Business
Agronomics Leads Ohayo Valley's Pre-Seed Funding
Agronomics Leads Ohayo Valley's Pre-Seed Funding.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 8969S\n Agronomics Limited\n 19 November 2021\n \n \n \n \n 19th November 2021\n \n \n \n \n Agronomics Limited\n \n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n \n Agronomics \n \n \n Leads Ohayo Valley's \n \n \n \n Pre-Seed Funding Round\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n \n \n \n Jim Mellon, co-founder and executive director of Agronomics commented:-\n \n \n \n \n \n \"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.\"\n \n \n \n \n \n Dr. Jess Krieger, co-founder and CEO of Ohayo Valley added:-\n \n \n \n \n \n \"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 innovati...