Agronomics, a listed investor in alternative proteins with a focus on cellular agriculture and cultivated meat, is pleased to announce portfolio company
New Age Meats (trading name for Simply Foods, Inc), a cultivated and plant-based meat startup with an initial focus on pork, and a portfolio company of Agronomics, has raised a further USD2 million via convertible debt.
In total, the company has raised USD7 million and is now targeting a Series A funding round in the coming months.
In July 2019, Agronomics, which invests in alternative proteins with a focus on cellular agriculture and cultivated meat, cmpleted a subscription of USD699,999.34 for 885,739 Series Seed Preferred Shares. Agronomics currently holds approximately 7.0 per cent in New Age Meats on a fully diluted basis. This further raise does not result in a change to the carrying or implied value of Agronomics’ holding in New Age Meats.
New Age Meats (NAM), a cultivated and plant-based meat startup in Berkeley, CA with an initial focus on pork, announces an additional USD2 million in Seed extension, adding to funds raised post-Seed announced late last year. In total, the company has raised USD7 million and now turns its sights towards a Series A in the coming months.
The additional funds allow New Age Meats to continue construction of a team experienced in bringing products from inception to mass market. Hires over the last year include not just bioengineers with product development and scaling experience, but also a food team featuring key Impossible Foods alumni. NAM reports that their first products, pork sausages and dumplings, replicate the taste, aroma, and mouthfeel of conventional pork better than any product currently available.
“Ultimately, we will fail if our products are too expensive and low volume to be served anywhere but luxury restaurants,” says Brian Spears, the company’s CEO. “We’ve focused relentlessly on driving down the cost and scaling production of our product: hybrid cultivated and plant-based meat that doesn’t sacrifice on flavour. We want to make the world a better place by making the better decisions easy. We are well on our way to bringing that vision to market after our upcoming Series A.”
“As we continue to ramp up to market, we strategically brought on investors aligned with our short and long term growth,” Spears continues. “This round includes a very large, significant industry player in Asia who for now must remain confidential. Additionally, Peter Rahal’s Litani Ventures has joined. His experience with RXBAR, from founding to exit, is invaluable as we navigate to become the largest meat company in the world.”
Other investors in the round include follow-on investments from ff VC, SOSV, and Innovating Capital, as well as new investments by San Diego Tech Coast Angels, BeniVC, Oceanic Partners, Deep Ventures, and Climate Capital.
