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 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.
