LONDON: Liberation Labs Holdings Inc. has closed a $31.5 million convertible note, bringing its total raised to $50.5 million, including $19 million in insider bridge notes. The round saw participation from NEOM Investment Fund, Siddhi Capital, Meach Cove Capital, and a $7.4 million commitment from Agronomics.
This funding, combined with public sector awards and loan guarantees, brings Liberation Labs’ total deployable capital to $125.5 million. The new funds will aid in completing the construction of the company’s first biomanufacturing plant in Richmond, Indiana.
Liberation Labs aims to become a global leader in the industrial biotechnology sector with its Bio3 biomanufacturing platform. The plant, with a 600,000-liter fermentation capacity, is set for completion by the end of this year and has potential for expansion. Multiple large companies have signed Letters of Intent for the facility’s capacity.
In 2024, the U.S. Department of Agriculture awarded Liberation Labs a $25 million “Business and Industry” loan guarantee for the plant’s completion. Agronomics has invested $25.03 million in Liberation Labs, representing 19.6% of its Net Asset Value. The investment round included participation from related parties Galloway Limited and New Agrarian Company Limited.
Liberation Labs, still in its early stages, expects to break even in its first year of operation. The company’s Executive Chair, Jim Mellon, praised the development of its fermentation infrastructure and the team’s successful execution of their strategy.