RCS - Agronomics Limited - Meatly launches first cultivated meat dog treat

AgronomicsAnnouncement

07/02/2025 07:00

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RNS Number : 2586W  Agronomics Limited  07 February 2025

7 February 2025

 Agronomics Limited

("Agronomics" or the "Company")

 

Meatly launches the world's first cultivated meat dog treat, on sale at Pets
at Home

 

Agronomics (LSE: ANIC), a leading listed company in the field of clean food,
is pleased to announce that its portfolio company, Good Dog Food Limited (t/a
"Meatly") is the first company in the world to supply for sale cultivated meat
for pet food, as well as the first company to sell cultivated meat in Europe.

 

Produced in collaboration with plant-based dog food brand THE PACK, a
limited-release of "Chick Bites" will be on sale at Pets at Home Brentford,
London from Friday 7(th) February 2025. The 50g pouches are on sale for
£3.49, with approximately 750 units available to purchase.

 

Chick Bites combine plant-based ingredients with Meatly Chicken, to provide a
nutritious, healthy and sustainable alternative to traditional dog treats.
Pets can enjoy the same meat they need, but in a way that is kinder for
animals, great-tasting and better for the planet. Meatly plans to raise
additional funds to expand production and make Meatly Chicken more broadly
available in the next 3-5 years, with further collaborations planned with THE
PACK and Pets at Home.

 

Meatly Chicken is produced from a single sample of cells taken once from a
chicken egg, from which enough cultivated meat can be produced to feed pets
forever. Meatly chicken is just as nutritious as traditional chicken breast,
containing all the essential amino acids, fatty acids, minerals and vitamins
that are critical for pet health. It is also delicious, demonstrated by
Meatly's successful feeding trials in November 2024.

 

Pets at Home - a large investor in Meatly - is the first retailer to sell pet
food made from cultivated meat globally, aligning with its ambition to make
pet food more sustainable by making and selling products using less carbon,
land, and water.

 

The Pet Food Market is growing at 7% per annum globally and is expected to be
worth £120 billion by 2026. The industry has a clear environmental impact:
22% of the meat currently consumed in the UK is consumed by pets, representing
a significant portion of the nation's GHG emissions, resource use and
pollution.

 

Agronomics has invested £1.2 million into Meatly since inception, which is
currently carried at £4.5 million. This position accounts for approximately
2.9% of Agronomics' last stated Net Asset Value (31/12/22024). Agronomics has
an equity ownership in Meatly of 25.54% on a fully diluted basis.

 

Owen Ensor, Founding CEO of Meatly, said: "We're incredibly excited to
introduce cultivated meat to the pet world. Just two years ago this felt like
a moonshot. Today we take off. It's a giant leap forward - toward a
significant market for meat which is healthy, sustainable and kind to our
planet and other animals. We're proud to work alongside fellow pioneers Pets
at Home and THE PACK for this momentous endeavour.

 

It is also a day to celebrate our incredible team at Meatly. Despite only
raising 1% of total European cultivated meat investment, we are the first
company to sell cultivated meat in both the UK and EU. At Meatly, were proving
the potential of cultivated meat, and that there is an efficient and
cost-effective route to market.

And we're just getting started. Next, we'll scale our production and make
products more widely available to consumers."

 

Jim Mellon, Agronomics' Executive Chair and investor in Meatly, added:
"Industrial agriculture is not only unsustainable but also hugely inefficient,
requiring far too much water, land and feed. As a result, demand from both
humans and their pets, who consume a fifth of the meat we eat in the UK, is
outstripping supply, and that's pushing our food systems to the limit. We need
solutions like Meatly, which, along with our other portfolio companies, is
showing the world how food production can be cleaner, kinder and sustainable,
as well as profitable."

 

About Meatly

Meatly (the trading name for Good Dog Food Limited) was founded in 2022 by CEO
Owen Ensor and CSO Dr Helder Cruz with backing from investor Agronomics. The
company produces ethical and sustainable cultivated meat products without
compromising on essential nutritional benefits. Their current focus is on the
pet food market.

About Agronomics

Agronomics is a leading London-listed company focussing on investment
opportunities within the field of clean food. The Company has established a
portfolio of over 20 companies in this rapidly advancing sector. It seeks to
invest 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 and
improve food security for the world's expanding population. A full list of
Agronomics' portfolio companies is available at https://agronomics.im/
(https://agronomics.im/) .

 

 Agronomics Limited                               Beaumont Cornish Limited  Canaccord Genuity Limited        Cavendish Capital Markets Limited  Peterhouse Capital Limited  33Seconds Limited
 The Company                                      Nomad                     Joint Broker                     Joint Broker                       Joint Broker                Public Relations
 Jim Mellon                                       Roland Cornish            Andrew Potts                     Giles Balleny                      Lucy Williams               Jack Ferris

 Denham Eke                                       James Biddle              Harry Pardoe                     Michael Johnson                    Charles Goodfellow          Calum Warren-Piper

                                                                            Alex Aylen (Head of Equities)
 +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@33seconds.co

 info@agronomics.im (mailto:info@agronomics.im)

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

END

 

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