LONDON, UK: Agronomics Limited has co-led the Series A Financing for portfolio firm SuperMeat (The Essence of Meat Ltd) with a US$ 10 million investment, subscribing for 188,158 Series A Preferred Shares, a discover said.
SuperMeat is a number one cultivated chicken meat firm based in Israel. The funding spherical was co-led alongside New Agrarian Company Limited.
Following the shut of the funding round, Agronomics will have the proper to nominate a board member to SuperMeat and can have a 7.77% fairness interest. The funding will be made utilizing money from the Company’s personal resources.
Agronomics first invested in SuperMeat in December 2020, with a US$ 2 million funding within the type of a SAFE (Simple Agreement for Future Equity).
This SAFE will convert to 119,551 Series A Preferred Shares, representing a Multiple on Investable Capital (“MOIC”) of 2.97. In February 2022, Agronomics bought an additional 50,774 Preferred Seed Shares in SuperMeat via a secondary transaction from an existing shareholder for total transaction cost of US$ 500,124 which will, topic to audit, represent a MOIC of 5.04.
Agronomics will now carry the aggregate place in its accounts at a book worth of US$ 19.35 million, topic to audit, together with an unrealised gain on cost of US$ 6.95 million, representing an internal rate of return of 207.
The SuperMeat place within the Agronomics portfolio will represent roughly 10% of Net Asset Value.
SuperMeat is a number one cultivated meat player, with their bioprocess able to producing cell densities of 150 million cells/ml, in addition to displaying strong product demonstration.
In a style test that occurred in January 2022, SuperMeat’s unseasoned chicken was indistinguishable to conventional chicken as judged by a panel of culinary experts. SuperMeat currently permits people to go to their restaurant expertise ‘The Chicken’ to try their cultivated chicken products. At present, SuperMeat is working to acquire regulatory approval within the US and Singapore for its chicken merchandise to be made available for inclusion in consumer products.
The funding raised by SuperMeat on this Series A financing will be used to set up SuperMeat’s first facility, because the corporate seeks to commercialise its chicken product within the subsequent 24 months.
Since this Acquisition is taken into account a Substantial Transaction under AIM Rule 12, this announcement requires sure disclosures under Schedule Four. SuperMeat is an early-stage firm with no revenues with working prices of roughly US$ 260k per month, and total assets as at 31 December 2020 of roughly US$ 3.3 million with no materials liabilities.
Jim Mellon, co-founder and executive director of Agronomics commented: “Agronomics is happy to present additional support to SuperMeat, one of many most established companies on this quickly advancing field. The technical progress they’ve made since our first funding has been distinctive with some technical manufacturing metrics on the higher finish of what the Agronomics team has noticed within the entire field. This recently culminated in a landmark blind tasting occasion which demonstrated SuperMeat’s chicken to be indiscernible from conventional chicken by culinary experts.”
Ido Savir, co-founder and CEO of SuperMeat, added: “We are excited to take additional steps towards commercialization with the management and support of Agronomics. Agronomics, which currently holds the largest portfolio of mobile agriculture companies, provides a strong and skilled support in addition to a global community of companions and connections invaluable for our path to market. We are honoured to obtain their continued support.
New Agrarian, the brand new unquoted entity formed to settle for funds from private fairness investors seeking publicity to the field of mobile agriculture additionally participated within the financing for SuperMeat on the identical phrases as Agronomics with a US $5 million funding and, following the investment, holds an aggregate position, on a fully diluted basis, of 3.14%”.