REG - Agronomics Limited - Portfolio Company Update: The EVERY Company

AgronomicsAnnouncement

08/12/2021 08:30

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RNS Number : 9623U  Agronomics Limited  08 December 2021

8 December 2021

 

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

("Agronomics" or the "Company")

 

Portfolio Company The EVERY Company Announces Oversubscribed US$ 175
million Series C Round

 

Agronomics, the leading listed investment company focused on the field of
cellular agriculture, is pleased to announce portfolio company The EVERY
Company ("EVERY", formerly Clara Foods Co.) has closed its oversubscribed
US$127.5million Series C Round by raising a total of US$175 million.
Agronomics participated in this round on the 4 November, when it announced its
US$8 million investment and based on this revised Series C Round its
investment will equate to an interest of 1.28%. This equates to an estimated
portfolio weighting based on the Company's last reported Net Asset Value of
5.6%.

 

EVERY is a leading precision fermentation company with a key focus on the
commercialisation of proteins traditionally derived from animals. Recently,
EVERY launched the world's first animal-free egg protein and collaborated with
the juice brand Pressed to produce smoothies containing their protein. This
recent fundraise will help drive the scale up of its animal-free protein
platform, so that EVERYs sustainable ingredients can have a worldwide reach.

 

The full announcement is set out below without any material changes:

 

The EVERY Company Closes Oversubscribed $175 Million Series C Round as it
Drives Scale-up of its B2B Animal-Free Protein Platform

Capital to Fuel Rapid Nationwide Expansion into CPG and Foodservice Channels

San Francisco (December 7, 2021) - The EVERY Company, the leading precision
fermentation platform accelerating a global transition to animal-free protein,
today announced it has closed $175 million in Series C financing. The round
was co-led by new investor, McWin, and existing investor, Rage Capital. Other
new and existing investors joined the round including Temasek, Grosvenor's
Wheatsheaf Group, and TO Ventures. Prosus Ventures also contributed to the
funding, marking its first investment in synthetic biology.

Notably, the Series C round raised by EVERY™ (formerly Clara Foods) was
heavily oversubscribed due to strong investor appetite to fill the growing
supply gap for animal-free protein and ingredient solutions. "The global
demand for alternative proteins has grown substantially, but the
infrastructure needed to produce the necessary ingredients has yet to catch
up. EVERY's platform is a big step towards filling that gap," said Katrin
Burt, Managing Partner of Grosvenor's Wheatsheaf Group.

The Series C round brings EVERY's total funding to $233 million. EVERY™ will
use the capital to scale production, commercialize a robust pipeline of
animal-free protein products nationwide, and expand into a broad array of new
food applications. EVERY™ will also continue to expand its protein
production platform by mining the egg proteome for novel, hyper-functional
proteins.

"It's rare for a company to credibly claim revolutionizing a century-old
industry. Arturo and the team at EVERY™ are doing just that," said Gabriel
Ruimy, Managing Partner of Rage Capital. "By leveraging precision fermentation
technologies, EVERY™ is bringing ingredient synthesis from science fiction
to supermarket aisles, starting with egg proteins and enzymes. We look forward
to supporting the company in the commercialization of such exciting innovation
in the next years."

EVERY™ has pioneered a disruptive advance in food technology by developing a
platform that produces real animal proteins without the use of a single
animal. Last year, it launched the world's first animal-free pepsin with
Fortune 500 ingredients company, Ingredion. Most recently, it launched the
world's first animal-free egg protein. In November, EVERY™ made its retail
debut by announcing a limited time partnership with leading national
cold-pressed juice brand Pressed to serve the world's first nature-equivalent
animal-free protein smoothie directly to consumers for the first time.

"The restaurant industry is one of the early adopters of new food technologies
and their introduction to the consumer. Given our deep roots in restaurants
and as a prolific investor in the leading alternative protein companies, McWin
is uniquely equipped to support EVERY's ambitious plans to bring its products
to menus worldwide," said Henry McGovern, founder of McWin Food Ecosystem Fund
and AmRest, which operates over 2,300 restaurants globally. "Eggs are not only
ubiquitous, but they are also incredibly difficult to replace; we see
tremendous potential in EVERY's revolutionary technology."

"There has never been a better time to be a B2B ingredients platform," said
Arturo Elizondo, CEO & founder of The EVERY Company. "As the world's
biggest food companies work to evolve their product offerings into the 21st
century by driving for cleaner, kinder, and more sustainable labels, the
options available are few and far between. We at EVERY™ are perfectly
positioned to enable the world's largest and smallest food companies to
transition to an animal-free future -- without compromises. Now, our major
objective is to scale the platform to make good on our promise to bring our
proteins to everyone, everywhere. This new injection of capital will allow us
to do just that."

Proteins by EVERY™ are distributed globally by Ingredion, a Fortune 500
ingredients solutions company. Those interested in sourcing animal-free
proteins or needing a sample for commercial use can contact
sales@theEVERYcompany.com or visit theEVERYcompany.com.

About The Every Company (https://www.theeverycompany.com/)

The EVERY Company, headquartered in the San Francisco Bay Area, is a market
leader in engineering, manufacturing and formulating animal-free, animal
proteins as ingredients for the global food and beverage industry. Originally
founded as Clara Foods in 2014, EVERY rebranded in 2021 to better convey its
vision to bring animal-free proteins to everyone, everywhere. EVERY is a team
of passionate changemakers who are reimagining the factory farm model with a
more sustainable and kinder alternative. Leveraging precision fermentation to
produce super-functional and one-to-one replacement proteins from
microorganisms, EVERY is on a mission to decouple the world's proteins from
the animals that make them. The EVERY Company's Press Kit can be found here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftheeverycompany.com%2Fpresskit&esheet=52503502&newsitemid=20211005005490&lan=en-US&anchor=here&index=4&md5=2e9f4a26b13dddc58765d660fc85db06)
.

 

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 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. 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.

For further information please contact:

 

 Agronomics Limited   Beaumont Cornish Limited  Cenkos Securities Plc  TB Cardew
 The Company          Nomad                     Broker                 Public Relations
 Richard Reed         Roland Cornish            Giles Balleny          Ed Orlebar

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

                                                                       +44 (0) 7738 724 630

                                                                       agronomics@tbcardew.com (mailto:agronomics@tbcardew.com)

 

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