The investment is for an equity stake on a fully diluted basis of 1.39%, which will equate to an estimated portfolio weighting of 5.7%. It is part of a $127.5 million fundraise by EVERY, which uses precision fermentation to produce proteins such as egg protein and pepsin that are traditionally derived from animals.
EVERY is the latest addition to Agronomics’ impressive portfolio of alt-protein producers, which includes cultivated seafood company BluNalu and plant-based chicken nugget brand Rebellyous Foods. Agronomics raised £50 million earlier this year to invest in cultivated meat and related alt-protein companies.
Recently, Agronomics has formed a new entity to accept funds from private equity investors who are not able to directly invest in cellular agriculture. The entity is called New Agrarian Company Limited, and it has invested an additional $7 million in EVERY.
“We are extremely pleased to become investors in EVERY, a leader in the cellular agriculture field, with its world-class precision fermentation platform,” said Jim Mellon, Non-executive Director of Agronomics. “This investment broadens Agronomics’ portfolio further into other major protein categories outside of meat and dairy. We are delighted to be working with [EVERY’s founder] Arturo to accelerate the commercialisation of animal-free egg proteins.”