TIDMANIC
RNS Number : 7606I
Agronomics Limited
16 December 2020
16(th) December 2020
Agronomics Limited
("Agronomics" or the "Company")
Announces Investment in SuperMeat
Agronomics, a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat, is
pleased to announce it has today completed an investment of US$ 2.0
million, in the form of a Simple Agreement for Future Equity
("SAFE"), in SuperMeat the Essence of Meat ("SuperMeat") (the
"Subscription"). The Subscription will be paid using cash from the
Company's own resources.
The SAFE will convert at a price per share reflecting the lower
of the valuation cap or at a 25 percent discount to the share price
of SuperMeat's next equity round. We expect that upon conversion of
the SAFE at the completion of SuperMeat's next equity fundraise ,
and assuming that it will be done at a pre-money valuation of US$
150 million, Agronomics will hold approximately 2.22% of
SuperMeat's fully diluted share capital.
SuperMeat was founded in 2015, as one of the first cultivated
meat companies to emerge in the field of cellular agriculture.
SuperMeat is based in Israel and its initial focus is on cultivated
chicken products. It has made substantial technological progress
establishing a commercially viable production process, showcased in
its operational pilot plant with a capacity to produce several
hundred pounds of meat per week.
Most recently, SuperMeat unveiled its innovative, sustainable
restaurant experience in Tel Aviv, Israel: The Chicken, where
people can apply for a table and enjoy a meal of SuperMeat's
cultivated chicken, while observing the meat being grown in
bioreactors through a glass window. The Chicken is the world's
first test kitchen serving a menu of cultivated meat products.
Richard Reed, Chairman of Agronomics, commented: -
"In our view, SuperMeat is one of the most advanced and
impressive companies in the field of cellular agriculture.
SuperMeat has demonstrated leadership on many fronts, and most
recently with the launch of their concept restaurant The Chicken.
We look forward to working with Ido and his team to make cultivated
meat a reality.
This investment in SuperMeat enhances Agronomics portfolio
substantially, and we now believe we have the most comprehensive
and investable portfolio of companies in the field of cellular
agriculture with exposure to all major categories including beef,
pork, chicken, seafood, novel proteins and materials.
Ido Savir, co-founder and CEO SuperMeat, added: -
" SuperMeat is excited to welcome Agronomics to its cultivated
chicken table. Agronomics' expertise and extensive portfolio in
cultivated meat, plant - based and supportive industries makes them
a valuable partner in SuperMeat's next steps to commercialization
."
About SuperMeat
SuperMeat is a Tel Aviv based cultivated meat company that
produces poultry meat directly from animal cells. The company was
founded to address the technological and ecological challenges of
feeding the growing global population. SuperMeat is powered by an
elite team of engineers, scientists and food-technologists working
together to bring the world a sustainable and animal-friendly
solution for nutritional security, drastically reducing carbon
emissions, and increasing food safety worldwide.
Since this Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. SuperMeat is an early-stage pre revenue
company with operating costs of approximately US$ 200,000 per
month, and total assets as at 31 December 2019 of approximately US$
2,148,000 including cash or near cash of US$ 1,999,000 with no
material liabilities.
About Agronomics
Agronomics is a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat. The
Company has established a portfolio of 16 companies at the Seed to
Series B stage in this rapidly advancing sector. It seeks to secure
a 5-10% initial ownership in technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/ .
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with c
US$ 170 million invested globally between 2016-2019 and over US$
270 million already raised in 2020 alone. Additional financings are
anticipated as the capital requirements of these companies grows to
build out and scale up manufacturing facilities. Currently it is
estimated that there are 60 companies globally within the sector.
AT Kearney, a global consultancy, has predicted that Cultivated
Meat's market share of meat consumption will be 35% by 2040.
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 Beaumont Cenkos Peterhouse Capital TB Cardew
Limited Cornish Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
====================== ====================== ====================== ======================
Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Nick Searle Charles Goodfellow Joe McGregor
====================== ====================== ====================== ======================
+44 (0) 20 7930 0777
+44 (0) 7738 724 630
+44 (0) 1624 639396 agronomics@tbcardew.co
info@agronomics.im +44 (0) 207 628 3396 +44 (0) 207 397 8900 +44 (0) 207 469 0936 m
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