Business
Portfolio Company BlueNalu Announces Financing
Portfolio Company BlueNalu Announces Financing.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n RNS Number : 1904E\n Agronomics Limited\n 27 February 2020\n \n \n \n \n 27th February 2020\n \n \n \n \n \n Agronomics Limited\n \n \n \n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n \n Portfolio Company BlueNalu, Inc (\"BlueNalu\") Announces Completion of Series A Financing with Major Strategic Interest\n \n \n \n \n \n Agronomics is pleased to announce today that BlueNalu, the Company's largest holding, has completed its US$ 20 million Series A financing with participation from major strategic investors with expertise across operations, sales, marketing, distribution and supply chain structuring. Agronomics currently owns 5.9% of BlueNalu, having participated in BlueNalu's seed and series A funding rounds. The book value of BlueNalu is US$ 3.55 million.\n \n \n \n \n \n Richard Reed, Chairman commented on the announcement:\n \n \n \"This level of interest from major strategic players in the food industry is unprecedented in the field of cellular agriculture. Combined with the capital inflows to the sector already witnessed in 2020, this is the clearest sign yet that disruption of traditional agriculture from cultivated meat companies is coming sooner than most believe.\"\n \n \n \n \n \n The announcement is set out below without material changes or adjustments.\n \n \n \n \n \n February 26, 2020-San Diego, Calif. BlueNalu, a leading innovative food company producing seafood directly from fish cells, today announced the successful completion of its $20 million Series A round of funding. This financing will enable BlueNalu to develop a good manufacturing practices (GMP) pilot production facility in San Diego, expand its world-class team, implement strategic alliances for global operations and distribution, and prepare for its market launch. \n \n \n \n \n \n The Series A round is co-led by Stray Dog Capital, CPT Capital, New Crop Capital, and Clear Current Capital, each of which participated in BlueNalu's seed round. BlueNalu secured $4.5 million in 2018, and has attracted investors from 11 nations to date demonstrating global interest in the disruptive potential for the company. These investors originate from Brazil, Hong Kong, Israel, Japan, Luxembourg, Netherlands, Saudi Arabia, South Korea, Sweden, United Kingdom and the United...