{ "updated": "2026-11-12", "parent": { "name": "Agronomics Limited", "ticker": "ANIC", "exchange": "London Stock Exchange AIM", "otc": "AGNMF (OTCQB)", "website": "https://agronomics.im", "summary": "Isle of Man-registered investment company listed on AIM. It holds minority stakes in more than 20 companies working on cellular agriculture, precision fermentation, cultivated meat and other 'clean food' technologies. Unquoted holdings are generally valued at cost or at the price of their latest funding round. Solar Foods, the only listed holding, is valued at its bid price.", "nextResults": null, "nav": [ { "date": "2022-03-31", "navPence": 15.11, "sharePricePence": 19.2, "discountPct": -27, "netAssetsGBPm": 141.8, "cashGBPm": 53.84, "audited": false, "excludeFromChart": false, "note": "Unaudited. Shares traded at a 27% premium to NAV.", "drivers": [ "Bought a 2.05% stake in Geltor for US$9.5m, paid in new Agronomics shares", "Led Onego Bio's €10m seed round with €6.9m", "Co-led SuperMeat's Series A with US$10m", "Invested a further US$1m in GALY", "Launched Good Dog Food (now Meatly) with Roslin Technologies" ], "balance": { "investments": 89262133, "cash": 53838692, "receivables": 296211, "payables": 1593824, "shares": 938590207, "sources": [ "anic-nav-2022q1" ] }, "sources": [ "anic-nav-2022q1" ] }, { "date": "2022-06-30", "navPence": 14.85, "sharePricePence": 16, "discountPct": -8, "netAssetsGBPm": 143.91, "cashGBPm": 51.48, "audited": true, "excludeFromChart": false, "note": "The July RNS gave 15.27p unaudited. Shares traded at an 8% premium to the audited figure.", "drivers": [ "Invested US$2m in CellX; its earlier SAFE converted at a US$0.5m gain", "Founding US$0.6m investment in Liberation Labs", "VitroLabs completed its Series A, which Agronomics led with US$7m" ], "balance": { "investments": 94813088, "cash": 51482501, "receivables": 102659, "payables": 2485345, "shares": 969269715, "sources": [ "anic-annual-2022", "anic-nav-2022q2" ] }, "sources": [ "anic-annual-2022", "anic-nav-2022q2" ] }, { "date": "2022-09-30", "navPence": 16.51, "sharePricePence": 12.5, "discountPct": 24, "netAssetsGBPm": 160.2, "cashGBPm": 39.41, "audited": false, "excludeFromChart": true, "note": "Unaudited, published before the FY2022 audit cut the 30 June figure from 15.27p to 14.85p, so it is not comparable with later figures and the chart leaves it out.", "drivers": [ "Led Clean Food Group's seed round (£0.58m); the holding was revalued to £3.23m, a £2.91m uplift", "Led All G's Series A with AU$15m for an 8% stake", "Bond Pet Foods raised a US$17.5m Series A" ], "balance": { "investments": 122925485, "cash": 39406533, "receivables": 146702, "payables": 2274374, "shares": 970371316, "sources": [ "anic-nav-2022q3" ] }, "sources": [ "anic-nav-2022q3" ] }, { "date": "2022-12-31", "navPence": 16.38, "sharePricePence": 11.75, "discountPct": 28, "netAssetsGBPm": 162.51, "cashGBPm": 29.83, "audited": false, "excludeFromChart": false, "note": "Half-year (unaudited): up 10.3% on 30 June 2022, mainly from £19.4m of unrealised gains. The January RNS gave 16.37p.", "drivers": [ "Co-led Liberation Labs' US$20m seed round, committing US$7m", "Solar Foods won its first approval (Singapore) and a €34m grant", "Doehler Ventures invested in Clean Food Group" ], "balance": { "investments": 132691338, "cash": 29825250, "receivables": 106733, "payables": 116253, "shares": 992243526, "sources": [ "anic-interim-2022", "anic-nav-2022q4" ] }, "sources": [ "anic-interim-2022", "anic-nav-2022q4" ] }, { "date": "2023-03-31", "navPence": 16.14, "sharePricePence": 10.9, "discountPct": 32, "netAssetsGBPm": 160.19, "cashGBPm": 29.25, "audited": false, "excludeFromChart": false, "note": "Unaudited.", "drivers": [ "Invested US$0.5m in Wild Microbes' US$3.3m pre-seed round", "Liberation Labs bought the land for its Richmond plant", "CellX signed a scale-up partnership with Shanghai Tofflon" ], "balance": { "investments": 130895484, "cash": 29254287, "receivables": 93021, "payables": 52161, "shares": 992244668, "sources": [ "anic-nav-2023q1" ] }, "sources": [ "anic-nav-2023q1" ] }, { "date": "2023-06-30", "navPence": 16.94, "sharePricePence": 10.4, "discountPct": 39, "netAssetsGBPm": 168.26, "cashGBPm": 28.09, "audited": true, "excludeFromChart": false, "note": "The August RNS gave 15.80p unaudited; the audit raised it. Discount is to the audited figure.", "drivers": [ "Invested £1m in Good Dog Food's £3.6m seed round", "Invested AU$2.5m in HydGene", "Liberation Labs secured US$30m of equipment funding", "CellX raised US$6.5m from third parties" ], "balance": { "investments": 141773297, "cash": 28093984, "receivables": 335810, "payables": 1946093, "shares": 993152034, "sources": [ "anic-annual-2023", "anic-nav-2023q2" ] }, "sources": [ "anic-annual-2023", "anic-nav-2023q2" ] }, { "date": "2023-09-30", "navPence": 16.48, "sharePricePence": 9.8, "discountPct": 40, "netAssetsGBPm": 163.72, "cashGBPm": 23.64, "audited": false, "excludeFromChart": true, "note": "Unaudited, published before the FY2023 audit raised the 30 June figure from 15.80p to 16.94p, so it is not comparable with later figures and the chart leaves it out.", "drivers": [ "Invested €4m in Meatable's €30m Series B; holding carried at £11.8m", "Invested £0.7m in Clean Food Group's £2.3m round; holding carried at £6.97m", "Announced a share buyback of up to £3m" ], "balance": { "investments": 139970567, "cash": 23643167, "receivables": 257475, "payables": 154339, "shares": 993153870, "sources": [ "anic-nav-2023q3" ] }, "sources": [ "anic-nav-2023q3" ] }, { "date": "2023-12-31", "navPence": 16.9, "sharePricePence": 9.5, "discountPct": 44, "netAssetsGBPm": 167.83, "cashGBPm": 22.01, "audited": false, "excludeFromChart": false, "note": "Half-year (unaudited): down 0.2% on 30 June 2023, mainly from FX losses.", "drivers": [ "BlueNalu closed a US$33.5m Series B led by NEOM", "Solar Foods closed an €8m Series B", "Liberation Labs secured a US$25m USDA-guaranteed loan" ], "balance": { "investments": 145879692, "cash": 22007344, "receivables": 142258, "payables": 203046, "shares": 993154244, "sources": [ "anic-interim-2023", "anic-nav-2023q4" ] }, "sources": [ "anic-interim-2023", "anic-nav-2023q4" ] }, { "date": "2024-03-31", "navPence": 16.98, "sharePricePence": 8.8, "discountPct": 48, "netAssetsGBPm": 171.4, "cashGBPm": 19.69, "audited": false, "excludeFromChart": false, "note": "Unaudited.", "drivers": [ "Onego Bio raised a €27m Series A plus €9.5m from Business Finland", "Clean Food Group raised £2.5m", "Shiok Meats merged into Umami Bioworks; holding carried at £0.38m", "Warned that VitroLabs, held at £7.6m, would probably need a significant write-down" ], "balance": { "investments": 153061704, "cash": 19685863, "receivables": 125116, "payables": 1475919, "shares": 1009409750, "sources": [ "anic-nav-2024q1" ] }, "sources": [ "anic-nav-2024q1" ] }, { "date": "2024-06-30", "navPence": 15.58, "sharePricePence": 6, "discountPct": 61, "netAssetsGBPm": 157.27, "cashGBPm": 12.24, "audited": true, "excludeFromChart": false, "note": "The August RNS gave 16.42p unaudited. Discount is to the audited figure.", "drivers": [ "Invested US$10m in Liberation Labs through a secured convertible note", "Mosa Meat raised €40m (no change to its carrying value)", "Solar Foods added €8m to its Series B", "VitroLabs written down to £0.42m after a US$3.5m raise" ], "balance": { "investments": 145143166, "cash": 12235092, "receivables": 56979, "payables": 166167, "shares": 1009411583, "sources": [ "anic-annual-2024", "anic-nav-2024q2" ] }, "sources": [ "anic-annual-2024", "anic-nav-2024q2" ] }, { "date": "2024-09-30", "navPence": 15.73, "sharePricePence": 4.94, "discountPct": 68, "netAssetsGBPm": 158.81, "cashGBPm": 11.87, "audited": false, "excludeFromChart": true, "note": "Unaudited, published before the FY2024 audit cut the 30 June figure from 16.42p to 15.58p, so it is not comparable with later figures and the chart leaves it out.", "drivers": [ "FX loss of £5.1m on USD and EUR holdings", "Solar Foods listed in Helsinki and is now valued at its share