Agronomics has led a US$5m investment into portfolio company SuperMeat, as part of a targeted US$10m Series A-4 financing round for the cultivated meat specialist.
The round has raised $6m from Agronomics and affiliated investor New Agrarian Company, with Milk & Honey Ventures and other existing investors also participating.
SuperMeat says on its website that its mission is to “bring the world the highest quality chicken meat, grown directly from cells, in a sustainable and animal-friendly process. We believe cultivated meat will enhance the food system, providing nutritional security, drastically reducing carbon emissions, and increasing food safety worldwide”.
Agronomics is funding its US$5m commitment by issuing 26,805,903 new ordinary shares priced at 13.78p, a 109% premium to the 6.60p closing price on 8 May.
SuperMeat will deploy funds to support a licensing-led commercialisation push, with Switzerland identified as the initial launch market. The company has signed an R&D and technology development framework agreement with Japanese food major Ajinomoto, and extended its collaboration with Micarna, part of Swiss retail giant Migros.
Agronomics first invested in SuperMeat in 2020 and has invested a total of £15.2m.
Jim Mellon, Executive Chair of Agronomics, said: “SuperMeat’s Series A-4 financing marks an important step in its development and reflects continued progress towards commercial launch. Having supported the business since 2020, we believe the company is well positioned to advance its licensing-led strategy and we are pleased to continue backing the team through this next phase of growth.”