5th Sep 2019 14:33
(Alliance News) - Agronomics Ltd on Thursday said it has subscribed for USD150,000 of convertible notes in Bond Pets LLC.
The investment in convertible promissory notes has been funded using the modern foods investor's existing cash resources.
Bond Pets is an animal-free pet food company which produces chicken protein from fermentation, which is then incorporated into pet food. Bond Pets is to launch its first dog treats in the US in the first quarter of 2020 under the brand Bond Pet Foods.
Bond Pets is an early-stage company and does not currently generate revenue. It's cash burn rate sits at USD8,500 per month and its net assets totalled USD113,700 at the end of July.
Agronomics Chair Richard Reed said: "Bond Pet Foods represents an opportunity to expand our mission and remove animals from the pet food supply chain reduce the strain on the scarce resources of land, water and energy. With a simpler regulatory path for pet food, Bond has the opportunity to generate revenues."
Shares in Agronomics were down 1.8% at 8.84 pence in London on Thursday afternoon.
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