Agronomics announces £1m investment in Good Dog Food

4th May 2023 13:07

(Sharecast News) - Cellular agriculture investor Agronomics announced a £1m investment in Good Dog Food (GDF) on Thursday, as part of its seed financing round worth £3.6m.

The AIM-traded firm said the latest funding round also saw investment from Siddhi Capital and private individuals.

Agronomics now held 8,768 shares in GDF, representing 42.4% of the company.

Its executive director Jim Mellon, who has a 2.99% shareholding in GDF, also participated in the fundraise with a £0.3m investment.

"By creating sustainable, ethical meat from cells, Good Dog Food is able to replace the 20% of meat and fish produced globally for use in pet food," said Agronomics executive director Jim Mellon.

"As a dog owner, I have been looking for high-quality alternatives to traditional meat to provide to my dogs - Good Dog Food will do exactly that.

"It is even more exciting to know that Good Dog Food may accelerate the introduction of cultivated meat to the broader public "

Agronomics said GDF's focus was on developing cultivated pet food made from sustainable, slaughter-free, antibiotic-free, and high-quality nutritious ingredients.

It said that while meat provided essential nutrients for companion animals, its production from livestock or fish was a major contributor to climate change and often resulted in overexploitation of natural resources.

Food for companion animals accounted for almost a quarter of meat produced in the United States, and in the US alone, dog and cat food was responsible for 65 million tonnes of carbon dioxide-equivalent methane and nitrous oxide.

Agronomics previously invested £0.15m in GDF's founder's round in March last year.

The investment would be carried at £4.96m, subject to audit, including an unrealised gain of £3.81m.

"We're extremely excited to work with Agronomics," said Good Dog Food chief executive officer Owen Ensor.

"Their industry-leading expertise and advice have been fundamental to the ongoing success of Good Dog Food.

"With their support, we aim to bring some of the first ever cultivated meat products to market and, ultimately, help transform our food system into one that is both sustainable and ethical."

At 1243 BST, shares in Agronomics were up 3.36% at 11.37p.

Reporting by Josh White for Sharecast.com.