19th Dec 2019 05:56
(Correcting that M Ventures is a subsidiary of Merck KGaA, not Merck & Co Inc.)
(Alliance News) - Agronomics Ltd on Wednesday said it has invested EUR1 million in LegenDairy Foods GmbH, giving it a 6.3% stake.
LegenDairy is a German company aims to harvest real dairy proteins to make dairy products without using cows.
The AIM-listed company, which invests in meat sector, said it will use cash from its own resources to fund the investment, which it made as a part of EUR4 million fundraising round.
Agronomics said M Ventures, an investment arm of science firm Merck KGaA, and CPT Capital also participated in the funding round.
"In the next decade, we expect there will be a seismic shift in the methods used for protein production," said Chair Richard Reed. "LegenDairy is at the forefront of this wave, and we are thrilled to be a part of their journey to provide delicious cheeses without the necessity of raising animals."
Agronomics shares were trading 1.0% lower in London on Wednesday afternoon at 5.47 pence each.
By Evelina Grecenko; [email protected]
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