RCS - Agronomics Limited - Portfolio Company Good Dog Food Update

AgronomicsAnnouncement

21/08/2023 07:00

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RNS Number : 8449J  Agronomics Limited  21 August 2023

21 August 2023

Agronomics Limited

("Agronomics" or the "Company")

Portfolio Company Good Dog Food Welcomes Henry Dimbleby As Non Executive
Director

Agronomics (ANIC:LSE), the leading listed company focused on the field of
cellular agriculture, is pleased to announce that portfolio company Good Dog
Food Limited ("Good Dog Food") has welcomed Henry Dimbleby, entrepreneur and
food campaigner, to the board as a Non-Executive Director.

A prominent UK food campaigner, Henry is co-founder of restaurant chain Leon
and was lead Non-Executive Director at the Department for the Environment,
Food and Rural Affairs from 2018 to 2023. Henry led the UK Government's Food
Strategy Review, creating the first comprehensive review of the UK's food
strategy in 70 years, published in 2021. At Good Dog Food, Henry will assist
with strategy, commercialisation, and government relations.

In March 2022, Agronomics launched Good Dog Food, investing £150,000 in the
founder's round, and a follow-on investment of £1 million as part of its
£3.6 million seed financing round in May 2023. Subject to audit, Agronomics
will carry this investment at £4.96 million, including an unrealised gain of
£3.81 million which accounts for 3.08% of the last published Net Asset Value
of Agronomics (30.06.23), including estimated post-balance sheet adjustments.
Agronomics has an equity ownership of 40.65% on a fully diluted basis in Good
Dog Food. Jim Mellon, an Executive Director of Agronomics, is a 2.97%
shareholder in Good Dog Food.

Jim Mellon, Co-Founder of Agronomics and Chairman of Good Dog Food, commented:

 

"Henry's extensive background in shaping the UK's food strategy makes him a
great fit for the role. As we continue to drive the growth of Good Dog Food
and amplify its impact in the cellular agriculture sector, we look forward to
the fresh insights and perspective Henry will bring to the company."

 

About Good Dog Food

Good Dog Food aims to develop the first ever cultivated meat products for the
£80 billion pet food industry. They will create meat that is truly healthy,
ethical, and sustainable whilst being free from antibiotics and steroids.
Given the more straightforward regulation for pet food, Good Dog Food aims to
commercialise product faster than cultivated meat for human food. To date they
have removed all animal components from their manufacturing process, have
developed prototype products, and built relationships with leading pet food
manufacturers and retailers. Find out more at www.gooddogfood.com
(http://www.gooddogfood.com/) .

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  Cenkos                SEC Newgate

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

 Denham Eke           James Biddle          Harry Pardoe               Michael Johnson       George Esmond

                                            Alex Aylen                                       Anthony Hughes

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

 info@agronomics.im

 

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