Agronomics plc (LON:ANIC), the leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat, has announced portfolio company CellX Limited has completed its Seed financing round. Agronomics invested US $50,000 in CellX in December 2020 in the form of a Simple Agreement for Future Equity.
Pursuant to this agreement, the SAFE has now been converted at the valuation cap divided by the company capitalisation. Subject to audit, Agronomics will now carry this position forward at a book value of US $300,000, representing a 500% uplift and an IRR of 4,481%. Following conversion, Agronomics now holds 230,681 preferred shares.