9th Aug 2023 13:31
(Alliance News) - Agronomics Ltd on Wednesday gave corrected details of its investment in Meatable BV's next funding round, having first announced its participation on Tuesday.
Cellular agriculture-focused venture capital firm Agronomics said it would invest in Delft, Netherlands-based Meatable's Series B EUR30 million financing round, who are a biotechnology company focused on cultured meat. Previously, Agronomics said Meatable's financing round was for around EUR35 million.
It also added the financing would be made using cash from its own resources and receiving 200 warrant exercisable any time in the next five years at a price per share equivalent to the subscription.
Meanwhile, Agronomics corrected that after an initial investment of EUR2 million in 2019, followed by EUR1 million in 2020 and EUR2.2 million in 2021, Agronomics now holds an equity stake of 6.5% in Meatables. It previously said this would take its stake to 6.7%.
Agronomics also said that Invest-NL, a Dutch impact fund, also joined the funding round, contributing EUR15 million alongside existing investors. It previously said Invest-NL would contribute EUR17 million.
This is alongside omitting it worked together with its investment vehicle New Agrarian Company Ltd on the funding round. Previously, Agronomics said Meatable's financing round was co-led alongside New Agrarian.
On Tuesday, Agronomics said the funding would be used to further scale Meatable's production processes and accelerate its commercial programme. Starting in Singapore, Meatable's sausages and pork dumpling products will be available in selected restaurants and retailers from 2024.
In a separate announcement, Agronomics said on Tuesday that its portfolio company, Clean Food Group Ltd, has entered a new strategic collaboration with Alianza Team - otherwise registered as Team Foods Colombia SA.
Agronomics has invested a total of GBP900,500 into Clean Food Group since its inception, which is currently carried at GBP6.3 million, including an unrealised gain on cost of GBP5.4 million. It has an equity ownership of 31% on a fully diluted basis in Clean Food.
Clean Food is a UK-based food-tech business focused on sustainable oils and fats solutions, while Alianza is a South American food company with operations in Colombia, Mexico, Chile and the US.
Together, the companies will develop products that meet the food industry's need for "sustainable, functional and cost-competitive oils and fats" to replace commonly used and agriculturally intensive food ingredients.
As part of the strategic collaboration, Alianza has agreed to invest in Clean Food's current "Pre Series A" funding round. The value of the investment was not disclosed, though Agronomics did note that the round is expected to close this month.
Shares in Agronomics were up 2.5% to 10.40 pence each in London on Wednesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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