REG - Agronomics Limited - Agronomics Leads Ohayo Valley’s Pre-Seed Funding

AgronomicsAnnouncement

19/11/2021 07:00

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RNS Number : 8969S  Agronomics Limited  19 November 2021

19th November 2021

Agronomics Limited (https://agronomics.im/)

("Agronomics" or the "Company")

 

Agronomics Leads Ohayo Valley's

Pre-Seed Funding Round

 

Agronomics, the leading listed company focused on cellular agriculture, is
pleased to announce today that the Company has completed a subscription of US$
1.5 million in the form of a Simple Agreement for Future Equity ("SAFE"), in
Ohayo Valley Inc ("Ohayo Valley"). The Subscription will be paid using cash
from the Company's own resources.

 

Ohayo Valley is a cultivated meat company, initially focused on producing
cultivated Wagyu ribeye steak, before expanding to other beef products. Ohayo
Valley was co-founded in 2020 by Dr. Jess Krieger. Combined, the cofounding
team brings 20 years of experience in the cultivated meat sector, including
Jess' previous position as CSO for Artemys Foods, where she led the
development of the Artemys Burger prototype.

 

The SAFE is expected to convert into preferred shares in Ohayo Valley at a
future equity financing round of at least US$ 1.5 million, giving Agronomics
an approximate equity ownership of 18.75%. Agronomics will have the right to a
board seat.

 

 

Jim Mellon, co-founder and executive director of Agronomics commented:-

 

"Agronomics is thrilled to be supporting Ohayo Valley and in particular
working with Dr. Jess Krieger, to develop and commercialise their cultivated
Wagyu ribeye steak. This marks Agronomics first investment into a company
focused on producing structured beef products, and is of great relevance,
noting that conventional beef production is heavily carbon and resource
intensive."

 

Dr. Jess Krieger, co-founder and CEO of Ohayo Valley added:-

 

"We are thrilled to work with Agronomics to achieve our mutual goal to create
a sustainable and secure food system in the era of the anthropocene. The
challenges facing human civilization are massive, but so are the opportunities
to redesign entire industries to optimize efficiency. Consequently, we are
rapidly approaching a new agricultural paradigm through radical innovation of
animal products. The cultivated meat industry provides a future where the
traditions, culture, and community that are essential to our identities are
preserved, while simultaneously creating a more sustainable and ethical food
system. We're grateful to work with Agronomics to make our shared vision of
the future a reality."

 

About Ohayo Valley (http://www.ohayovalley.com/)

Ohayo Valley is a cultivated beef company blending plant-based meat and
cultivated meat to develop cultivated Wagyu ribeye. Although starting with
Wagyu, the product portfolio will be expanded to produce all types of beef -
including ground beef and other steak cuts. Ohayo Valley uses a deep tech
platform for innovation, combining synthetic biology, biomanufacturing, and
food engineering to create animal products, without animals.

 

 

About Agronomics (https://agronomics.im/)

Agronomics is a leading listed alternative proteins company with a focus on
cellular agriculture and cultivated meat. The Company has established a
portfolio of 18 companies at the Pre-Seed to Series B 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. A full
list of Agronomics' portfolio companies is available at https://agronomics.im/
(https://agronomics.im/) .

 

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 $1.8 trillion investment will be required in order to
produce just 10% of the world's protein using this technology, means that we
are on the cusp of a multi-decade flow of capital to build out manufacturing
facilities. Funding in the field of cellular agriculture is accelerating,
however still less than US$ 1 billion has been invested worldwide since the
industry's inception in 2016.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is now
considered to be in the public domain.

For further information please contact:

 

 Agronomics           Beaumont              Cenkos                Peterhouse Capital

 Limited              Cornish Limited       Securities Plc        Limited               TB Cardew
 The Company          Nomad                 Joint Broker          Joint Broker          Public Relations
 Richard Reed         Roland Cornish        Giles Balleny         Lucy Williams         Ed Orlebar

 Denham Eke           James Biddle          Michael Johnson       Charles Goodfellow    Joe McGregor
 +44 (0) 1624 639396  +44 (0) 207 628 3396  +44 (0) 207 397 8900  +44 (0) 207 469 0936  +44 (0) 20 7930 0777

 info@agronomics.im                                                                     +44 (0) 7738 724 630

                                                                                        agronomics@tbcardew.com

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