Business
Portfolio Update: Bond Pet Foods Completes Funding
Portfolio Update: Bond Pet Foods Completes Funding.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n 8th September 2022\n \n \n \n \n \n Agronomics Limited\n \n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n \n Portfolio Company Bond Pet Foods Completes Series A Financing to Scale Nutritionally Complete Meat Proteins\n \n \n \n \n \n \n Agronomics (AIM:ANIC), the leading listed company focused on the field of cellular agriculture, is pleased to announce that portfolio company Bond Pet Foods, Inc (\"Bond Pet Foods\"), engaged in the production of meat proteins through precision fermentation for pet food applications, has completed its Series A financing round, raising US$ 17.5 million. \n \n \n \n \n \n Agronomics invested in Bond Pet Foods in September 2019, with a US$ 15\n 0k investment in the form of a convertible promissory note (\"CPN\").The CPN has now converted into 531,692 Series A Preferred Shares, representing an equity ownership of 1.85%. Subject to audit, Agronomics will now carry this position at a book value of US$ 933k, representing an unrealised gain on cost of US$ 783k. This provides a multiple on invested capital (MOIC) of 6.22 and an internal rate of return (IRR) of 84% on the initial investment.\n \n \n \n \n \n The full announcement is set out below without any material changes:\n \n \n \n \n \n \n Bond Pet Foods Closes $17.5MM in Series A Funding to Scale Nutritionally Complete Meat Proteins Produced Through Precision Fermentation\n \n \n \n \n \n \n \n \n \n Company breaks ground on new 15,000 sq. ft. facility\n \n \n \n \n \n \n BOULDER, Colo., September 8, 2022 -- \n \n \n Bond Pet Foods\n \n \n , the Boulder-based company creating meat proteins through fermentation for pet food applications, announced today that it has completed its Series A fundraise totaling $17.5 million.\n \n \n \n \n \n The oversubscribed round includes investment from global food and agriculture\n pioneers\n ADM Ventures (Archer Daniels Midland Company) and Cavallo Ventures (Wilbur Ellis); institutional funds Genoa Ventures and Lever VC; food/tech and sustainability investors Thia Ventures, iSelect Fund, Stage 1 Fund, Lifely VC and Satori Capital, as well as music icons Sia Isabelle Furler and Joan Jett.\n \n \n \n \n \n The funding will be used to expand Bond's meat protein portfolio and scale...