Agronomics Limited Blue Naln raises US$33.5m in Series B priced round (0507P)
October 09 2023 - 2:00AM
UK Regulatory
TIDMANIC
RNS Number : 0507P
Agronomics Limited
09 October 2023
Agronomics Limited
("Agronomics" or the "Company")
Investee Company Update: BlueNalu Secures US$ 33.5 Million in
Series B priced round
Agronomics, a leading listed company focused on the field of
cellular agriculture, is pleased to announce that portfolio company
BlueNalu, Inc. ("BlueNalu") has raised US$ 33.5 million from new
and existing investors in a Series B Financing (the "Series
B").
The financing will enable the next stage of BlueNalu's growth
and its continued progress towards scaling and commericializing
healthy and sustainable seafood in the U.S. and around the world.
BlueNalu plans to launch its first commercial product, premium
bluefin tuna toro, following regulatory approval.
Agronomics has invested, in aggregate, US$ 8 million across
BlueNalu's Seed and Series A Financings and a pre-Series B
Convertible Promissory Note ("CPN"). Following the close of the
Series B, the CPN has been converted into Series B Preferred
Shares. Agronomics now holds an equity stake in BlueNalu of 5.12%
on a fully diluted basis. Subject to audit, Agronomics will now
carry this position forward at a book value of GBP13.3m, an IRR of
26.85% and a MOIC of 2x.
The holding in BlueNalu will represent approximately 8% of the
last published Net Asset Value of the Company (30.06.23), including
estimated post-balance sheet date adjustments.
About Agronomics
Agronomics is the leading listed venture capital firm with a
focus on cellular agriculture. The Company has established a
portfolio of over 20 companies at the Pre-Seed to Series C stage in
this rapidly advancing sector. It seeks to secure minority stakes
in companies owning 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.
About Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists' claims
that if we maintain existing animal protein consumption patterns,
then we will not meet the Paris Agreement's goal of limiting
warming to 1.5 .
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however, less than US$ 5 billion has been invested worldwide since
the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Cavendish Peterhouse SEC Newgate
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Joint Broker Public Relations
Broker
========== ============ ============= =============== =============================
Richard Reed Roland Andrew Giles Lucy Williams Bob Huxford
Denham Eke Cornish Potts Balleny Charles George Esmond
James Harry Rees Michael Goodfellow Anthony Hughes
Biddle Alex Aylen Johnson Alice Cho
(Head of
Equities)
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+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0)
639396 207 628 207 523 207 397 207 469
info@agronomics.im 3396 8000 8900 0936 agronomics@secnewgate.co.uk
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