price: −£0.9m", "VitroLabs fully written off (−£0.42m)", "Fundraises at Onego Bio (€14m), GALY (US$33m), Formo (US$61m) and Meatable (€7.6m)" ], "balance": { "investments": 146930278, "cash": 11869573, "receivables": 133401, "payables": 121976, "shares": 1009411584, "sources": [ "anic-nav-2024q3" ] }, "sources": [ "anic-nav-2024q3" ] }, { "date": "2024-12-31", "navPence": 14.93, "sharePricePence": 3.88, "discountPct": 74, "netAssetsGBPm": 150.72, "cashGBPm": 10.19, "audited": false, "excludeFromChart": false, "note": "Half-year (unaudited): down 4.1% on 30 June 2024, mainly from a £5.2m fall in the value of Solar Foods.", "drivers": [ "Solar Foods −£4.3m at its share price", "FX gain of £4.3m", "Geltor written down by £6.8m after a down round (booked in the FY2024 audit)", "CellX gain of £0.9m reversed (FY2024 audit)", "Invested US$2m in a Liberation Labs secured note" ], "balance": { "investments": 140591025, "cash": 10190488, "receivables": 95462, "payables": 161392, "shares": 1009417295, "sources": [ "anic-interim-2024", "anic-nav-2024q4" ] }, "sources": [ "anic-interim-2024", "anic-nav-2024q4" ] }, { "date": "2025-03-31", "navPence": 14.81, "sharePricePence": 7.15, "discountPct": 52, "netAssetsGBPm": 149.49, "cashGBPm": 3.81, "audited": false, "excludeFromChart": false, "note": "Unaudited.", "drivers": [ "Solar Foods +£1.3m", "FX loss of £2.5m", "Invested US$7.4m in Liberation Labs' US$50.5m convertible note round", "Formo took a €35m EIB loan; Solar Foods won a €10m grant" ], "balance": { "investments": 145718770, "cash": 3811502, "receivables": 89739, "payables": 128950, "shares": 1009417295, "sources": [ "anic-nav-2025q1" ] }, "sources": [ "anic-nav-2025q1" ] }, { "date": "2025-06-30", "navPence": 12.34, "sharePricePence": 7.05, "discountPct": 43, "netAssetsGBPm": 124.52, "cashGBPm": 3.61, "audited": true, "excludeFromChart": false, "note": "Down 20% on the year, including the full write-off of Meatable (£11.9m) and lower BlueNalu and Solar Foods valuations. The July RNS gave 14.40p unaudited. Discount is to the audited figure.", "drivers": [ "FX loss of £4.2m", "No portfolio fundraises", "Running costs −£0.2m, offset by £0.4m of interest income" ], "balance": { "investments": 121009941, "cash": 3606187, "receivables": 52407, "payables": 147600, "shares": 1009417295, "sources": [ "anic-annual-2025", "anic-nav-2025q2" ] }, "sources": [ "anic-annual-2025", "anic-nav-2025q2" ] }, { "date": "2025-09-30", "navPence": 14.65, "sharePricePence": 6.26, "discountPct": 57, "netAssetsGBPm": 147.83, "cashGBPm": 3.46, "audited": false, "excludeFromChart": true, "note": "Unaudited figure published 13 Nov 2025, before the FY2025 audit cut the 30 June 2025 NAV from 14.40p to 12.34p. It is not comparable with later figures, so the chart leaves it out.", "drivers": [ "FX gain of £2.7m", "Solar Foods +£0.3m", "No portfolio fundraises; Onego Bio's FDA letter and Clean Food Group's cosmetics approval" ], "balance": { "investments": 144422471, "cash": 3462786, "receivables": 92625, "payables": 147656, "shares": 1009417295, "sources": [ "anic-nav-2025q3" ] }, "sources": [ "anic-nav-2025q3" ] }, { "date": "2025-12-31", "navPence": 13.78, "sharePricePence": 6.2, "discountPct": 55, "netAssetsGBPm": 139.97, "cashGBPm": 2.15, "audited": false, "excludeFromChart": false, "note": "Half-year (unaudited): up 11.7% on 30 June 2025, mainly from fair-value gains at Liberation Bioindustries (£4.1m) and BlueNalu (£4.0m).", "drivers": [ "Meatable written off (−£11.9m)", "BlueNalu: US$6m of preferred shares paid in new Agronomics shares (+£4.5m), less a £1.2m fair-value loss", "Liberation Bioindustries +£1.8m after its Series A1", "Solar Foods −£1.2m; Bond Pet Foods −£0.7m", "SuperMeat SAFE: US$1.25m paid in new Agronomics shares (+£1m)" ], "balance": { "investments": 137954854, "cash": 2153140, "receivables": 100132, "payables": 234667, "shares": 1015905830, "sources": [ "anic-interim-2025" ] }, "sources": [ "anic-interim-2025", "anic-nav-2025q4" ] }, { "date": "2026-03-31", "navPence": 13.12, "sharePricePence": 6.32, "discountPct": 52, "netAssetsGBPm": 138.65, "cashGBPm": 1.87, "audited": false, "excludeFromChart": false, "note": "Unaudited. About £4.6m of the fall in investment values is not itemised in the RNS; BlueNalu went from about 12% of the portfolio at 31 Dec to £11.75m.", "drivers": [ "FX gain of £2.1m", "Invested AU$3m in All G, paid in new Agronomics shares", "Solar Foods −£0.12m", "Running costs −£0.3m" ], "balance": { "investments": 136793745, "cash": 1872462, "receivables": 88627, "payables": 105905, "shares": 1056575208, "sources": [ "anic-nav-2026q1", "anic-qreport-2026q1" ] }, "sources": [ "anic-nav-2026q1", "anic-qreport-2026q1", "anic-interim-2025" ] }, { "date": "2026-06-30", "navPence": 12.93, "sharePricePence": 5.64, "discountPct": 56, "netAssetsGBPm": 140.03, "cashGBPm": 1.59, "audited": false, "excludeFromChart": false, "note": "Unaudited. Net assets rose, but NAV per share fell after 26.8m new shares were issued to pay for the SuperMeat investment.", "drivers": [ "Invested US$5m in SuperMeat's Series A-4, paid in £3.7m of new Agronomics shares", "Meatly marked down after its Series A", "FX loss of £0.8m; Solar Foods +£0.1m" ], "balance": { "investments": 138512102, "cash": 1593359, "receivables": 59829, "payables": 135128, "shares": 1083381111, "sources": [ "anic-nav-2026q2", "anic-qreport-2026q2" ] }, "sources": [ "anic-nav-2026q2" ] }, { "date": "2026-09-30", "navPence": 12.88, "sharePricePence": 4.8, "discountPct": 62, "netAssetsGBPm": 139.52, "cashGBPm": 1.24, "audited": false, "excludeFromChart": false, "note": "Unaudited. No portfolio fundraises in the quarter. FX loss of £0.6m, partly offset by a £0.4m gain on Solar Foods.", "drivers": [ "FX loss of £0.6m", "Solar Foods +£0.4m", "No portfolio fundraises; Liberation's Richmond construction paused" ], "balance": { "investments": 138351498, "cash": 1241243, "receivables": 90057, "payables": 164481, "shares": 1083381111, "sources": [ "anic-nav-2026q3" ] }, "sources": [ "anic-nav-2026q3" ] } ], "otherHoldings": [ { "name": "Good Protein Fund", "description": "Early-stage fund backing sustainable-protein and food-tech start-ups.", "fairValueGBPm": 0.16, "asOf": "2026-06-30", "investedGBPm": 0.106, "firstInvested": "2021-12-01", "sources": [ "anic-qreport-2026q2", "anic-portfolio-page" ] }, { "name": "Legacy investments", "description": "Residual holdings from before the clean-food strategy.", "fairValueGBPm": 0.016, "asOf": "2026-06-30", "sources": [ "anic-qreport-2026q2" ] } ], "writeOffs": [ { "company": "meatable", "date": "2025-06-30", "investedGBPm": 7.94, "investments": [ { "date": "2019-12-20", "gbpM": 1.734, "note": "€2m convertible loan note, Seed", "sources": [ "anic-meatable-2019-12-20", "anic-annual-2022" ] }, { "date": "2020-06-11", "gbpM": 0.867, "note": "€1m Seed 2 (co-led)", "sources": [ "anic-meatable-2020-06-11", "anic-annual-2022" ] }, { "date": "2021-02-18", "gbpM": 1.734, "note": "€2m Series A", "sources": [ "anic-meatable-2021-02-18", "anic-annual-2022" ] }, { "date": "2021-05-13", "gbpM": 0.169, "note": "€0.2m of shares bought from a shareholder", "sources": [ "anic-meatable-2021-05-13", "anic-annual-2022" ] }, { "date": "2023-08-08", "gbpM": 3.436, "note": "€4m Series B", "sources": [ "anic-meatable-2023-08-08", "anic-annual-2024" ] } ], "note": "Dissolved in December 2025 and written off in the audited accounts to June 2025. Agronomics put in €9.2m (c.