17th Oct 2019 11:52
(Alliance News) - Agronomics Ltd said Thursday it has invested USD1.5 million in VitroLabs Inc, a San Jose, US, based company focused on creating lab-grown leather.
The investment company, focused on opportunities within the industry of cellular agriculture, said the subscription is in the form of a Simple Agreement for Future Equity, that will convert at Vitrolab's next funding round giving Agronomics an expected interest of 3.8%.
The Isle of Man-headquartered company said the investment was made from existing cash resources.
Richard Reed, chairman of Agronomics, said: "VitroLabs is a perfect addition to our portfolio, as a pioneer offering a viable alternative to the slaughter of animals for leather predominantly used for fashion, automotive and interior design."
"As demand for transparency and sustainability in supply chains grows, especially in the fashion industry, we are eager to witness VitroLabs potential," added Reed.
Agronomics shares were up 0.8% in London at 5.93 pence each on Thursday midday.
By Loreta Juodagalvyte; [email protected]
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