Business
Investment of US$3million in Foods United
Investment of US$3million in Foods United.
About this update from Agronomics Limited
[{"type":"text","content":"\n \nRNS Number : 6864C Agronomics Limited 12 February 2020 \n\n12 February 2020\n \nAgronomics Limited\n \n(\"Agronomics\" or the \"Company\")\n \nAgronomics Announces Participation of USD 3 Million in Foods United raise of up to USD 100 Million\n \nThe Board of Agronomics is pleased to announce it has today completed a subscription of US $3,000,000 Class B Shares (the \"Subscription\") in Foods United, Inc (\"Foods United\"). This will be paid using cash from the Company's own resources, following its recent successful fundraise of £5.5 million on 24th January 2020. The Subscription will give Agronomics an approximate 3% equity interest in Foods United should they raise the full targeted amount of US$100million. \n \nFoods United is a Delaware Company, with offices located in the US and Switzerland, and is focused on leveraging traditional industry partners with existing logistics and infrastructure for fast and efficient scaling of meat replacement food products, initially focusing on plant-based chicken. Foods United team includes Kees Kruythoff, President and Aldo Uva, Chief Innovation Officer, both of whom are veterans of the food industry with extensive experience at major food companies including Ferrero Corporation, Unilever PLC, Nestle SA, and Firmenich SA. The team will work with early-stage alternative protein companies, helping them to achieve scale globally, through vertical integration and strategic partnerships throughout the supply chain.\n \nFoods United was founded by Roger Lienhard's Blue Horizon Corporation (\"Blue Horizon\"), a major early player in the alternative protein sector with an established portfolio of 39 seed investments. Blue Horizon also manages a venture capital fund with assets under management of EUR 100 million and the Blue Horizon International Foundation. This early focus on removing animals from the global food supply chain has given Blue Horizon a unique perspective into the future of food.\n \nAs the Subscription is considered a Substantial Transaction under AIM rules, this announcement requires certain disclosures under Schedule Four of the AIM Rules. Foods United is a start-up company with cash burn rate of approximately US$265,000 per month and net assets as at 30 November 2019 of approximately US$37 million, including gross...