£7.9m).", "sources": [ "anic-meatable-2025-12-19", "anic-annual-2025" ] }, { "name": "VitroLabs", "sector": "Cultivated leather", "date": "2024-06", "investedGBPm": 7.615, "investments": [ { "date": "2019-10-17", "gbpM": 1.088, "note": "US$1.5m SAFE", "sources": [ "anic-vitrolabs-2019-10-17", "anic-annual-2022" ] }, { "date": "2020-02-13", "gbpM": 0.725, "note": "US$1m SAFE", "sources": [ "anic-vitrolabs-2020-02-13", "anic-annual-2022" ] }, { "date": "2021-02-25", "gbpM": 0.363, "note": "US$0.5m convertible loan note", "sources": [ "anic-vitrolabs-2021-02-25", "anic-annual-2022" ] }, { "date": "2021-09-20", "gbpM": 5.439, "note": "US$7m Series A (led), with a further US$0.5m note converted in the round", "sources": [ "anic-vitrolabs-2021-09-20", "anic-annual-2022" ] } ], "note": "Cultivated leather. Carried at 5.2% of the portfolio at December 2023, at nil by June 2024.", "sources": [ "anic-interim-2023", "anic-annual-2024" ] }, { "name": "Ohayo Valley", "sector": "Cultivated meat \u0026 seafood", "date": "2023-06", "investedGBPm": 1.115, "investments": [ { "date": "2021-11-19", "gbpM": 1.115, "note": "US$1.5m SAFE, Pre-Seed (led)", "sources": [ "anic-ohayo-2021-11-19", "anic-annual-2022" ] } ], "note": "Cultivated Wagyu beef. Carried at 0.8% of the portfolio at December 2022, at nil by June 2023.", "sources": [ "anic-interim-2022", "anic-annual-2024" ] }, { "name": "New Age Eats", "sector": "Cultivated meat \u0026 seafood", "date": "2022-06", "investedGBPm": 0.563, "investments": [ { "date": "2019-07-29", "gbpM": 0.563, "note": "US$0.7m Series Seed", "sources": [ "anic-newage-2019-07-29", "anic-annual-2022" ] } ], "note": "Cultivated pork (Simply Foods, trading as New Age Meats). Carried at nil by June 2022.", "sources": [ "anic-annual-2022" ] }, { "company": "wild-microbes", "date": "2025-06", "investedGBPm": 0.397, "investments": [ { "date": "2023-02-23", "gbpM": 0.397, "note": "US$0.5m SAFE, Pre-seed; sterling cost is the year's cash purchases less its other investments", "sources": [ "anic-wildmicrobes-2023-02-23", "anic-annual-2023" ] } ], "note": "Written down to nil in the year to June 2025.", "sources": [ "anic-annual-2025" ] }, { "company": "bond-pet-foods", "date": "2025-06", "investedGBPm": 0.121, "investments": [ { "date": "2019-09-05", "gbpM": 0.121, "note": "US$150k convertible note, Seed", "sources": [ "anic-bond-2019-09-05", "anic-annual-2022" ] } ], "note": "Written down to nil in the year to June 2025; the company still trades.", "sources": [ "anic-annual-2025" ] } ], "events": [ { "date": "2026-10-20", "type": "results", "title": "Q3 2026 NAV: 12.88p per share", "detail": "Down 0.4% on the quarter. Share price 4.80p (62% discount). Cash £1.24m. No portfolio company fundraises in the quarter, and Liberation's Richmond construction is paused. The Chairman said many portfolio companies now hold regulatory approval and have begun earning revenue from industry partners.", "sources": [ "anic-nav-2026q3" ] }, { "date": "2026-07-10", "type": "results", "title": "Q2 2026 NAV: 12.93p per share", "detail": "Net assets £140.0m. 26.8m new shares were issued to pay for a US$5m SuperMeat investment. Quarter highlights: All G FDA letter, Tropic approvals in Japan and Brazil, Bond Pet Foods FDA letter, a Meatly Series A and a CFG fundraise.", "sources": [ "anic-nav-2026q2" ] }, { "date": "2026-05-18", "type": "results", "title": "Q1 2026 NAV: 13.12p per share", "detail": "Down 4.8% on the quarter. Highlights: Tropic's US$105m Series C, CFG's commercial CLEANOil launch, and AU$3m more invested in All G.", "sources": [ "anic-nav-2026q1" ] }, { "date": "2026-02-17", "type": "results", "title": "Half-year report: NAV 13.78p, profit £10.0m", "detail": "Six months to 31 December 2025. NAV per share up 11.7%. Liberation Bioindustries is the largest holding (25% of the portfolio), ahead of BlueNalu (12%) and SuperMeat (11%).", "sources": [ "anic-interim-2025" ] }, { "date": "2025-12-30", "type": "results", "title": "FY2025 final results: NAV 12.34p (−20%)", "detail": "Year to 30 June 2025. Net operating loss £32.7m, driven by the Meatable write-off (£11.9m), fair-value cuts (£13.2m) and FX losses (£7.7m).", "sources": [ "anic-annual-2025" ] }, { "date": "2025-11-13", "type": "results", "title": "Q3 2025 NAV: 14.65p per share (pre-audit basis)", "detail": "Highlights: Onego Bio FDA GRAS letter, CLEAN Oil 25 cosmetic approvals, and Clean Food Group buying a one-million-litre fermentation plant.", "sources": [ "anic-nav-2025q3" ] }, { "date": "2025-03-14", "type": "results", "title": "Half-year report: NAV 14.93p, loss £6.6m", "detail": "Six months to 31 December 2024. NAV per share down 4.1%, mainly from a £5.2m fall in the value of Solar Foods, a £0.5m Meatly markdown and £0.8m of FX losses.", "sources": [ "anic-interim-2024" ] }, { "date": "2024-12-24", "type": "results", "title": "FY2024 final results: NAV 15.58p (−8%)", "detail": "Year to 30 June 2024. Net operating loss £11.0m, from £8.3m of fair-value losses and £2.1m of FX losses. No Shellbay fee was due.", "sources": [ "anic-annual-2024" ] }, { "date": "2024-02-14", "type": "results", "title": "Half-year report: NAV 16.90p, loss £0.4m", "detail": "Six months to 31 December 2023. NAV per share down 0.2%, mainly from £0.8m of FX losses.", "sources": [ "anic-interim-2023" ] }, { "date": "2023-12-27", "type": "results", "title": "FY2023 final results: NAV 16.94p (+14%)", "detail": "Year to 30 June 2023. Net profit £22.4m after a £3.4m Shellbay fee, from £29.7m of investment gains less £3.4m of FX losses.", "sources": [ "anic-annual-2023" ] }, { "date": "2023-02-08", "type": "results", "title": "Half-year report: NAV 16.38p, profit £18.6m", "detail": "Six months to 31 December 2022. NAV per share up 10.3%, mainly from £19.4m of unrealised gains on investments.", "sources": [ "anic-interim-2022" ] }, { "date": "2022-12-20", "type": "results", "title": "FY2022 final results: NAV 14.85p", "detail": "Year to 30 June 2022. Net profit £8.4m after a £4.6m Shellbay fee. NAV per share was up from 12.51p a year earlier.", "sources": [ "anic-annual-2022" ] } ], "holdingsHistory": [ { "date": "2022-06-30", "basis": "value", "note": "Fair values from the investment table in the 2022 annual report.", "sources": [ "anic-annual-2022" ], "holdings": [ { "company": "bluenalu", "valueGBPm": 7.437 }, { "company": "livekindly", "valueGBPm": 4.57 }, { "company": "formo", "valueGBPm": 9.209 }, { "name": "New Age Eats", "valueGBPm": 0 }, { "company": "meatable", "valueGBPm": 7.003 }, { "company": "mosa-meat", "valueGBPm": 1.506 }, { "company": "solar-foods", "valueGBPm": 5.211 }, { "company": "tropic", "valueGBPm": 2.47 }, { "name": "Shiok Meats", "valueGBPm": 0 }, { "company": "rebellyous", "valueGBPm": 0.287 }, { "name": "VitroLabs", "valueGBPm": 10.488 }, { "company": "bond-pet-foods", "valueGBPm": 0.771 }, { "company": "galy", "valueGBPm": 2.868 }, { "company": "supermeat", "valueGBPm": 15.645 }, { "company": "onego-bio", "valueGBPm": 5.97 }, { "company": "cellx", "valueGBPm": 2.09 }, { "company": "every-company", "valueGBPm": 6.658 }, { "name": "Ohayo Valley", "valueGBPm": 1.234 }, { "company": "california-cultured", "valueGBPm": 1.818 }, { "name": "Good Protein Fund", "valueGBPm": 0.082 }, { "company": "clean-food-group", "valueGBPm": 0.323 }, { "company": "geltor", "valueGBPm": 7.849 }, { "company": "meatly", "valueGBPm": 0.5 }, { "company": "liberation-bioindustries", "valueGBPm": 0.515 }, { "company": "laverock", "valueGBPm": 0 }, { "name": "Legacy investments", "valueGBPm": 0.31 } ] }, { "date": "2022-12-31", "basis": "weight", "baseGBPm": 162.507, "baseLabel": "net assets", "note": "Estimated from the half-year report's weightings (% of £162.5m net assets, to 0.1%).", "sources": [ "anic-interim-2022" ], "holdings": [ { "company": "liberation-bioindustries", "weightPct": 11.4 }, { "company": "supermeat", "weightPct": 9.7 }, { "name": "VitroLabs", "weightPct": 6.9 }, { "company": "formo", "weightPct": 5.7 }, { "company": "all-g", "weightPct": 5.2 }, { "company": "geltor", "weightPct": 4.9 }, { "company": "bluenalu", "weightPct": 4.6 }, { "company": "meatable", "weightPct": 4.3 }, { "company": "every-company", "weightPct": 4.3 }, { "company": "onego-bio", "weightPct": 3.7 }, { "company": "solar-foods", "weightPct": 3.2 }, { "company": "meatly", "weightPct": 3.1 }, { "company": "livekindly", "weightPct": 3 }, { "company": "clean-food-group", "weightPct": 2.3 }, { "company": "galy", "weightPct": 1.9 }, { "company": "mosa-meat", "weightPct": 1.9 }, { "company": "tropic", "weightPct": 1.6 }, { "company": "cellx", "weightPct": 1.4 }, { "company": "california-cultured", "weightPct": 1.1 }, { "name": "Ohayo Valley", "weightPct": 