Business
Investment in Meatable BV
Investment in Meatable BV.
About this update from Agronomics Limited
[{"type":"text","content":"\n \nRNS Number : 5653X Agronomics Limited 20 December 2019 \n\n20 December 2019\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.\n \nAgronomics Limited\n \n(\"Agronomics\" or the \"Company\")\n \nInvestment in Meatable BV\n \nThe board is pleased to announce it has today completed a subscription of €2,000,000 (the \"Subscription\") in the form of a Convertible Loan Note (the \"CLN\") in Meatable BV (\"Meatable\"). Meatable is a company based in the Netherlands, focused on producing cultivated beef and pork. Upon conversion, the CLN is expected to give Agronomics a minimum equity interest in Meatable of 5.26%. The Subscription will be paid in cash using the Company's own resources. The CLN will convert into equity automatically in the event of a qualified financing, being €5m of greater, or on maturity date, being January 2022. \n \nMeatable has raised US$10 million to date, as announced on 6th December, 2019. Investors include both angel and institutional investors, as well as a US$ 3 million grant from the European Commission. Taavet Hinrikus, co-founder of TransferWise and Albert Wenger, managing partner at Union Square Ventures are both investors. \n \nMeatable was co-founded by Krijn De Nood, Daan Luining and Dr Mark Kotter in 2018. Notably, Daan worked as a researcher on the 'hamburger project' under Professor Mark Post, responsible for producing the world's first lab-grown burger in 2013. Since then, Daan has worked as a Research Strategist at New Harvest, one of the leading non-profit organisations in the cellular agriculture field. Krijn previously worked at management consultancy firm McKinsey & Company, with focused expertise in strategic development and operations. \n \nThe recent funding will be used to accelerate the development of Meatable's prototype in Summer 2020 and support its plans to have a small-scale bioreactor operating and producing meat. Meatable are on track to reach their targets of having an industrial scale manufacturing plant producing thousands of kil...