Business
Meatable completes EUR35M Series B Financing Round
Meatable completes EUR35M Series B Financing Round.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n8 August 2023\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nMeatable Announces Successful €35 Million Series B Financing Round\nAgronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce it has invested €4 million (the \"Subscription\") as part of Meatable's €35 million Series B financing round. The funding round was co-led alongside New Agrarian Company Limited (\"New Agrarian\").\nAgronomics first invested €2 million in Meatable B.V. (\"Meatable\") in December 2019, followed by an additional €1 million in June 2020, €2 million in February 2021 and €195k via a secondary transaction in May 2021. Subject to audit, Agronomics' investments, inclusive of the Subscription, will be carried at €14.2 million, including an unrealised gain of €5.0 million and represents a gross IRR of 22.31%. Agronomics now holds an equity stake of 6.7% in Meatable, with the position accounting for approximately 9% of Agronomics' 30 June 2023 Net Asset Value (as adjusted for this investment).\nThe successful funding round was led by Agronomics and New Agrarian and saw the Dutch impact fund, Invest-NL, join as a new investor, contributing $17 million, alongside renewed support from existing investors, including BlueYard, Bridford, MilkyWay, DSM Venturing and Taavet Hinrikus (chairman and founder of Wise).\nThe funding will be used to further scale Meatable's production processes and accelerate its commercial programme in target markets to deliver cultivated meat products that are price competitive with traditional meat. Starting in Singapore, Meatable's sausages and pork dumpling products will be available in selected restaurants and retailers from 2024. It is also establishing a presence in the United States and target European countries. These steps ensure Meatable can bring to life its mission to make cultivated meat available for everyone, without compromising on taste or harming animals, people or the planet.\nInnovative technology to produce cultivated meat at scale\nConsumer demand for meat continues to grow across the world, but this comes at a huge cost to the planet. Cultivated meat is part of the solution - a study by independent research company CE Delft found that cultivated meat can reduce the footprint of conventional beef by up to 92% for greenhouse gas emissions an...