Agronomics Ltd on Tuesday said that it has made an investment as part of Meatable BV’s next funding round, and also noted a collaboration by one of its portfolio companies.
Agronomics is an Isle of Man-based venture capital firm, with investments in the cellular agriculture field. Meatable is a Delft, Netherlands-based biotechnology company focused on cultured meat.
The former has invested €4 million as part of Meatable’s €35 million Series B financing round, which was co-led alongside its investment vehicle, New Agrarian Company Ltd. Invest-NL, a Dutch impact fund, also joined the funding round, contributing €17 million alongside existing investors.
After an initial investment of €2 million in 2019, followed by €1 million in 2020 and €2.2 million in 2021, Agronomics now holds an equity stake of 6.7% in Meatables.
It said the funding would be used to further scale Meatable’s production processes and accelerate its commercial programme. Starting in Singapore, Meatable’s sausages and pork dumpling products will be available in selected restaurants and retailers from 2024.
In a separate announcement, Agronomics said on Tuesday that its portfolio company, Clean Food Group Ltd, has entered a new strategic collaboration with Alianza Team - otherwise registered as Team Foods Colombia SA.
Agronomics has invested a total of £900,500 into Clean Food Group since its inception, which is currently carried at £6.3 million, including an unrealised gain on cost of £5.4 million. It has an equity ownership of 31% on a fully diluted basis in Clean Food.
Clean Food is a UK-based food-tech business focused on sustainable oils and fats solutions, while Alianza is a South American food company with operations in Colombia, Mexico, Chile and the US.
Together, the companies will develop products that meet the food industry’s need for ‘sustainable, functional and cost-competitive oils and fats’ to replace commonly used and agriculturally intensive food ingredients.
As part of the strategic collaboration, Alianza has agreed to invest in Clean Food’s current ‘Pre Series A’ funding round. The value of the investment was not disclosed, though Agronomics did note that the round is expected to close this month.
Agronomics shares were trading 3.5% higher at 10.50 pence each in London on Tuesday afternoon.
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