Portfolio Company Good Dog Food Update
21 August 2023
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Good Dog Food Welcomes Henry Dimbleby As Non Executive Director
Agronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce that portfolio company Good Dog Food Limited ("Good Dog Food") has welcomed Henry Dimbleby, entrepreneur and food campaigner, to the board as a Non-Executive Director.
A prominent UK food campaigner, Henry is co-founder of restaurant chain Leon and was lead Non-Executive Director at the Department for the Environment, Food and Rural Affairs from 2018 to 2023. Henry led the UK Government's Food Strategy Review, creating the first comprehensive review of the UK's food strategy in 70 years, published in 2021. At Good Dog Food, Henry will assist with strategy, commercialisation, and government relations.
In March 2022, Agronomics launched Good Dog Food, investing £150,000 in the founder's round, and a follow-on investment of £1 million as part of its £3.6 million seed financing round in May 2023. Subject to audit, Agronomics will carry this investment at £4.96 million, including an unrealised gain of £3.81 million which accounts for 3.08% of the last published Net Asset Value of Agronomics (30.06.23), including estimated post-balance sheet adjustments. Agronomics has an equity ownership of 40.65% on a fully diluted basis in Good Dog Food. Jim Mellon, an Executive Director of Agronomics, is a 2.97% shareholder in Good Dog Food.
Jim Mellon, Co-Founder of Agronomics and Chairman of Good Dog Food, commented:
"Henry's extensive background in shaping the UK's food strategy makes him a great fit for the role. As we continue to drive the growth of Good Dog Food and amplify its impact in the cellular agriculture sector, we look forward to the fresh insights and perspective Henry will bring to the company."
About Good Dog Food
Good Dog Food aims to develop the first ever cultivated meat products for the £80 billion pet food industry. They will create meat that is truly healthy, ethical, and sustainable whilst being free from antibiotics and steroids. Given the more straightforward regulation for pet food, Good Dog Food aims to commercialise product faster than cultivated meat for human food. To date they have removed all animal components from their manufacturing process, have developed prototype products, and built relationships with leading pet food manufacturers and retailers. Find out more at www.gooddogfood.com.
About Agronomics
Agronomics is the leading listed venture capital firm with a focus on cellular agriculture. The Company has established a portfolio of over 20 companies at the Pre-Seed to Series C stage in this rapidly advancing sector. It seeks to secure minority stakes in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals, as well as being fundamental to feeding the world's expanding population.
About Cellular Agriculture
Cellular Agriculture is the production of agriculture products directly from cells, as opposed to raising an animal for slaughter or growing crops. This encompasses cell culture to produce cultivated meat and materials, and fermentation processes that harness a combination of molecular biology, synthetic biology, tissue engineering and biotechnology to massively simplify production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply traditionally derived from conventional agriculture is going to change dramatically. We have already witnessed the first wave of this shift with the consumer adoption of plant-based alternative proteins but today, we are on the cusp of an even bigger wave of change. This is being facilitated by advances in cellular agriculture. This change is necessary, given scientists' claims that if we maintain existing animal protein consumption patterns, then we will not meet the Paris Agreement's goal of limiting warming to 1.5℃.
AT Kearney, a global consultancy firm, projects that cultivated meat's market share will reach 35% by 2040. This combined with the Good Food Institute's estimate that a US $1.8 trillion investment will be required in order to produce just 10% of the world's protein using this technology, means that we are on the cusp of a multi-decade flow of capital to build out manufacturing facilities. Funding in the field of cellular agriculture is accelerating, however, still, less than US$ 5 billion has been invested worldwide since the industry's inception in 2016.
For further information please contact:
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Agronomics Limited |
Beaumont Cornish Limited |
Canaccord Genuity Limited |
Cenkos Securities Plc |
SEC Newgate |
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The Company |
Nomad |
Joint Broker |
Joint Broker |
Public Relations |
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Richard Reed Denham Eke |
Roland Cornish James Biddle |
Andrew Potts Harry Pardoe Alex Aylen |
Giles Balleny Michael Johnson |
Bob Huxford George Esmond Anthony Hughes Alice Cho |
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+44 (0) 1624 639396 info@agronomics.im |
+44 (0) 207 628 3396 |
+44 (0) 207 523 8000 |
+44 (0) 207 397 8900 |
agronomics@secnewgate.co.uk
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