RCS - Agronomics Limited - Investee Company Update: Good Dog Food

AgronomicsAnnouncement

13/11/2023 07:00

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RNS Number : 1548T  Agronomics Limited  13 November 2023

13 November 2023

Agronomics Limited

("Agronomics" or the "Company")

 

'Good Dog Food' becomes 'Meatly' in preparation for UK product launch

 

Agronomics (ANIC:LSE), the leading listed company focused on the field of
cellular agriculture, is pleased to announce that portfolio company Good Dog
Food Ltd has rebranded and will now be trading as 'Meatly' in preparation for
its upcoming UK product launch.

Since its launch in 2022, Meatly's team of leading scientists has been working
to produce ethical and sustainable cultivated meat for pets without
compromising on essential nutritional benefits. The team makes real meat,
without animals.

Agronomics has invested £1.2 million into Meatly since inception, which is
currently carried at £4.95 million. This position accounts for approximately
2.9% of Agronomics last published Net Asset Value (30/09/23)
(https://polaris.brighterir.com/public/agronomics/news/rns/story/rdlm2px) ,
including post-balance sheet adjustments. Agronomics has an equity ownership
of 40.7% on a fully diluted basis.

As part of the rebrand, Meatly has launched a new consumer-facing website,
www.meatly.pet (http://www.meatly.pet)

CEO Owen Ensor, said: "We're thrilled to announce our rebrand to Meatly, in
what marks an exciting new chapter for us as a team and brand. We chose the
name 'Meatly' because we wanted to celebrate the fact that that is real meat,
made the new way. Our hope is that Meatly will quickly become a household
name, loved by pets and pet parents alike, and recognised as the choice for
healthy, sustainable, delicious pet food."

 "Our pets love meat, but old-fashioned meat, produced through factory
farming, requires a huge amount of land, water and antibiotics and is a key
cause of environmental degradation. We need cultivated meat now more than
ever. Pet food is the natural starting point, given consumers' excitement.
We're thrilled to be at the heart of the future of meat production in the UK."

For more information on the status of Meatly production and product
availability, please visit the Meatly website: www.meatly.pet
(http://www.meatly.pet)

 

About Meatly

Meatly (previously known as Good Dog Food) was founded in 2022 by CEO Owen
Ensor and CSO Helder Cruz with backing from investor Agronomics. The company
works to produce ethical and sustainable cultivated meat products for pets
without compromising on essential nutritional benefits.

 

About Agronomics

Agronomics (https://agronomics.im/) 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 $1.8 trillion investment will be required in order to
produce just 10% of the world's protein using this technology, means that we
are on the cusp of a multi-decade flow of capital to build out manufacturing
facilities. Funding in the field of cellular agriculture is accelerating,
however, still, less than US$ 5 billion has been invested worldwide since the
industry's inception in 2016.

 

 

For further information please contact:

 Agronomics           Beaumont              Canaccord Genuity Limited       Cavendish             Peterhouse Capital    SEC Newgate

 Limited              Cornish Limited                                       Securities Plc        Limited
 The Company          Nomad                 Joint Broker                    Joint Broker          Joint Broker          Public Relations
 Richard Reed         Roland Cornish        Andrew Potts                    Giles Balleny         Lucy Williams         Bob Huxford

 Denham Eke           James Biddle          Harry Rees                      Michael Johnson       Charles Goodfellow    George Esmond

                                            Alex Aylen (Head of Equities)                                               Anthony Hughes

                                                                                                                        Alice Cho
 +44 (0) 1624 639396  +44 (0) 207 628 3396  +44 (0) 207 523 8000            +44 (0) 207 397 8900  +44 (0) 207 469 0936  agronomics@secnewgate.co.uk

 info@agronomics.im

 

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