Agronomics joins funding round for Dutch cultivated meat firm
By Josh White
Date: Friday 25 Sep 2020
(Sharecast News) - Agronomics announced on Friday that it has participated in Mosa Meat's series B financing, led by Blue Horizon Ventures, raising $55m in a first close of a larger series B financing round.
The AIM-traded firm said the financing was split into two tranches, with the first close of tranche 1 occurring on Thursday, while tranche 2 could be called at any time after 31 March 2022.
Agronomics said it committed a total of $4.1m (£3.2m), split into $2.05m for tranche 1 and $2.05m for tranche 2.
Following the close of both tranches, the company said it expected to have a minimum equity interest on a fully-diluted basis of 1.62%.
The total number of shares to be issued under the subscription remained subject to upward revision, dependent on the timing of Mosa Meat achieving operational milestones in over the production of pre-defined quantities of cultivated meat, demonstrated to be "nutritionally comparable" to conventional meat.
Agronomics described Mosa Meat as a cultivated meat company based in the Netherlands, whose founding scientist, Mark Post, showcased the world's first cultivated burger in 2013.
Mosa Meat was initially focussed on cultivated beef products, intending to have products approved in the European Union in 2023.
The company said the financing round would support Mosa Meat on its pathway to commercialisation, and establishment of their first facility in the Netherlands.
Blue Horizon Ventures, meanwhile, is a food technology focused venture capital firm founded in 2018 and managed by Roger Lienhard, Michael Kleindl and Dr Regina Hecker.
"Mosa Meat is a key player in the cultivated meat sector, aiming to have GM-free, minced cultivated beef products on the market in Europe in the next couple of years," said Agronomics chairman Richard Reed.
"They are well placed to be able to deliver industrial scale production at competitive prices to conventional meat sooner than many people realise."
At 1142 BST, shares in Agronomics were down 4.76% at 5p.
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