Business
Portfolio Company Good Dog Food Update
Portfolio Company Good Dog Food Update.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n21 August 2023\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nPortfolio Company Good Dog Food Welcomes Henry Dimbleby As Non Executive Director\nAgronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce that portfolio company Good Dog Food Limited (\"Good Dog Food\") has welcomed Henry Dimbleby, entrepreneur and food campaigner, to the board as a Non-Executive Director.\nA prominent UK food campaigner, Henry is co-founder of restaurant chain Leon and was lead Non-Executive Director at the Department for the Environment, Food and Rural Affairs from 2018 to 2023. Henry led the UK Government's Food Strategy Review, creating the first comprehensive review of the UK's food strategy in 70 years, published in 2021. At Good Dog Food, Henry will assist with strategy, commercialisation, and government relations.\nIn March 2022, Agronomics launched Good Dog Food, investing £150,000 in the founder's round, and a follow-on investment of £1 million as part of its £3.6 million seed financing round in May 2023. Subject to audit, Agronomics will carry this investment at £4.96 million, including an unrealised gain of £3.81 million which accounts for 3.08% of the last published Net Asset Value of Agronomics (30.06.23), including estimated post-balance sheet adjustments. Agronomics has an equity ownership of 40.65% on a fully diluted basis in Good Dog Food. Jim Mellon, an Executive Director of Agronomics, is a 2.97% shareholder in Good Dog Food.\nJim Mellon, Co-Founder of Agronomics and Chairman of Good Dog Food, commented:\n \n\"Henry's extensive background in shaping the UK's food strategy makes him a great fit for the role. As we continue to drive the growth of Good Dog Food and amplify its impact in the cellular agriculture sector, we look forward to the fresh insights and perspective Henry will bring to the company.\"\n \nAbout Good Dog Food\nGood Dog Food aims to develop the first ever cultivated meat products for the £80 billion pet food industry. They will create meat that is truly healthy, ethical, and sustainable whilst being free from antibiotics and steroids. Given the more straightforward regulation for pet food, Good Dog Food aims to commercialise product faster than cultivated meat for human food. To date they have removed all animal components from...