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(Sharecast News) - Alternative proteins technology investor Agronomics announced on Tuesday that its portfolio company Simply Foods, trading as New Age Meats, had closed a $25m series A funding round led by South Korean conglomerate Hanwha Solutions Corporation.
The AIM-traded firm first invested in New Age Meats in July 2019, with a $0.7m investment.
It said on Tuesday that the series A financing represented a 5.14x uplift on the original cash investment by Agronomics, with an internal rate of return of 119%.
Subject to audit, Agronomics said it would carry the position in its accounts at a book value of $3.6m, including an unrealised gain on cost of $2.9m.
"Hanwha, more than any other investor, really got our unique approach and that is to understand why our senses light up when we eat meat - then create a sustainable and humane process that delivers this experience in an affordable and widely available way," said New Age Meats chief executive officer Brian Spears.
"Hanwha's vast financial resources along with its interest in the nutrition business made it a natural choice as a financial ally and strategic partner.
"With the backing of Hanwha and our other investors, we are well on our way to becoming the largest and most innovative meat company on earth."
New Age Meats said it would use the series A funding to double the size of its workforce, build a 20,000 square foot pilot manufacturing facility in California, and "perfect the taste" of its first product offering, being a variety of sausage products.
It would also build out its commercial capabilities to deliver the product in the United States in 2022, pending approval from federal regulators.
New Age Meats said its production process was designed to scale up rapidly to meet demand in growing markets, such as Asia.
"If the pandemic and climate change has underscored anything, it is that the world needs to find dramatically better ways to satisfy the growing demand by billions of people for protein without harming animals or further hurting the environment," Spears added.
"We believe our hybrid products, which combine cultured meat with plant-based protein, do just that.
"And we're moving as quickly as possible to scale up and satisfy the growing demand for affordable meat alternatives around the world."
At 1520 BST, shares in Agronomics were down 0.33% at 27.41p.
17 Nov 2022 16:12
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