GCIAgronomics takes 7% stake in US-based Simply Foods
Founded by chemical engineer Brian Spears in 2017, New Age Meats is a cultured pork company based in San Francisco, California. The lab-grown meat firm will use the funds of $700,000 to develop pork-based sausages, with the hopes of marketing its first commercial product in 2021.
Richard Reed, Chairman of Agronomics commented, "New Age Meats is a pioneer in the clean meat industry, having been the first to produce and serve a cultured pork sausage tasting prototype.”
Shares perked up over 9% following this morning’s news.
Mr Reed acknowledged the commitment in line with a new global evolution of investment centered around an increasing awareness of environmental, social and governance considerations.
He commented, “This investment aligns perfectly with Agronomics' stated strategy and more broadly to the growing environmental and ethical concerns of investors."
Earlier this year, the UN estimated that global food production will need to increase up to 70% in order to feed the world’s population by 2050. As a result, the alternative meats industry is considered one of the fastest growing sectors addressing these global environmental concerns and, it seems, is striking a particular chord with investors.
Brian Spears, Founder of New Age Meats, commented, "I am extremely pleased that Agronomics has made such a commitment to our exciting venture and the cultured meat sector as a whole.”
He added further: “Cultured meat simultaneously addresses three major issues - human health, the environment and animal welfare. This is the first small step we are taking to reverse climate change, stop breeding animals into a life that's not worth living and to help humans to become healthier."
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