Ohayo is developing cultivated Wagyu ribeye steak, with plans to produce other beef products. The company was co-founded last year by Dr. Jess Krieger, who was previously the CSO at cultivated meat company Artemys Foods.
Agronomics has completed a subscription of $1.5 million in Ohayo, in the form of a Simple Agreement for Future Equity (SAFE). The company will pay for the subscription using its own resources.
It is expected that the SAFE will convert into preferred shares in Ohayo Valley at a future equity financing round of at least US$ 1.5 million. This will grant Agronomics approximate equity ownership of 18.75% and the right to a board seat.
The subscription is the latest in a series of alt-protein investments for Agronomics — the company has recently funded The Every Company, BlueNalu, Rebellyous, and more. Ohayo has also recently received funding from CULT Food Science, an investment company with a focus on the future of food.
“We are thrilled to work with Agronomics to achieve our mutual goal to create a sustainable and secure food system in the era of the anthropocene,” said Dr. Jess Krieger, co-founder and CEO of Ohayo Valley. “The challenges facing human civilization are massive, but so are the opportunities to redesign entire industries to optimize efficiency. Consequently, we are rapidly approaching a new agricultural paradigm through radical innovation of animal products. The cultivated meat industry provides a future where the traditions, culture, and community that are essential to our identities are preserved, while simultaneously creating a more sustainable and ethical food system. We’re grateful to work with Agronomics to make our shared vision of the future a reality.”