Agronomics has invested €4 million in Meatable's €30 million Series B financing round using its own resources. Agronomics also received 200 warrants exercisable within the next five years. The funding round was co-led by New Agrarian Company Limited. Agronomics has previously invested €2 million in Meatable in December 2019, followed by an additional €1 million in June 2020, €2 million in February 2021, and £195,632 via a secondary transaction in May 2021. Agronomics' investments in Meatable, including the recent Subscription, will be carried at £11.8 million, representing a gross IRR of 22.31%. Agronomics now holds a 6.51% equity stake in Meatable, accounting for approximately 7.4% of Agronomics' 30 June 2023 Net Asset Value.
The funding round was led by Agronomics and New Agrarian, with Invest-NL joining as a new investor, contributing €15 million. The funding will be used to scale Meatable's production processes and accelerate its commercial program in target markets, starting in Singapore in 2024. Meatable aims to make cultivated meat products price competitive with traditional meat without compromising on taste or harming animals, people, or the planet.
Meatable uses innovative technology to produce cultivated meat at scale. Its patented opti-ox™ technology combined with pluripotent stem cells allows for the production of real muscle and fat cells in just eight days, 30 times faster than traditional farming methods. Meatable's cultivated pork products will be available in selected restaurants and retailers in Singapore, with plans to expand to the United States and target European countries.
Investors have shown significant interest in the cultivated meat sector, with nearly US$900 million invested in 2022 alone. Cultivated meat has the potential to significantly reduce the environmental footprint of conventional meat production. Meatable's technology offers a scalable solution to meet the growing demand for meat while minimizing the impact on the planet.