0.8 }, { "company": "bond-pet-foods", "weightPct": 0.5 }, { "company": "rebellyous", "weightPct": 0.2 } ] }, { "date": "2023-06-30", "basis": "value", "note": "Prior-year column of the investment reconciliation in the 2024 annual report (the 2023 report has no per-company table).", "sources": [ "anic-annual-2024" ], "holdings": [ { "company": "all-g", "valueGBPm": 7.92 }, { "company": "bluenalu", "valueGBPm": 13.523 }, { "company": "bond-pet-foods", "valueGBPm": 0.742 }, { "company": "california-cultured", "valueGBPm": 1.752 }, { "company": "cellx", "valueGBPm": 2.02 }, { "company": "clean-food-group", "valueGBPm": 5.636 }, { "company": "every-company", "valueGBPm": 6.415 }, { "company": "formo", "valueGBPm": 9.459 }, { "company": "galy", "valueGBPm": 2.822 }, { "company": "geltor", "valueGBPm": 7.561 }, { "name": "Good Protein Fund", "valueGBPm": 0.099 }, { "company": "hydgene", "valueGBPm": 1.294 }, { "company": "laverock", "valueGBPm": 0 }, { "company": "liberation-bioindustries", "valueGBPm": 17.752 }, { "company": "livekindly", "valueGBPm": 4.401 }, { "company": "meatable", "valueGBPm": 8.376 }, { "company": "meatly", "valueGBPm": 4.959 }, { "company": "mosa-meat", "valueGBPm": 3 }, { "company": "onego-bio", "valueGBPm": 5.97 }, { "company": "rebellyous", "valueGBPm": 0.346 }, { "company": "solar-foods", "valueGBPm": 11.336 }, { "company": "supermeat", "valueGBPm": 15.584 }, { "company": "tropic", "valueGBPm": 2.379 }, { "company": "umami-bioworks", "valueGBPm": 0 }, { "name": "VitroLabs", "valueGBPm": 7.798 }, { "company": "wild-microbes", "valueGBPm": 0.392 }, { "name": "Legacy investments", "valueGBPm": 0.237 } ] }, { "date": "2023-12-31", "basis": "weight", "baseGBPm": 145.88, "baseLabel": "investments", "note": "Estimated from the half-year report's weightings (% of £145.9m investments, to 0.01%).", "sources": [ "anic-interim-2023" ], "holdings": [ { "company": "liberation-bioindustries", "weightPct": 12.08 }, { "company": "supermeat", "weightPct": 10.27 }, { "company": "bluenalu", "weightPct": 8.76 }, { "company": "meatable", "weightPct": 8.3 }, { "company": "solar-foods", "weightPct": 7.9 }, { "company": "formo", "weightPct": 6.53 }, { "company": "all-g", "weightPct": 5.51 }, { "name": "VitroLabs", "weightPct": 5.16 }, { "company": "geltor", "weightPct": 5.12 }, { "company": "clean-food-group", "weightPct": 4.79 }, { "company": "every-company", "weightPct": 4.31 }, { "company": "onego-bio", "weightPct": 4.1 }, { "company": "meatly", "weightPct": 3.4 }, { "company": "livekindly", "weightPct": 2.99 }, { "company": "mosa-meat", "weightPct": 2.08 }, { "company": "cellx", "weightPct": 1.95 }, { "company": "galy", "weightPct": 1.88 }, { "company": "tropic", "weightPct": 1.62 }, { "company": "california-cultured", "weightPct": 1.19 }, { "company": "hydgene", "weightPct": 0.92 }, { "company": "bond-pet-foods", "weightPct": 0.5 }, { "name": "Other investments", "weightPct": 0.64 } ] }, { "date": "2024-06-30", "basis": "value", "note": "Carrying values from the investment reconciliation in the 2024 annual report.", "sources": [ "anic-annual-2024" ], "holdings": [ { "company": "all-g", "valueGBPm": 7.911 }, { "company": "bluenalu", "valueGBPm": 12.855 }, { "company": "bond-pet-foods", "valueGBPm": 0.738 }, { "company": "california-cultured", "valueGBPm": 3.658 }, { "company": "cellx", "valueGBPm": 2.037 }, { "company": "clean-food-group", "valueGBPm": 6.984 }, { "company": "every-company", "valueGBPm": 6.327 }, { "company": "formo", "valueGBPm": 9.308 }, { "company": "galy", "valueGBPm": 2.612 }, { "company": "geltor", "valueGBPm": 0.253 }, { "name": "Good Protein Fund", "valueGBPm": 0.119 }, { "company": "hydgene", "valueGBPm": 1.318 }, { "company": "laverock", "valueGBPm": 0.048 }, { "company": "liberation-bioindustries", "valueGBPm": 25.87 }, { "company": "livekindly", "valueGBPm": 4.389 }, { "company": "meatable", "valueGBPm": 11.821 }, { "company": "meatly", "valueGBPm": 4.959 }, { "company": "mosa-meat", "valueGBPm": 3.099 }, { "company": "onego-bio", "valueGBPm": 10.964 }, { "company": "rebellyous", "valueGBPm": 0.348 }, { "company": "solar-foods", "valueGBPm": 11.261 }, { "company": "supermeat", "valueGBPm": 15.067 }, { "company": "tropic", "valueGBPm": 2.373 }, { "company": "umami-bioworks", "valueGBPm": 0.382 }, { "name": "VitroLabs", "valueGBPm": 0 }, { "company": "wild-microbes", "valueGBPm": 0.394 }, { "name": "Legacy investments", "valueGBPm": 0.048 } ] }, { "date": "2024-12-31", "basis": "weight", "baseGBPm": 140.591, "baseLabel": "investments", "note": "Estimated from the half-year report's weightings (% of £140.6m investments, whole numbers), so values are rough.", "sources": [ "anic-interim-2024" ], "holdings": [ { "company": "liberation-bioindustries", "weightPct": 20 }, { "company": "supermeat", "weightPct": 11 }, { "company": "bluenalu", "weightPct": 9 }, { "company": "meatable", "weightPct": 8 }, { "company": "onego-bio", "weightPct": 8 }, { "company": "formo", "weightPct": 6 }, { "company": "all-g", "weightPct": 5 }, { "company": "clean-food-group", "weightPct": 5 }, { "company": "every-company", "weightPct": 5 }, { "company": "solar-foods", "weightPct": 4 }, { "company": "meatly", "weightPct": 3 }, { "company": "livekindly", "weightPct": 3 }, { "company": "california-cultured", "weightPct": 3 }, { "company": "mosa-meat", "weightPct": 2 }, { "company": "galy", "weightPct": 2 }, { "company": "tropic", "weightPct": 2 }, { "company": "cellx", "weightPct": 1 }, { "company": "hydgene", "weightPct": 1 }, { "company": "bond-pet-foods", "weightPct": 1 }, { "name": "Other investments", "weightPct": 1 } ] }, { "date": "2025-06-30", "basis": "value", "note": "Carrying values from the investment reconciliation in the 2025 annual report.", "sources": [ "anic-annual-2025" ], "holdings": [ { "company": "all-g", "valueGBPm": 7.137 }, { "company": "bluenalu", "valueGBPm": 6.598 }, { "company": "bond-pet-foods", "valueGBPm": 0 }, { "company": "california-cultured", "valueGBPm": 3.368 }, { "company": "cellx", "valueGBPm": 1.846 }, { "company": "clean-food-group", "valueGBPm": 6.984 }, { "company": "every-company", "valueGBPm": 5.826 }, { "company": "formo", "valueGBPm": 9.382 }, { "company": "galy", "valueGBPm": 2.405 }, { "company": "geltor", "valueGBPm": 0.002 }, { "name": "Good Protein Fund", "valueGBPm": 0.111 }, { "company": "hydgene", "valueGBPm": 1.198 }, { "company": "laverock", "valueGBPm": 0.048 }, { "company": "liberation-bioindustries", "valueGBPm": 29.351 }, { "company": "livekindly", "valueGBPm": 4.042 }, { "company": "meatable", "valueGBPm": 0 }, { "company": "meatly", "valueGBPm": 4.46 }, { "company": "mosa-meat", "valueGBPm": 3.139 }, { "company": "onego-bio", "valueGBPm": 11.051 }, { "company": "rebellyous", "valueGBPm": 0.32 }, { "company": "solar-foods", "valueGBPm": 7.308 }, { "company": "supermeat", "valueGBPm": 13.874 }, { "company": "tropic", "valueGBPm": 2.185 }, { "company": "umami-bioworks", "valueGBPm": 0.351 }, { "company": "wild-microbes", "valueGBPm": 0 }, { "name": "Legacy investments", "valueGBPm": 0.025 } ] }, { "date": "2025-12-31", "basis": "weight", "baseGBPm": 137.955, "baseLabel": "investments", "note": "Estimated from the half-year report's weightings (% of £138.0m investments, whole numbers), so values are rough.", "sources": [ "anic-interim-2025" ], "holdings": [ { "company": "liberation-bioindustries", "weightPct": 25 }, { "company": "bluenalu", "weightPct": 12 }, { "company": "supermeat", "weightPct": 11 }, { "company": "onego-bio", "weightPct": 8 }, { "company": "formo", "weightPct": 7 }, { "company": "all-g", "weightPct": 5 }, { "company": "clean-food-group", "weightPct": 5 }, { "company": "solar-foods", "weightPct": 5 }, { "company": "every-company", "weightPct": 4 }, { "company": "meatly", "weightPct": 3 }, { "company": "livekindly", "weightPct": 3 }, { "company": "california-cultured", "weightPct": 2 }, { "company": "mosa-meat", "weightPct": 2 }, { "company": "galy", "weightPct": 2 }, { "company": "tropic", "weightPct": 2 }, { "company": "cellx", "weightPct": 1 }, { "company": "hydgene", "weightPct": 1 }, { "name": "Other investments", "weightPct": 1 } ] }, { "date": "2026-03-31", "basis": "value", "note": "Carrying values from the portfolio table in the Q1 2026 investor report.", "sources": [ "anic-qreport-2026q1" ], "holdings": [ { "company": "bluenalu", "valueGBPm": 11.755 }, { "company": "california-cultured", "valueGBPm": 3.497 }, { "company": "cellx", "valueGBPm": 1.917 }, { "company": "clean-food-group", "valueGBPm": 6.984 }, { "company": "every-company", "valueGBPm": 6.048 }, { "company": "formo", "valueGBPm": 9.594 }, { "company": "galy", "valueGBPm": 2.497 }, { "company": "geltor", "valueGBPm": 0.243 }, { "name": "Good Protein Fund", "valueGBPm": 0.16 }, { "company": "all-g", "valueGBPm": 9.416 }, { "company": "hydgene", "valueGBPm": 1.304 }, { "company": "laverock", "valueGBPm": 0.048 }, { "company": "liberation-bioindustries", "valueGBPm": 35.378 }, { "company": "livekindly", "valueGBPm": 4.196 }, { "company": "meatly", "valueGBPm": 4.46 }, { "company": "mosa-meat", "valueGBPm": 3.195 }, { "company": "onego-bio", "valueGBPm": 11.301 }, { "company": "rebellyous", "valueGBPm": 0.333 }, { "company": "solar-foods", "valueGBPm": 5.903 }, { "company": "supermeat", "valueGBPm": 15.916 }, { "company": "tropic", "valueGBPm": 2.268 }, { "company": "umami-bioworks", "valueGBPm": 0.365 }, { "name": "Legacy investments", "valueGBPm": 0.016 } ] }, { "date": "2026-06-30", "basis": "value", "note": "Carrying values from the portfolio table in the Q2 2026 investor report.", "sources": [ "anic-qreport-2026q2" ], "holdings": [ { "company": "bluenalu", "valueGBPm": 11.732 }, { "company": "california-cultured", "valueGBPm": 3.488 }, { "company": "cellx", "valueGBPm": 1.912 }, { "company": "clean-food-group", "valueGBPm": 6.984 }, { "company": "every-company", "valueGBPm": 6.032 }, { "company": "formo", "valueGBPm": 9.46 }, { "company": "galy", "valueGBPm": 2.491 }, { "company": "geltor", "valueGBPm": 0.242 }, { "name": "Good Protein Fund", "valueGBPm": 0.16 }, { "company": "all-g", "valueGBPm": 9.452 }, { "company": "hydgene", "valueGBPm": 1.305 }, { "company": "laverock", "valueGBPm": 0.048 }, { "company": "liberation-bioindustries", "valueGBPm": 35.284 }, { "company": "livekindly", "valueGBPm": 4.185 }, { "company": "meatly", "valueGBPm": 3.179 }, { "company": "mosa-meat", "valueGBPm": 3.151 }, { "company": "onego-bio", "valueGBPm": 11.143 }, { "company": "rebellyous", "valueGBPm": 0.332 }, { "company": "solar-foods", "valueGBPm": 5.98 }, { "company": "supermeat", "valueGBPm": 19.311 }, { "company": "tropic", "valueGBPm": 2.262 }, { "company": "umami-bioworks", "valueGBPm": 0.364 }, { "name": "Legacy investments", "valueGBPm": 0.016 } ] } ], "results": [ { "end": "2021-12-31", "months": 6, "audited": false, "investmentGains": 3492270, "fx": -299579, "directorsFees": 36667, "operatingCosts": 769363, "adviserFees": 0, "other": 0, "interest": 136746, "profit": 2523407, "epsPence": 0.33, "purchases": 19423481, "disposals": 696456, "shareProceeds": 1962823, "equityIssued": 31787507, "sources": [ "anic-interim-2022" ] }, { "end": "2022-06-30", "months": 12, "audited": true, "investmentGains": 6423869, "fx": 6513031, "directorsFees": 85000, "operatingCosts": 1753868, "adviserFees": 4562548, "other": 1478872, "interest": 344023, "profit": 8358379, "epsPence": 0.95, "purchases": 42032410, "disposals": 696456, "shareProceeds": 31196160, "equityIssued": 35524708, "sources": [ "anic-annual-2022" ] }, { "end": "2022-12-31", "months": 6, "audited": false, "investmentGains": 19374741, "fx": -437700, "directorsFees": 50000, "operatingCosts": 800227, "adviserFees": 0, "other": 0, "interest": 495788, "profit": 18582602, "epsPence": 1.91, "purchases": 18213217, "disposals": 0, "shareProceeds": 11563, "equityIssued": 11563, "sources": [ "anic-interim-2022" ] }, { "end": "2023-06-30", "months": 12, "audited": true, "investmentGains": 29703324, "fx": -3364673, "directorsFees": 117709, "operatingCosts": 1648101, "adviserFees": 3372672, "other": 0, "interest": 1173507, "profit": 22373676, "epsPence": 2.27, "purchases": 19542137, "disposals": 0, "shareProceeds": 284082, "equityIssued": 1970419, "sources": [ "anic-annual-2023" ] }, { "end": "2023-12-31", "months": 6, "audited": false, "investmentGains": 608573, "fx": -792957, "directorsFees": 75000, "operatingCosts": 756570, "adviserFees": 0, "other": 0, "interest": 578030, "profit": -437924, "epsPence": -0.044, "purchases": 4175055, "disposals": 0, "shareProceeds": 660, "equityIssued": 660, "sources": [ "anic-interim-2023" ] }, { "end": "2024-06-30", "months": 12, "audited": true, "investmentGains": -8342317, "fx": -2143477, "directorsFees": 153750, "operatingCosts": 1524949, "adviserFees": 0, "other": 0, "interest": 1174885, "profit": -10989608, "epsPence": -1.1, "purchases": 13472336, "disposals": 0, "shareProceeds": 1680, "equityIssued": 1680, "sources": [ "anic-annual-2024" ] }, { "end": "2024-12-31", "months": 6, "audited": false, "investmentGains": -5728968, "fx": -827660, "directorsFees": 75000, "operatingCosts": 607580, "adviserFees": 0, "other": 0, "interest": 684007, "profit": -6555201, "epsPence": -0.649, "purchases": 1550777, "disposals": 0, "shareProceeds": 1714, "equityIssued": 1714, "sources": [ "anic-interim-2024" ] }, { "end": "2025-06-30", "months": 12, "audited": true, "investmentGains": -25103164, "fx": -7743900, "directorsFees": 150000, "operatingCosts": 1219591, "adviserFees": 0, "other": 0, "interest": 1466806, "profit": -32749849, "epsPence": -3.24, "purchases": 7542971, "disposals": 28341, "shareProceeds": 1714, "equityIssued": 1714, "sources": [ "anic-annual-2025" ] }, { "end": "2025-12-31", "months": 6, "audited": false, "investmentGains": 7234999, "fx": 2817151, "directorsFees": 75000, "operatingCosts": 626982, "adviserFees": 0, "other": 0, "interest": 662586, "profit": 10012754, "epsPence": 0.991, "purchases": 1028158, "disposals": 192038, "shareProceeds": 0, "equityIssued": 5439770, "sources": [ "anic-interim-2025" ] } ], "capitalInvested": { "valueGBPm": 123.8, "asOf": "2026-06-30", "sources": [ "anic-qreport-2026q2" ] }, "dealings": [ { "date": "2023-03-24", "person": "Jim Mellon", "shares": 50000, "valueGBP": 5000, "afterShares": 153495363, "note": "", "sources": [ "anic-dealing-2023-03-27" ] }, { "date": "2023-03-27", "person": "Jim Mellon", "shares": 666001, "valueGBP": 69864, "afterShares": 154161364, "note": "", "sources": [ "anic-dealing-2023-03-28" ] }, { "date": "2023-05-05", "person": "Jim Mellon", "shares": 392000, "valueGBP": 45315, "afterShares": 154553366, "afterPct": 15.56, "note": "", "sources": [ "anic-dealing-2023-05-09" ] }, { "date": "2024-10-07", "person": "Jim Mellon", "shares": 2000000, "valueGBP": 96875, "afterShares": 158106551, "afterPct": 15.66, "note": "", "sources": [ "anic-dealing-2024-10-08" ] }, { "date": "2024-10-10", "person": "Jim Mellon", "shares": 1000000, "valueGBP": 49200, "afterShares": 159106551, "afterPct": 15.76, "note": "", "sources": [ "anic-dealing-2024-10-10" ] }, { "date": "2025-02-04", "person": "Jim Mellon", "shares": 1300000, "valueGBP": 49400, "afterShares": 160406551, "afterPct": 15.89, "note": "", "sources": [ "anic-dealing-2025-02-04" ] }, { "date": "2026-02-17", "person": "Jim Mellon", "shares": 1500000, "valueGBP": 91005, "afterShares": 159617002, "afterPct": 15.11, "note": "", "sources": [ "anic-dealing-2026-02-19" ] }, { "date": "2026-02-18", "to": "2026-02-20", "person": "Jim Mellon", "shares": 1284215, "valueGBP": 77431, "afterShares": 160901217, "afterPct": 15.23, "note": "", "sources": [ "anic-dealing-2026-02-20" ] }, { "date": "2026-02-23", "to": "2026-02-25", "person": "Jim Mellon", "shares": 990000, "valueGBP": 65687, "afterShares": 161891217, "afterPct": 15.32, "note": "", "sources": [ "anic-dealing-2026-02-25" ] }, { "date": "2026-02-26", "to": "2026-03-03", "person": "Jim Mellon", "shares": 575785, "valueGBP": 39153, "afterShares": 162467002, "afterPct": 15.38, "note": "", "sources": [ "anic-dealing-2026-03-04" ] }, { "date": "2026-03-06", "to": "2026-03-12", "person": "Jim Mellon", "shares": 