Agronomics (AIM:ANIC)  said it has co-led a Seed 2 financing round of around €6 million for Dutch start-up, Meatable. 
 
The clean meat investor invested €1m from its own cash resources in this round following on from €2m in the initial Seed financing round of Meatable in December 2019 via a convertible loan note for 5.26% equity interest. 
 
Following this round, Agronomics will hold 3,555 Seed 2 Preferred Shares in Meatable at a book value of €3.5m and increase its equity ownership to 6.46% on a fully diluted basis. 
 
The group noted that Meatable has made ‘strong technical progress’ since its initial investment in December, having produced both muscle and fat from its reprogrammed Opti-Ox porcine cells and remained on target for its prototype in the third quarter of 2020. 
 
Shares in Agronomics were opened flat at 7p on Thursday morning. 

Meatable reported a cash burn of €228,963 per month and total assets as at 31 March 2020 of around €7,350,954, including cash and near cash of €4,909,038, versus its current market capitalisation of £7.97m. 
 
"The coronavirus has highlighted that the exploitation of animals for their meat could be a major risk for human health and perversely the stability of the food supply chains,” said Richard Reed, Chairman of Agronomics. 
 
"We are pleased to secure additional funding, despite the challenging market conditions,” said Krijn de Nood, CEO and co-founder of Meatable. 
 
He added, “This funding will enable us to accelerate our cost reduction, scaling and product development efforts as we prepare for a more significant Series A financing round.” 
 
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