Agronomics invests in SuperMeat
Agronomics, a leading listed investor in alternative proteins with a focus on cellular agriculture and cultivated meat, has completed an investment of USD2 million, in the form of a Simple Agreement for Future Equity (SAFE), in SuperMeat the Essence of Meat (SuperMeat). The Subscription will be paid using cash from the Company's own resources.
The SAFE will convert at a price per share reflecting the lower of the valuation cap or at a 25 per cent discount to the share price of SuperMeat's next equity round. We 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 USD150 million, Agronomics will hold approximately 2.22 per cent of SuperMeat's fully diluted share capital.
SuperMeat was founded in 2015, as one of the first cultivated meat companies to emerge in the field of cellular agriculture. SuperMeat is based in Israel and its initial focus is on cultivated chicken products. It has made substantial technological progress establishing a commercially viable production process, showcased in its operational pilot plant with a capacity to produce several hundred pounds of meat per week.
Most recently, SuperMeat unveiled its innovative, sustainable restaurant experience in Tel Aviv, Israel: The Chicken, where people can apply for a table and enjoy a meal of SuperMeat's cultivated chicken, while observing the meat being grown in bioreactors through a glass window. The Chicken is the world's first test kitchen serving a menu of cultivated meat products.
Richard Reed, Chairman of Agronomics, says: "In our view, SuperMeat is one of the most advanced and impressive companies in the field of cellular agriculture. 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.
"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.”
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."