Agronomics Limited, a leading listed investor in alternative proteins with a focus on cellular agriculture and cultivated meat, has announced the completion of a US$2 million investment in cultured meat company SuperMeat. The Israeli start-up already produces several hundred pounds of cultivated chicken meat each week.
In October, SuperMeat unveiled the world’s first cultured chicken dining experience in Tel Aviv. Its restaurant is called ‘The Chicken’ and is the world’s first test kitchen serving a menu of cultivated meat products. Whilst not yet fully commercially, interested guests can apply for a table and enjoy a meal of cultivated chicken. Diners can also observe the cultured meat being grown in bioreactors through a glass window as they consume their tasty cultivated chicken burger. The Guardian’s Oliver Holmes recently enjoyed a visit to The Chicken and detailed the ‘petri-dish-to-table service‘.The company was founded by Ido Savir, Koby Barak and Shir Friedman with the aim of addressing the technological and ecological challenges of feeding the ever increasing global population. Supported by a team of engineers, scientists and food-technologists, SuperMeat produces cultured poultry meat directly from avian stem cells. “In our view, SuperMeat is one of the most advanced and impressive companies in the field of cellular agriculture.” said Richard Reed, Chairman of Agronomics. “SuperMeat has demonstrated leadership on many fronts, and most recently with the launch of their concept restaurant The Chicken. We look forward to working with Ido and his team to make cultivated meat a reality.” Ido Savir, co-founder and CEO SuperMeat, added: “SuperMeat is excited to welcome Agronomics to its cultivated chicken table. Agronomics’ expertise and extensive portfolio in cultivated meat, plant-based and supportive industries makes them a valuable partner in SuperMeat’s next steps to commercialization.”
The US$2 million investment takes the form of a Simple Agreement for Future Equity (“SAFE”) and will convert at a price per share reflecting the lower of the valuation cap or at a 25 percent discount to the share price of SuperMeat’s next equity round. Agronomics expect that upon conversion of the SAFE at the completion of SuperMeat’s next equity fundraise, and assuming that it will be done at a pre-money valuation of US$ 150 million, Agronomics will hold approximately 2.22% of SuperMeat’s fully diluted share capital.
“This investment in SuperMeat enhances Agronomics portfolio substantially, and we now believe we have the most comprehensive and investable portfolio of companies in the field of cellular agriculture with exposure to all major categories including beef, pork, chicken, seafood, novel proteins and materials.” Added Agronomics’ Richard Reed.