LONDON — Agronomics Limited, a leading investor in cellular agriculture, announced Monday a further $2 million investment in its portfolio company, SuperMeat, to support the commercialization of its cultivated chicken in Europe.
The investment is part of a $3.5 million funding round for SuperMeat, raised through a Simple Agreement for Future Equity (SAFE). Milk and Honey Ventures also participated in the round, a statement said
Agronomics’ commitment comprises $750,000 in cash and $1.25 million in newly issued Agronomics shares. The funding will aid SuperMeat in scaling its production process.
SuperMeat, which develops meat directly from animal cells, recently announced a significant cost reduction, bringing its production cost for cultivated chicken to approximately $11.79 per pound. A March 2024 life-cycle analysis by CE Delft also estimated that SuperMeat’s chicken could produce roughly 50% fewer carbon emissions than conventional chicken.
“We are proud to further increase our investment in SuperMeat and its team,” said Jim Mellon, executive chair of Agronomics. “As global demand for protein continues to rise, it is essential to meet this demand sustainably.”
Mellon highlighted that companies like SuperMeat are delivering the “commercial readiness necessary to drive meaningful change” toward a more resilient food system.
Ido Savir, co-founder and CEO of SuperMeat, said the investment validates the company’s progress.
“Over the past year we have made substantial advancements across our production platform, for the first time, making cultivated chicken production commercially viable,” Savir said. “This investment supports our progress toward bringing cultivated chicken to market.”
Agronomics first invested in SuperMeat in December 2020. Prior to this new funding, Agronomics had invested a total of £9.4 million in the company.