Business
Agronomics leads investment in California Cultured
Agronomics leads investment in California Cultured.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 6482P\n Agronomics Limited\n 20 October 2021\n \n \n \n \n 20th October 2021\n \n \n \n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n Agronomics Leads US$ 4 Million Seed Funding Round for California Cultured\n \n \n \n \n \n Agronomics, the leading listed company focused on the field of cellular agriculture, is pleased to announce it has led a Seed Funding Round for with a US$ 2.2 million investment (the \"Subscription\") for California Cultured Inc. (\"California Cultured\"). The financing is in the form of a SAFER (\"Simple Agreement for Future Equity\"). Joining the round includes global venture firm SOSV's IndieBio. \n \n \n The SAFER is expected to convert into Preferred Stock of California Cultured at a future equity financing round by California Cultured of at least US$ 4 million. Following an approximate equity ownership of 18.33 per cent on a fully diluted basis. Following the close of the round, Agronomics will have the right to a directorship in California Cultured. Should California Cultured not complete a qualifying financing within 12 months the SAFER will automatically convert into equity.\n \n \n California Cultured is a food-tech company based in Davis, California, U.S., which harnesses cell culture technology to produce cocoa products. The application of cellular agriculture for the production of plants or plant-derived ingredients has to date not been extensively commercialised. Using cocoa cell cultures to produce valuable cocoa products, such as cocoa powder, chocolate, cocoa butter and flavanols is considered an exciting opportunity. \n \n \n Founded by cell-culture technology veterans Alan Perlstein and Harrison Yoon, California Cultured was born out of the tension between the huge market demand for chocolate and the need for more ethical and environmentally friendly methods of production. Approximately\n \n \n \n \n 70% of the world's cocoa\n \n supply currently comes from Western Africa (\n \n NJAS\n \n ) - specifically Ghana and Côte d'Ivoire, where according to World Cocoa Foundation, there are concerns over deforestation. The leadership team is rounded out by Head of Commercial Steve Stearns, former chef at Noma, one of the world's number one restaurants, and COO Debbie Neumann. \n \n \n Jim Mellon, No...