29th Aug 2019 11:54
(Alliance News) - Agronomics Ltd on Thursday said it has subscribed for USD749,990 worth of shares in BlueNalu Inc as part of a Series A funding round.
Agronomics subscribed for 40,540 series A preferred shares in BlueNalu, raising its interest to 2.6% from 2.0%, and will pay the USD749,990 using cash from its own resources.
In total, the investment firm now has 83,897 BlueNalu shares, a book value of USD1.6 million. Agronomics first invested in the company back in August 2018 for GBP250,000.
BlueNalu, Agronomics said, "is a leading innovative food company producing seafood directly from fish cells, and its mission is to be the global leader in cellular aquaculture, offering a wide array of sustainable seafood".
This is in keeping with Agronomics' investment focus on modern foods, alternatives to traditional meat and plant-based nutrition. This includes cellular agriculture and cellular aquaculture, where meat is grown in a laboratory rather than harvested from animals or fish.
BlueNalu does not yet generate revenue and has a USD350,000 a month cash burn rate. Its net assets were about USD865,000 on July 31.
Agronomics Chair Richard Reed said: "With this financing, BlueNalu has affirmed its position as a global leader in the cellular aquaculture field. Agronomics is delighted to be participating in this funding round as we continue to support BlueNalu in their developments. The investment is complementary with Agronomics portfolio strategy, to combat the increasing issues present in the traditional fishing industry and more widely, improving the sustainability of global food supply chains."
Shares in Agronomics were up 0.1% at 9.26 pence in London late on Thursday morning.
Related Shares:
Agronomics