LONDON, UK: Agronomics, a leading listed company focused on the field of cellular agriculture, announced that portfolio company BlueNalu Inc. has raised US$ 33.5 million from new and existing investors in a Series B Financing.
The financing will enable the next stage of BlueNalu’s growth and its continued progress towards scaling and commericializing healthy and sustainable seafood in the U.S. and around the world. BlueNalu plans to launch its first commercial product, premium bluefin tuna toro, following regulatory approval.
Agronomics has invested, in aggregate, US$ 8 million across BlueNalu’s Seed and Series A Financings and a pre-Series B Convertible Promissory Note (CPN).
Following the close of the Series B, the CPN has been converted into Series B Preferred Shares. Agronomics now holds an equity stake in BlueNalu of 5.12% on a fully diluted basis. Subject to audit, Agronomics will now carry this position forward at a book value of £13.3m, an IRR of 26.85% and a MOIC of 2x.
The holding in BlueNalu will represent approximately 8% of the last published Net Asset Value of the Company (30.06.23), including estimated post-balance sheet date adjustments.