REG - Agronomics Limited - Mosa Meat Raises EUR 40 Million in New Financing

AgronomicsAnnouncement

17/04/2024 07:01

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RNS Number : 8422K  Agronomics Limited  17 April 2024

 

17 April 2024

Agronomics (https://agronomics.im/) (https://agronomics.im/) L
(https://agronomics.im/) imited (https://agronomics.im/)

("Agronomics" or the "Company")

Mosa Meat Raises EUR 40 Million in New Financing

Agronomics (LSE: ANIC), a leading listed company in cellular agriculture, is
pleased to announce that its portfolio company Mosa Meat B.V. ("Mosa Meat"), a
leader in cultivated beef production, has successfully raised EUR 40 million
in new capital to help finance further scaling up of production processes and
prepare its products for market entry.

 

The oversubscribed round was led by Lowercarbon Capital LLC and M Ventures,
part of Merck Group. New investors include government-backed partners
including Invest-NL (the Dutch state-owned impact investor), InvestEU (the
European Commission strategic development program), Limburg Institute for
Development and Financing ("LIOF", the Limburg regional development fund), and
the Limburg Energy Fund ("LEF", the regional fund supporting greenhouse gas
emissions reduction).

 

Additional new partners with a background in the conventional meat sector also
participated in the round, including the PHW Group, one of Europe's largest
poultry producers, alongside XO Ventures.

 

Mosa Meat is a global food technology company pioneering a cleaner, ethically
sustainable way of producing real beef. The founders, which produced the
world's first cultivated beef hamburger in 2013, created Mosa Meat in 2016 to
help scale up the production of cultivated meat for commercial consumption. In
November 2023, they opened their fourth facility, making Mosa Meat the world's
largest cultured meat centre and increasing its production capacity for
cow-free burgers. They are currently preparing the first formal tastings of
cultivated beef in The Netherlands for later this year.

 

Agronomics invested EUR 3.5 million into Mosa Meat's Series B round in
September 2020, a position which is currently carried at £3.1 million
(equivalent to EUR 3.7 million), subject to audit. This new financing has no
impact on Agronomics' carrying value and the Company continues to hold an
equity ownership of ~1.68%, on a fully diluted basis.

 

 

Maarten Bosch, CEO of Mosa Meat said:

"The overall macroeconomic landscape has been rough in the last two years,
which has culled the herd of companies and forced us to be even more strategic
and focused on achieving our mission. As such, we are humbled and honoured to
welcome both public parties and conventional meat producers to join this
critical journey. In an environment that is increasingly polarised, we choose
to connect and collaborate, working towards a future where cultivated beef is
a real choice for consumers and a complementary solution in the toolbox to
combat the climate crisis, biodiversity loss, and food insecurity. Rethinking
how we produce great food for a growing planet without destroying it is quite
a daunting task and will take many people and organisations to pull in the
same direction."

Jim Mellon, Co-Founder and Executive Director of Agronomics commented:

"Mosa Meat has been at the forefront of cultivated beef for over a decade.
With a quarter of global greenhouse gas emissions in the food industry
resulting from beef production alone, a long-term solution for beef production
is essential. Today's announcement reinforces our confidence in Mosa Meat's
technical and commercial expertise, and we look forward to their receiving
regulatory approval later this year."

About Mosa Meat

Mosa Meat is a global food technology company pioneering a cleaner, kinder way
of making real beef. Our founders introduced the world's first cultivated beef
hamburger in 2013, by growing it directly from cow cells. Founded in 2016,
Mosa Meat is now scaling up production of the same beef that people love, but
in a way that is better for people, animals, and the planet. A diverse and
growing team of food-loving problem-solvers, we are united in our mission to
fundamentally reshape the global food system. Headquartered in Maastricht, The
Netherlands, Mosa Meat is a privately held company backed by Lowercarbon
Capital, M Ventures, Invest-NL, Bell Food Group, PHW Group, Mitsubishi
Corporation, Nutreco, Leonardo DiCaprio and others.

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

Agronomics is a leading listed alternative proteins company with a focus on
cellular agriculture including precision fermentation and cultivated meat. The
Company has established a portfolio of over 20 companies 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://clicktime.symantec.com/368cVqxx3R6vTFuHpf6MSE66Gi?u=https%3A%2F%2Fagronomics.im%2F)
.

For further information please contact:

 Agronomics           Beaumont              Canaccord Genuity Limited  Cavendish Capital Markets Limited  Peterhouse Capital    SEC Newgate

 Limited              Cornish Limited                                                                     Limited
 The Company          Nomad                 Joint Broker               Joint Broker                       Joint Broker          Public Relations
 Jim Mellon           Roland Cornish        Andrew Potts               Giles Balleny                      Lucy Williams         Bob Huxford

 Anthony Hughes
 Denham Eke           James Biddle          Harry Pardoe               Michael Johnson                    Charles Goodfellow

                                            Alex Aylen                 Charlie Combe
 +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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