US$2 million investment proves SuperMeat’s cultured chicken definitely has legs

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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‘.

Eat your chicken burger and watch the food being grown

Eat your chicken burger and watch the food being grown [Image source: SuperMeat]

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.

SuperMeat's bioreactors

SuperMeat’s bioreactors [Image source: SuperMeat]

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.

Diners at The Chicken

Diners at The Chicken [Image source: SuperMeat]

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.

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About Author

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Matt has worked in digital publishing for twenty years, holding management positions at Nature (nature.com) and William Reed Business Media (foodmanufacture.co.uk etc.). He has also worked with BBC Worldwide, Centaur Media, UKi Media and Mark Allen Group. Since 2010 Matt has been a digital consultant working with B2B media companies in the agricultural, automotive, aviation, robotics and technology sectors. As Chairman of his local allotment association Matt grows his own food whilst chasing the dream of a one tonne giant pumpkin. He is a member of the British Garden Media Guild and was a finalist in the Garden Media Guild Awards 'blog of the year' category in 2018 and 2019.

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