(Alliance News) - Agronomics Ltd on Friday said its investee Foods United Inc has completed a USD200 million financing round and will change its name to LIVEKINDLY Co.
The investment company - which focuses on opportunities within the industry of cellular agriculture - said that following the fundraise, its stake in Delaware-based LIVEKINDLY will be 1.5%.
Meat replacement firm LIVEKINDLY works with companies in the alternative protein market and is currently focused on plant-based chicken. It is building its portfolio of brands that offer plant-based chicken alternatives, including The Fry Family Food Co and LikeMeat, Agronomics said.
"LIVEKINDLY is creating a movement that will drive impact at scale and at speed. We are starting with one of the world's most consumed meats by providing outstanding, tasty, plant-based foods that are more sustainable and environmentally friendly. We're also partnering with incumbent poultry companies including PHW in Europe and RCL Foods in South Africa, who are committed to embracing plant-based options, " said LIVEKINDLY Chief Executive & Chair Kees Kruythoff.
Agronomics shares were trading 5.6% higher at 5.68 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Agronomics (ANIC)