3308995, "valueGBP": 225463, "afterShares": 165775997, "afterPct": 15.69, "note": "", "sources": [ "anic-dealing-2026-03-12" ] }, { "date": "2026-03-13", "to": "2026-03-27", "person": "Jim Mellon", "shares": 6050000, "valueGBP": 410050, "note": "Bought through brokers; not announced until 14 Jul 2026.", "sources": [ "anic-dealing-2026-07-14" ] }, { "date": "2026-07-13", "person": "Jim Mellon", "shares": 27490407, "valueGBP": 1493200, "afterShares": 199316404, "afterPct": 18.3, "note": "Bought from BlueNalu for US$2m, off market. BlueNalu had received the shares for Agronomics' December 2025 investment.", "sources": [ "anic-dealing-2026-07-14" ] } ], "registers": [ { "date": "2022-06-30", "sources": [ "anic-annual-2022" ], "holders": [ { "name": "Jim Mellon", "shares": 149145611, "pct": 15.25 }, { "name": "Chase Nominees Limited", "shares": 39533515, "pct": 4.08 }, { "name": "Hargreaves Lansdown (Nominees)", "shares": 36617639, "pct": 3.78 }, { "name": "HSBC Global Custody Nominee (UK)", "shares": 35000000, "pct": 3.61 } ] }, { "date": "2023-06-30", "sources": [ "anic-annual-2023" ], "holders": [ { "name": "Jim Mellon", "shares": 154553366, "pct": 15.56 }, { "name": "Nutraco Nominees Limited", "shares": 41366455, "pct": 4.16 }, { "name": "Hargreaves Lansdown (Nominees)", "shares": 40579646, "pct": 4.09 }, { "name": "Chase Nominees Limited", "shares": 39239575, "pct": 3.95 }, { "name": "HSBC Global Custody Nominee (UK)", "shares": 35000000, "pct": 3.52 } ] }, { "date": "2024-06-30", "sources": [ "anic-annual-2024" ], "holders": [ { "name": "Jim Mellon", "shares": 152287421, "pct": 15.09 }, { "name": "Hargreaves Lansdown (Nominees)", "shares": 102332851, "pct": 10.14 }, { "name": "Interactive Investor", "shares": 58201536, "pct": 5.77 }, { "name": "BlackRock", "shares": 52173346, "pct": 5.17 }, { "name": "Canaccord Genuity Wealth Management", "shares": 39500000, "pct": 3.91 }, { "name": "JPMorgan Chase Bank", "shares": 37989575, "pct": 3.76 } ] }, { "date": "2025-06-30", "sources": [ "anic-annual-2025" ], "holders": [ { "name": "Jim Mellon", "shares": 158117002, "pct": 15.66 }, { "name": "Hargreaves Lansdown (Nominees)", "shares": 134417194, "pct": 13.32 }, { "name": "Vidacos Nominees Limited", "shares": 126305799, "pct": 12.51 }, { "name": "Interactive Investor", "shares": 77097761, "pct": 7.64 }, { "name": "Interactive Brokers", "shares": 58772759, "pct": 5.82 }, { "name": "Lawshare Nominees Limited", "shares": 42010297, "pct": 4.16 }, { "name": "Morgan Stanley Client Securities", "shares": 31438477, "pct": 3.11 }, { "name": "Chase Nominees Limited", "shares": 31334763, "pct": 3.1 }, { "name": "HSDL Nominees Limited", "shares": 31023318, "pct": 3.07 } ] } ] }, "companies": [ { "slug": "liberation-bioindustries", "name": "Liberation Bioindustries", "formerly": "Liberation Labs", "sector": "Fermentation infrastructure", "technology": "Contract precision-fermentation manufacturing (CDMO)", "hq": "New York, USA (plant in Richmond, Indiana)", "website": "https://liberation.bio", "listed": "", "summary": "Building a purpose-built 600,000-litre precision-fermentation plant in Richmond, Indiana, to make proteins for food-tech companies on contract. It is Agronomics' largest holding, at about a quarter of NAV.", "stage": "pre-launch", "stageNote": "The plant is not yet producing. All major construction elements are complete, but work is paused until about US$25m more funding is found. The Q4 2026 completion target will be missed. First production is expected about six months after funding closes.", "stageSources": [ "anic-liberation-2026-09", "anic-nav-2026q3" ], "revenue": "pre-revenue", "revenueNote": "No production yet, so no manufacturing revenue. More than half of the plant's capacity was reported as under contract or in advanced negotiation (Jan 2026), including Vivici's Vivitein BLG dairy protein. Customer pre-payments are one funding option being pursued.", "revenueSources": [ "vegconomist-liberation-leadership", "anic-liberation-2025-05-08", "anic-liberation-2026-09" ], "nextMilestone": "Close a ~US$25m funding package (targeted for H1 2027, timing uncertain), then about 6 months to commissioning and first production.", "holding": { "stakePct": 37.4, "stakeAsOf": "2026-06-30", "fairValueGBPm": 35.284, "fairValueAsOf": "2026-06-30", "weightPct": 25, "weightAsOf": "2026-06-30", "investedGBPm": 21.893, "firstInvested": "2022-06-01", "investments": [ { "date": "2022-06-20", "gbpM": 0.515, "note": "US$627k founding round", "sources": [ "anic-liberation-2022-06-20", "anic-annual-2022" ] }, { "date": "2022-10-19", "gbpM": 2.948, "note": "US$3.5m Seed, first tranche", "sources": [ "anic-liberation-2022-10-20", "anic-qreport-2026q2" ] }, { "date": "2022-12-05", "gbpM": 2.947, "note": "US$3.5m Seed, second tranche", "sources": [ "anic-liberation-2022-12-05", "anic-qreport-2026q2" ] }, { "date": "2024-04-05", "gbpM": 7.96, "note": "US$10m secured convertible note", "sources": [ "anic-liberation-2024-04-05", "anic-annual-2024" ] }, { "date": "2024-10-15", "gbpM": 1.601, "note": "US$2m secured note", "sources": [ "anic-liberation-2024-10-15", "anic-annual-2025" ] }, { "date": "2025-01-30", "gbpM": 5.922, "note": "US$7.4m in the US$50.5m round", "sources": [ "anic-liberation-2025-01-30", "anic-annual-2025" ] } ], "lastRound": "Series A1", "lastRoundDate": "2025-12-19", "note": "Agronomics says the construction delay is not currently expected to have a material impact on NAV.", "sources": [ "anic-qreport-2026q2", "anic-liberation-2026-09" ] }, "approvals": [], "timeline": [ { "date": "2026-09-30", "type": "facility", "title": "Richmond construction paused", "detail": "Agronomics' Q3 NAV update says construction is paused while Liberation evaluates its options.", "sources": [ "anic-nav-2026q3" ] }, { "date": "2026-09-29", "type": "funding", "title": "Needs ~US$25m more to finish the Richmond plant", "detail": "A four-month review of selling the facility or forming a joint venture ended without acceptable offers. Liberation will complete the plant alone. About US$125m has been deployed so far. Shareholders, including Agronomics, Jim Mellon, NEOM and Siddhi Capital, say they remain committed.", "sources": [ "anic-liberation-2026-09" ] }, { "date": "2026-01-21", "type": "corporate", "title": "Leadership change; over half of capacity contracted or in negotiation", "detail": "Co-founder Etan Bendheim became CEO. A second plant in Saudi Arabia with Topian (NEOM's food subsidiary) is in planning.", "sources": [ "vegconomist-liberation-leadership" ] }, { "date": "2025-12-19", "type": "funding", "title": "Series A1 first tranche closed", "detail": "All of Agronomics' convertible loan notes converted to equity. Agronomics booked a £4.1m fair-value gain.", "sources": [ "anic-liberation-2025-12-19" ] }, { "date": "2025-05-08", "type": "commercial", "title": "Manufacturing deal with Vivici", "detail": "Liberation will produce Vivici's Vivitein BLG dairy protein at Richmond.", "sources": [ "anic-liberation-2025-05-08" ] }, { "date": "2025-04-15", "type": "corporate", "title": "Partnership with NEOM Investment Fund", "detail": "Agreement to design and develop a precision-fermentation plant in Saudi Arabia.", "sources": [ "anic-liberation-2025-04-15" ] }, { "date": "2025-01-30", "type": "funding", "title": "US$50.5m convertible note round", "detail": "Agronomics contributed US$7.4m.", "sources": [ "anic-liberation-2025-01-30" ] }, { "date": "2024-10-15", "type": "funding", "title": "US$3.5m secured note and US DoD award", "detail": "Agronomics invested US$2m. Liberation also won a US$1.39m award under the Department of Defense's Distributed Bioindustrial Manufacturing Program. A same-day amendment withdrew the award from the RNS; the 2025 annual report confirms it.", "sources": [ "anic-liberation-2024-10-15", "anic-annual-2025" ] } ], "hqCountry": "USA", "hqLocation": { "city": "New York", "lat": 40.71, "lon": -74.01 }, "hqSources": [ "dealroom-liberation" ], "markets": [] }, { "slug": "bluenalu", "name": "BlueNalu", "formerly": "", "sector": "Cultivated meat \u0026 seafood", "technology": "Cell-cultivated bluefin tuna (toro)", "hq": "San Diego, USA", "website": "https://www.bluenalu.com", "listed": "", "summary": "Grows bluefin tuna toro from fish cells for sushi and fine dining. It plans to launch first in San Diego restaurants.", "stage": "regulatory", "stageNote": "Has filed with the US FDA and is waiting for a 'no questions' letter. In March 2026 the CEO expected clearance within weeks, but none had been reported as of November 2026. A Singapore dossier is also filed, and the company takes part in the UK regulatory sandbox.", "stageSources": [ "seafoodsource-bluenalu", "greenqueen-bluenalu-11m" ], "revenue": "pre-revenue", "revenueNote": "It cannot sell until regulators clear it. Distribution partners are lined up, including Nomad Foods (UK \u0026 Europe) and Japan's FOOD \u0026 LIFE COMPANIES (Sushiro).", "revenueSources": [ "seafoodsource-bluenalu", "anic-bluenalu-2025-04-30", "businesswire-bluenalu-fnlc" ], "nextMilestone": "FDA 'no questions' letter, then a restaurant launch in San Diego.", "holding": { "stakePct": 5.1, "stakeAsOf": "2026-06-30", "fairValueGBPm": 11.732, "fairValueAsOf": "2026-06-30", "weightPct": 8, "weightAsOf": "2026-06-30", "investedGBPm": 11.032, "firstInvested": "2018-05-11", "investments": [ { "date": "2018-08", "gbpM": 0.19, "note": "US$250k Seed", "sources": [ "anic-annual-2018", "anic-annual-2022" ] }, { "date": "2019-08-29", "gbpM": 0.571, "note": "US$750k Series A", "sources": [ "anic-bluenalu-2019-08-29", "anic-annual-2022" ] }, { "date": "2019-12-19", "gbpM": 1.524, "note": "US$2.0m Series A", "sources": [ "anic-bluenalu-2019-12-19", "anic-annual-2022" ] }, { "date": "2020-11-19", "gbpM": 3.81, "note": "US$5m convertible note", "sources": [ "anic-bluenalu-2020-11-19", "anic-annual-2022" ] }, { "date": "2025-12-30", "gbpM": 4.937, "note": "US$0.6m notes and US$6m of preferred shares, paid in Agronomics shares", "sources": [ "anic-bluenalu-2025-12-30", "anic-qreport-2026q1" ] } ], "lastRound": "CLN \u0026 preferred stock", "lastRoundDate": "2025-12-30", "note": "Agronomics put a further US$6.6m into the December 2025 round (US$6m preferred shares, paid in Agronomics shares, plus US$0.6m of convertible notes) and booked a £4.0m fair-value gain. By 31 Mar 2026 it was carried at £11.75m, down from 12% of the portfolio at 31 Dec 2025; the Q1 2026 NAV update does not mention the fall.", "sources": [ "anic-qreport-2026q2", "anic-bluenalu-2025-12-30", "anic-interim-2025", "anic-qreport-2026q1", "anic-nav-2026q1" ] }, "approvals": [ { "market": "USA (FDA)", "scope": "Cell-cultivated bluefin tuna toro", "status": "pending", "date": "", "sources": [ "seafoodsource-bluenalu", "greenqueen-bluenalu-11m" ] }, { "market": "Singapore (SFA)", "scope": "Cell-cultivated bluefin tuna", "status": "pending", "date": "", "sources": [ "seafoodsource-bluenalu" ] }, { "market": "UK (FSA sandbox)", "scope": "Cell-cultivated seafood", "status": "pending", "date": "", "sources": [ "seafoodsource-bluenalu" ] } ], "timeline": [ { "date": "2026-03", "type": "regulatory", "title": "Expects FDA clearance 'in the next several weeks'", "detail": "Tuna toro shown at Seafood Expo North America. The company is preparing a San Diego restaurant launch.", "sources": [ "seafoodsource-bluenalu" ] }, { "date": "2026-01", "type": "funding", "title": "About US$11m raised for market entry", "detail": "The money will support launching the toro once it is approved.", "sources": [ "greenqueen-bluenalu-11m" ] }, { "date": "2025-12-30", "type": "funding", "title": "Preferred share and convertible note raise", "detail": "Initial convertible note closing of about US$8m, led by Lewis \u0026 Clark AgriFood Fund II and Siddhi Capital. Agronomics invested US$6.6m and booked a £4.0m fair-value gain.", "sources": [ "anic-bluenalu-2025-12-30" ] }, { "date": "2025-06-30", "type": "valuation", "title": "Valuation cut in FY2025 accounts", "detail": "Unrealised fair-value loss of £5.2m (plus £1.0m FX loss), taking the holding to £6.6m.", "sources": [ "anic-annual-2025" ] }, { "date": "2025-04-30", "type": "commercial", "title": "Expanded Nomad Foods partnership", "detail": "Partnership to commercialise cell-cultivated seafood in the UK and Europe.", "sources": [ "anic-bluenalu-2025-04-30" ] }, { "date": "2022-01-25", "type": "commercial", "title": "Partnership with FOOD \u0026 LIFE COMPANIES", "detail": "Japan's largest sushi restaurant operator (Sushiro) partnered with BlueNalu.", "sources": [ "businesswire-bluenalu-fnlc" ] } ], "hqCountry": "USA", "hqLocation": { "city": "San Diego", "lat": 32.72, "lon": -117.16 }, "hqSources": [ "seafoodsource-bluenalu" ], "markets": [] }, { "slug": "supermeat", "name": "SuperMeat", "formerly": "", "sector": "Cultivated meat \u0026 seafood", "technology": "Cultivated chicken", "hq": "Tel Aviv, Israel", "website": "https://www.supermeat.com", "listed": "", "summary": "Develops cultivated chicken and plans to commercialise it by licensing to food partners. Switzerland is its first target market.", "stage": "pilot", "stageNote": "Preparing for Switzerland, its first market. As of May 2026, product development with Ajinomoto, a Migros-led consumer study, commercial-scale process verification and a Swiss regulatory submission were still to come. Green Queen reported the submission as made, but the Agronomics RNS lists it as a near-term milestone.", "stageSources": [ "anic-supermeat-2026-05-12", "greenqueen-supermeat-6m" ], "revenue": "pre-revenue", "revenueNote": "No product sales. It plans to earn through licensing, with partners including Migros' Micarna Group in Switzerland and PHW Group in the EU.", "revenueSources": [ "greenqueen-supermeat-6m", "anic-supermeat-2026-05-12" ], "nextMilestone": "A Swiss regulatory submission, then approval and a licensed launch with Migros/Micarna.", "holding": { "stakePct": 27.77, "stakeAsOf": "2026-06-30", "fairValueGBPm": 19.311, "fairValueAsOf": "2026-06-30", "weightPct": 14, "weightAsOf": "2026-06-30", "investedGBPm": 15.204, "firstInvested": "2020-12-01", "investments": [ { "date": "2020-12-16", "gbpM": 1.505, "note": "US$2m SAFE", "sources": [ "anic-supermeat-2020-12-16", "anic-annual-2022" ] }, { "date": "2022-02", "gbpM": 0.376, "note": "US$0.5m of Seed shares bought from a shareholder", "sources": [ "anic-supermeat-2022-03-08", "anic-annual-2022" ] }, { "date": "2022-03-08", "gbpM": 7.525, "note": "US$10m Series A (co-led)", "sources": [ "anic-supermeat-2022-03-08", "anic-supermeat-2023-09-07", "anic-annual-2022" ] }, { "date": "2025-11-21", "gbpM": 2.092, "note": "US$2m SAFE, part paid in Agronomics shares", "sources": [ "anic-supermeat-2025-11-21", "anic-qreport-2026q1" ] }, { "date": "2026-05-12", "gbpM": 3.706, "note": "US$5m Series A-4, paid in Agronomics shares", "sources": [ "anic-supermeat-2026-05-12", "anic-qreport-2026q2" ] } ], "lastRound": "Series A4", "lastRoundDate": "2026-05-12", "note": "Agronomics added US$2m in Nov 2025 and US$5m in May 2026. Most of it was paid in new Agronomics shares, not cash.", "sources": [ "anic-qreport-2026q2", "anic-supermeat-2025-11-21", "anic-supermeat-2026-05-12" ] }, "approvals": [], "timeline": [ { "date": "2026-05-12", "type": "funding", "title": "Series A-4 first close: US$6m of a US$10m target", "detail": "Led by Agronomics with US$5m, paid with 26.8m new Agronomics shares. Milk \u0026 Honey Ventures and other existing investors also took part. Switzerland is the first target market, with a Swiss regulatory submission among the next milestones.", "sources": [ "anic-supermeat-2026-05-12", "greenqueen-supermeat-6m" ] }, { "date": "2025-11-21", "type": "funding", "title": "US$3.5m SAFE round", "detail": "Agronomics invested US$2m (US$0.75m cash and US$1.25m in new shares) to support a European launch.", "sources": [ "anic-supermeat-2025-11-21", "greenqueen-supermeat-3-5m" ] } ], "hqCountry": "ISR", "hqLocation": { "city": "Tel Aviv", "lat": 32.08, "lon": 34.78 }, "hqSources": [ "wiki-supermeat" ], "markets": [] }, { "slug": "onego-bio", "name": "Onego Bio", "formerly": "", "sector": "Precision