Business
Portfolio Company Shiok Meats completes Financing
Portfolio Company Shiok Meats completes Financing.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 4780A\n Agronomics Limited\n 29 September 2020\n \n \n \n \n 29 September 2020\n \n \n \n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n Announces Portfolio Company Shiok Meats Pte. Ltd. has completed its US $12.6 million Series A Financing Led by Aqua-Spark Cooperatieve UA\n \n \n \n \n \n The Board of Agronomics is pleased to announce today that its portfolio company, Shiok Meats Pte. Ltd. (\"Shiok Meats\"), has completed a US$ 12.6 million Series A financing led by Aqua-Spark Cooperatieve UA (\"Aqua-Spark\"), based in the Netherlands. \n \n \n \n \n \n Agronomics initially invested US$ 500,000 in Shiok Meats in October 2019 in the form of a convertible loan note which, pursuant to the agreement, has now been converted at a 20% discount to the price of the Series A financing. This represents a 28% uplift in book value to Agronomics and equates to an internal rate of return of 31.8%, including the conversion of accrued interest. Following conversion, Agronomics will hold 2,465 Series A Preferred Shares, representing 1.6% equity ownership on a fully diluted basis.\n \n \n \n \n \n Shiok Meats will use this additional funding to progress its R&D and establish its first pilot production facility in Singapore, with the intention to have its first cultivated shrimp products on the market in Singapore in 2022. \n \n \n \n \n \n \n About Shiok Meats\n \n \n \n Shiok Meats is a cell-based clean meat company, the first of its kind in Singapore and South-East Asia. Their mission is to bring delicious, clean and healthy seafood and meats by harvesting from cells instead of animals. Shiok Meats is working on cell-based crustacean meats, including shrimp, crab, and lobster. Their meats are animal, health, and environmentally friendly, with the same taste and texture, providing more nutrients, and involving no cruelty. \"Shiok\" in Singapore and Malay slang means fantastic and delicious. Shiok Meats was co-founded in 2018 by Dr Sandhya Sriram and Dr Ka Yi Ling, two accomplished stem cell scientists with over 20 years of combined experience in stem cell and tissue engineering.\n \n \n \n About Aqua-Spark\n \n \n \n Launched in 2013, Aqua-Spark is an investment fund with a mission to transform the global aquaculture industry into one that is he...