| On the 18th of July, Agronomics hosted a tasting event in London for portfolio company Formo, a precision fermentation dairy company. The event featured various precision fermentation-derived cheese and egg products in a menu designed by Michelin Star Chef Allan Pickett. Formo expects to launch its animal free cheese products in 2024.
On 8th of August, portfolio company Clean Food Group (CFG) announced a strategic collaboration with Latin American food giant, Alianza Team. The collaboration will accelerate CFG’s path to commercialisation, given Allianza’s 75 years of experience commercialising value-add oils and fats products.
Shortly after the announcement of its collaboration with Alianza, Clean Food Group announced on 14th of August the closing of its £2.3 million pre-Series A round in which Agronomics participated alongside Alianza, marking their new strategic collaboration. The funding from this round will enable CFG to accelerate the scale-up of its technology platform while advancing critical regulatory and commercial pathways. In 2024, CFG aims to close a Series A round which will be used to build out a commercial-scale manufacturing facility.
On 9th of August, cultivated meat company Meatable closed its €30 million Series B financing round co-led by Agronomics (alongside New Agrarian) with a €4 million investment. The funding is being used to further scale Meatable’s production processes and accelerate its commercial programme in targeted markets. Meatable is planning to launch its products in Singapore from 2024 and establish a presence in the US and countries in Europe.
On 17th of August, Chinese cultivated meat company CellX announced the opening of its pilot facility. CellX is in the process of acquiring regulatory approval in both Singapore and the US, intending to launch its products in 2025.
On 7th of September, it was announced that OU Kosher, the Kosher certification division of the Orthodox Union determined that cultivated meat company SuperMeat’s product met the necessary standards. Following this recognition, the parties involved are embarking on a thorough examination of the entire supply chain and the cultivated meat production process, thereby establishing clear guidelines for other enterprises in the cultivated meat sector.
On the 9th of September, it was announced that portfolio company BlueNalu closed a US$33.5 million Series B round led by NEOM investment fund with a US$20 million investment. Agronomics’ outstanding convertible promissory note converted into Series B Preferred Shares upon the close of the round, a position which, subject to audit is carried forward at a book value of £13.3 million including an uplift of £6.8 million.
Following the close of the round, on the 1st of November, it was announced that NEOM signed an MOU with BlueNalu to commercialise, market and distribute its cell-cultured seafood. NEOM’S investment in BlueNalu’s Series B round marketed the beginning of a strategic partnership with the mutual aim of revolutionising sustainable and secure food ecosystems.
On the 13th of November, portfolio company Good Dog Food announced its rebrand and new name “Meatly” in preparation for its upcoming UK product launch. Meatly’s new website can be found at meatly.pet.
On the 16th of November, it was announced that portfolio company Solar Foods completed its €8 million Series B financing via investment organiser Springvest Oyj. In aggregate, Agronomics has invested €6 million which, subject to audit, is now carried at a book value of £11.3 million. The Series B funds will be used for continued building and ramping up of production of their single-cell protein Solein.TM
On the 1st of December, it was announced that portfolio company Clean Food Group established a partnership with leading UK bakery brand Roberts Bakery. The collaboration will begin with Roberts Bakery providing its surplus bread supply, which will be used as a feedstock for Clean Food Group’s proprietary yeast strain in the production of its sustainable palm oil. The ambition is that in the longer term, Roberts Bakery will then be able to use the oil as an ingredient in its own baked goods which promotes the potential of a circular economy within the food industry.
On the 1st of December, it was announced that the portfolio company Liberation Labs secured a US$25 million loan from Ameris Bancorp through the USDA loan guarantee program. The loan ensures that Liberation Labs has the necessary capital to complete the build-out of the remainder of its 600,000-litre facility over the next year.
On the 5th of December, it was announced that the portfolio company Clean Food Group was awarded government funding towards a £1 million project. The funding was awarded by Innovate UK, the UK’s national innovation agency and the Biotechnology and Biological Sciences Research Council which represents the UK’s broader mission to lead the global drive for more innovative biotech solutions for more sustainable, secure and healthy food systems. |
