RNS23 Mar 2021 16:08
Tue, 23rd Mar 2021 15:00
RNS Number : 2282T
Agronomics Limited
23 March 2021
23 March 2021
Agronomics Limited
("Agronomics" or the "Company")
Investee Company Update: Meatable Announces US$ 47 Million Series A Financing
Agronomics, the leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat, is pleased to announce portfolio company Meatable B.V. "Meatable" has closed a US$ 47 million Series A funding round, with participation from new investors Section 32, Jeffrey Leiden and strategic investor DSM, as well as support from existing investors, BlueYard Capital, Humboldt and Taavet Hinrikus in addition to Agronomics.
As stated in the announcement dated 18th February 2021, Agronomics invested € 2 million in this Series A round, for 1,197 preferred shares. Agronomics holds 4,752 preferred shares in Meatable, representing an equity ownership on a fully diluted basis, of 5.70%. Subject to audit, Agronomics will now carry this position in its accounts at a book value of € 7.95 million, representing an unrealised gain on cost of € 2.95 million.
The full announcement is set out below with no material changes or adjustments:
Meatable Raises $47 Million Series A to Continue Scaling Trajectory and Expand Its Product Portfolio with Beef
Consortium of life sciences and food investors Section 32, DSM Venturing, Dr. Rick Klausner, Dr. Jeffrey Leiden and existing investors was formed to optimally support Meatable for its next phase of growth
AMSTERDAM, March 23rd - Meatable, the cultivated meat startup, has closed $47 million USD in its Series A funding round, bringing the company's total funding to $60 million. Meatable finalized its first showcase product in 2020 and aims to use the new funds to advance smallscale production at the Biotech Campus Delft and to diversify its product portfolio.
The consortium consists of Dr. Rick Klausner Section 32, Jeffrey Leiden, and DSM, and includes existing investors, such as BlueYard Capital, Agronomics, Humboldt, and Taavet Hinrikus, showing continued support. They recognize the positive impact cultivated meat will have on climate change, see the trillion-dollar potential of the cultivated meat marketplace, and are betting on Meatable to solve the industry's scalability and speed-to-market challenges with its patented opti-ox™ technology.
Dr. Rick Klausner, former director of the US National Cancer Institute and former Executive Director of Global Health at the Bill & Melinda Gates Foundation, sees great potential in Meatable and its technology.
"We are committed to joining Meatable in its mission to address the world's most pressing challenges. We see a smart start-up that has accomplished a lot in a short amount of time. They have a great team and game-changing technology that can address the challenges around the global food insecurity issues our planet is facing," said Klausner. "They have all the right ingredients to bec
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