Agronomics Limited Investment of US$3million in Foods United (6864C)
February 12 2020 - 1:00AM
UK Regulatory
TIDMANIC
RNS Number : 6864C
Agronomics Limited
12 February 2020
12 February 2020
Agronomics Limited
("Agronomics" or the "Company")
Agronomics Announces Participation of USD 3 Million in Foods
United raise of up to USD 100 Million
The Board of Agronomics is pleased to announce it has today
completed a subscription of US $3,000,000 Class B Shares (the
"Subscription") in Foods United, Inc ("Foods United"). This will be
paid using cash from the Company's own resources, following its
recent successful fundraise of GBP5.5 million on 24th January 2020.
The Subscription will give Agronomics an approximate 3% equity
interest in Foods United should they raise the full targeted amount
of US$100million.
Foods United is a Delaware Company, with offices located in the
US and Switzerland, and is focused on leveraging traditional
industry partners with existing logistics and infrastructure for
fast and efficient scaling of meat replacement food products,
initially focusing on plant-based chicken. Foods United team
includes Kees Kruythoff, President and Aldo Uva, Chief Innovation
Officer, both of whom are veterans of the food industry with
extensive experience at major food companies including Ferrero
Corporation, Unilever PLC, Nestle SA, and Firmenich SA. The team
will work with early-stage alternative protein companies, helping
them to achieve scale globally, through vertical integration and
strategic partnerships throughout the supply chain.
Foods United was founded by Roger Lienhard's Blue Horizon
Corporation ("Blue Horizon"), a major early player in the
alternative protein sector with an established portfolio of 39 seed
investments. Blue Horizon also manages a venture capital fund with
assets under management of EUR 100 million and the Blue Horizon
International Foundation. This early focus on removing animals from
the global food supply chain has given Blue Horizon a unique
perspective into the future of food.
As the Subscription is considered a Substantial Transaction
under AIM rules, this announcement requires certain disclosures
under Schedule Four of the AIM Rules. Foods United is a start-up
company with cash burn rate of approximately US$265,000 per month
and net assets as at 30 November 2019 of approximately US$37
million, including gross cash proceeds received as part of the
US$100million target raise of approximately US$38.6million.
Richard Reed, Chairman of Agronomics, commented on the
Subscription: -
"Blue Horizon has been at the forefront of the alternative
protein movement and with the formation of Foods United, they have
once again demonstrated its leadership position. We are thrilled to
have been given the opportunity to participate in Foods United's
seed round. We look forward to working more closely with Roger and
Blue Horizon."
Roger Lienhard, Chairman of Blue Horizon added: -
"We are particularly excited to have extended our investor group
within this founder round to investors like Agronomics. We need
people exactly like the team at Agronomics to be able to grasp the
absolute need as well the opportunity to foster and accelerate the
transformation of the food industry. Our concept of working with
the incumbents being the traditional meat industry helps us to
change the world faster - in order to offer tasty, healthy and
sustainable food for everyone."
About Agronomics
Agronomics is an AIM-listed investment company focused on the
nascent field of cellular agriculture and synthetic biology, with
an emphasis on environmentally friendly alternatives to the
traditional production of animal-derived products. The Company was
launched in April 2019, with the appointment of a highly
experienced team of investors and entrepreneurs including Richard
Reed, Jim Mellon and David Giampaolo.
Agronomics believes that the recent developments within cellular
agriculture and the alternative protein space will play a major
role in feeding the world's growing population as it approaches 10
billion people by 2050. The production of animal protein via novel
approaches is a viable solution to minimise global greenhouse gas
emissions, water, energy and land requirements as well as
alleviating animal welfare concerns.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
For further information, please contact:
Agronomics Limited Beaumont Cornish Zeus Capital Peterhouse Capital
Limited Limited Limited
The Company Nomad Joint Broker Joint Broker
----------------- ------------------ --------------------
Richard Reed Roland Cornish Rupert Woolfenden Lucy Williams
Denham Eke James Biddle Emma Ayton Charles Goodfellow
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+44 (0) 1624 +44 (0) 207 628 +44 (0) 20 3829 +44 (0) 207 469
639396 3396 5000 0936
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END
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