amount. Agronomics said its USD3 million subscription gives it a 3% stake in the start-up.
Agronomics said: "The Foods United team includes Kees Kruythoff, president and Aldo Uva, chief innovation officer, both of whom are veterans of the food industry with extensive experience at major food companies including Ferrero Corp, Unilever PLC, Nestle SA, and Firmenich SA.
"The team will work with early-stage alternative protein companies, helping them to achieve scale globally, through vertical integration and strategic partnerships throughout the supply chain."
The investment in the US firm follows its fundraising in January which saw it raise GBP5.5 million.
Shares in AIM-listed Agronomics were 0.3% higher at 7.65 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
UnileverAgronomics