London-listed Agronomics (ANIC ) said it has invested a further €2 million into its existing investee company Meatable B.V. ("Meatable"), bringing its total cash investment to €5 million. 

Following the subscription for 1,197 preferred shares, Agronomics will hold 4,752 preferred shares in Meatable, representing an equity ownership, on a fully diluted basis, of 5.70%.  

Subject to audit, Agronomics will now carry this position in its accounts at a book value of € 7.95 million, representing an unrealised gain on cost of € 2.95 million and an IRR of 95%. 

"We are delighted to further support Meatable as one of the leading companies in the field of cultivated meat and a major holding in the Agronomics' portfolio. We maintain our enthusiasm for Meatable, as they continue to scale-up production, achieve their scientific milestones, and move towards commercialisation,” commented Chairman, Richard Reed. 

Food production group Meatable is a Dutch cultivated meat company aiming to deliver at scale cultivated meat that looks like, tastes like, and has the nutritional profile of real meat.  

Shares in Agronomics have seen a more than three-fold increase over the past three months from 6.15p. The stock was trading 0.37% lower this morning at 20p following its statement. 

Its proprietary Opti-Ox technology enables the group to produce the cells needed in order to make cultivated meat ‘rapidly, in a sustainable manner, and without harming animals.’ 

It is an early stage pre revenue firm with operating costs of c.€0.44m per month. Total assets at 30 November 2020 was €10.3m including €8m of cash with no material liabilities.  

Funding in the cultivated meat sector is growing rapidly. Around US$170m was invested globally in the sector between 2016-2019, with over US$ 270m raised in 2020 alone. 

It is anticipated that the cultivated meat sector will receive more funding as the capital requirements of those operating within the sector grow as companies scale up their manufacturing facilities. It is estimated that there are 60 companies globally within the sector.  

AT Kearney, an American global consultancy and a branch of McKinsey & Company, has predicted that Cultivated Meat's market share of meat consumption will be 35% by 2040. 

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