UK: Cell-ag investor secures £31.8m in latest capital raise
Agronomics closes 2021 with £97.3m total investment as firm predicts movement in US next year
London-listed cultivated agriculture investor Agronomics has raised £31.8 million by issuing over 138 million new ordinary shares and warrants.
The funds bring Agronomics’ total raised for the year to £97.3 million, which it has said it will re-invest into existing portfolio companies and new opportunities in cell-ag and adjacent categories.
Speaking to NutritionInvestor, Agronomics said it is in advanced discussions to fund five new and existing portfolio companies, covering category leaders in both cell culture and fermentation technologies.
As part of the fundraise, Agronomics co-founder Jon Mellon subscribed for 8.7 million new shares worth £2 million. Company directors Richard Reed and David Giampaolo invested £200,000 and £100,000 respectively to secure 869,565 and 434,783 new shares.
Admission of the new shares took place yesterday, 22 days after the subscription was launched.
The firm initially set out to raise a minimum of £19.2 million through the issue of a minimum of 83,298,282 new ordinary shares and warrants.
Company co-founder Anthony Chow told NI he expected to see meat and/or seafood products be approved in a major food market in 2022, possibly the US.
“This follows the USDA seeking comment from stakeholders in the labelling of products derived from animal cells back in September,” Chow said.
In June, Chow said he also hoped to see markets like Europe and China approve the commercial sale of cell-ag products in the next two years.
Agronomics grew its portfolio to 18 companies in 2021, including new start-ups California Cultured, Ohayo Valley and The EVERY Company.