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Agronomics Ltd - Isle of Man-based investor in cellular agriculture with a focus on cultivated meat and alternative proteins - Portfolio company New Age Meats - also known as Simply Foods Inc - has raised USD2 million in a seed extension, before it looks to set up a Series A funding round in the coming months.
Proceeds will go towards the construction of a team experienced in bringing products from inception to the mass market.
"Ultimately, we will fail if our products are too expensive and low volume to be served anywhere but luxury restaurants. We've focused relentlessly on driving down the cost and scaling production of our product: hybrid cultivated and plant-based meat that doesn't sacrifice on flavor. We want to make the world a better place by making the better decisions easy. We are well on our way to bringing that vision to market after our upcoming Series A," said New Age Meats CEO Brian Spears.
Agronomics currently holds a 7.0% stake in New Age Meats.
Current stock price: 17.67 pence
Year-to-date change: up 47%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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