(Alliance News) - Agronomics Ltd on Thursday said it has invested a further USD1 million in VitroLabs Inc, a US-based company focused on creating lab-grown leather.
The investment company said the subscription is in the form of a Simple Agreement for Future Equity that will convert at Vitrolab's next Series A funding round, increasing Agronomics' interest to 6.2% from 3.8%.
The Isle of Man-headquartered company said the investment was made from existing cash resources.
"We continue to be impressed by the strong developments VitroLabs is making in creating real leather without the requirements of raising animals and the issues surrounding animal welfare, sustainability and efficiency. We are excited for the next 12 months where we expect to see VitroLabs launch their first leather goods to the market," said Agronomics Chair Richard Reed.
The stock was trading down 0.5% at 7.59 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Agronomics (ANIC)