fermentation", "technology": "Animal-free egg-white protein (Bioalbumen®)", "hq": "Helsinki, Finland \u0026 USA", "website": "https://www.onego.bio", "listed": "", "summary": "Uses precision fermentation to make Bioalbumen®, an egg-white protein identical to the one from hens, for food manufacturers.", "stage": "pre-launch", "stageNote": "The FDA issued a GRAS 'no questions' letter in Sept 2025. It currently produces through contract manufacturers. Its flagship plant in Jefferson County, Wisconsin (2 million litres) is expected to start operating in 2028.", "stageSources": [ "preparedfoods-onego", "businesswire-onego-wisconsin", "anic-onego-2025-09-23" ], "revenue": "pre-revenue", "revenueNote": "Agronomics' Q1 and Q2 2026 investor reports list it as not yet revenue-generating. It produces through contract manufacturers ahead of its own plant.", "revenueSources": [ "anic-qreport-2026q2", "anic-qreport-2026q1", "businesswire-onego-wisconsin" ], "nextMilestone": "Commercial supply through co-manufacturers; Wisconsin plant in 2028.", "holding": { "stakePct": 16.9, "stakeAsOf": "2026-06-30", "fairValueGBPm": 11.143, "fairValueAsOf": "2026-06-30", "weightPct": 8, "weightAsOf": "2026-06-30", "investedGBPm": 7.108, "firstInvested": "2022-02-18", "investments": [ { "date": "2022-02-22", "gbpM": 5.782, "note": "€6.9m Seed (led)", "sources": [ "anic-onego-2022-02-22", "anic-annual-2022" ] }, { "date": "2024-04-02", "gbpM": 1.326, "note": "€1.55m in the €37m round", "sources": [ "anic-onego-2024-04-02", "anic-annual-2024" ] } ], "lastRound": "Series A", "lastRoundDate": "2024-07-17", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [ { "market": "USA (FDA)", "scope": "GRAS 'no questions' letter for Bioalbumen® across a wide range of foods and beverages", "status": "approved", "date": "2025-09-23", "sources": [ "anic-onego-2025-09-23", "preparedfoods-onego" ] } ], "timeline": [ { "date": "2026-10", "type": "corporate", "title": "US court dismisses its patent suit against EVERY", "detail": "Onego Bio sought to invalidate EVERY's US ovalbumin patent. The Delaware court found EVERY had not threatened to sue, so it ruled on neither validity nor infringement.", "sources": [ "vegconomist-onego-every-patent" ] }, { "date": "2025-09-23", "type": "regulatory", "title": "FDA 'no questions' letter on GRAS status", "detail": "Covers Bioalbumen® across a wide range of food and beverage uses.", "sources": [ "anic-onego-2025-09-23", "preparedfoods-onego" ] }, { "date": "2025-03-12", "type": "facility", "title": "Site chosen for flagship US plant", "detail": "Jefferson County, Wisconsin.", "sources": [ "businesswire-onego-wisconsin" ] }, { "date": "2024-07-18", "type": "funding", "title": "€14m EIC Accelerator funding", "detail": "With a new Series A investor, this took total funding to €65m.", "sources": [ "anic-onego-2024-07-18" ] } ], "hqCountry": "FIN", "hqLocation": { "city": "Helsinki", "lat": 60.17, "lon": 24.94 }, "hqSources": [], "markets": [ { "country": "USA", "status": "cleared", "note": "FDA GRAS letter (Sep 2025); plant due 2028", "sources": [ "anic-onego-2025-09-23" ] } ] }, { "slug": "formo", "name": "Formo", "formerly": "", "sector": "Precision fermentation", "technology": "Animal-free dairy: Koji protein and precision-fermented casein", "hq": "Frankfurt, Germany (registered in Berlin)", "website": "https://formo.bio", "listed": "", "summary": "Makes animal-free dairy proteins. It first sold Koji-protein cheeses in German and Austrian supermarkets and now supplies precision-fermented casein to food companies, starting in the US.", "stage": "early-commercial", "stageNote": "Sold more than 300,000 units of Koji-protein cheese in 3,500+ REWE and Billa stores before ending its Frischhain brand in 2025 to focus on B2B ingredients. The FDA issued a 'no questions' letter for its Enhanced Casein in Oct 2026 (cheese alternatives up to 25%). It supplies US food and nutrition companies through its subsidiary Formo Foods Inc. and commercial partners.", "stageSources": [ "anic-portfolio-2026-11-11", "greenqueen-formo-casein", "foodnavigator-casein-2026", "cheesereporter-formo", "ppt-formo-fda" ], "revenue": "early", "revenueNote": "Had retail sales, though no figures were published. Revenue now comes from B2B ingredient sales, starting in the US after the Oct 2026 FDA letter. No figures are disclosed.", "revenueSources": [ "anic-portfolio-2026-11-11", "greenqueen-formo-casein", "ppt-formo-fda" ], "nextMilestone": "A second GRAS notice for broader food and nutrition uses.", "holding": { "stakePct": 4.5, "stakeAsOf": "2026-06-30", "fairValueGBPm": 9.46, "fairValueAsOf": "2026-06-30", "weightPct": 7, "weightAsOf": "2026-06-30", "investedGBPm": 3.778, "firstInvested": "2019-12-20", "investments": [ { "date": "2019-12-18", "gbpM": 0.849, "note": "€1m Seed (co-led)", "sources": [ "anic-formo-2019-12-18", "anic-annual-2022" ] }, { "date": "2021-09-13", "gbpM": 2.675, "note": "€3.15m Series A", "sources": [ "anic-formo-2021-09-13", "anic-annual-2022" ] }, { "date": "2022-12", "gbpM": 0.254, "note": "€0.25m; the date was not announced (year to June 2023)", "sources": [ "anic-formo-2024-09-10", "anic-qreport-2026q2" ] } ], "lastRound": "Series B", "lastRoundDate": "2024-09-10", "note": "At the Sept 2024 Series B price Agronomics reported a 2.5x multiple on its investment.", "sources": [ "anic-qreport-2026q2", "anic-annual-2025" ] }, "approvals": [ { "market": "USA (FDA)", "scope": "GRAS 'no questions' letter for Enhanced Casein in cheese alternatives (up to 25%)", "status": "approved", "date": "2026-10-28", "sources": [ "anic-portfolio-2026-11-11", "foodnavigator-casein-2026", "cheesereporter-formo", "ppt-formo-fda" ] } ], "timeline": [ { "date": "2026-10-28", "type": "regulatory", "title": "FDA 'no questions' letter for precision-fermented casein", "detail": "The first for a precision-fermented casein. The notice (GRN 1312), filed jointly with Those Vegan Cowboys in Dec 2025, covers Enhanced Casein in cheese alternatives at up to 25%.", "sources": [ "anic-portfolio-2026-11-11", "foodnavigator-casein-2026", "cheesereporter-formo", "ppt-formo-fda" ] }, { "date": "2025-01-21", "type": "funding", "title": "€35m European Investment Bank loan", "detail": "To scale Koji-protein cheese manufacturing and develop new products.", "sources": [ "anic-formo-2025-01-21" ] }, { "date": "2025", "type": "commercial", "title": "Retail brand Frischhain wound down; pivot to B2B", "detail": "It had sold more than 300,000 units of microbial cream cheese in REWE and Billa stores.", "sources": [ "greenqueen-formo-casein" ] }, { "date": "2024-09-10", "type": "funding", "title": "US$61m Series B; retail launch", "detail": "REWE Group joined as an investor. Frischhain and Camembritz launched in German and Austrian retail.", "sources": [ "anic-formo-2024-09-10", "agfunder-formo" ] } ], "hqCountry": "DEU", "hqLocation": { "city": "Frankfurt", "lat": 50.11, "lon": 8.68 }, "hqSources": [ "formo-imprint" ], "markets": [ { "country": "USA", "status": "selling", "note": "B2B casein via Formo Foods Inc. (FDA letter Oct 2026)", "sources": [ "anic-portfolio-2026-11-11", "ppt-formo-fda" ] } ] }, { "slug": "all-g", "name": "All G", "formerly": "All G Foods", "sector": "Precision fermentation", "technology": "Animal-free dairy proteins, led by lactoferrin (LFX)", "hq": "Sydney, Australia", "website": "https://www.allg.com", "listed": "", "summary": "Uses precision fermentation to make dairy proteins without cows. Its lead product is bovine lactoferrin, a high-value protein used in supplements and infant nutrition.", "stage": "early-commercial", "stageNote": "Has regulatory clearances in China (Nov 2024, a world first for recombinant bovine lactoferrin) and the US (FDA 'no questions' letter, Apr 2026). Launched LFX apo-lactoferrin commercially in the US in Jul 2026. Produces at 60,000-litre scale through a contract manufacturer in China.", "stageSources": [ "anic-allg-2024-11-27", "anic-allg-2026-04-01", "ppt-allg-fda", "ppt-allg-launch", "vegconomist-allg-launch" ], "revenue": "early", "revenueNote": "Commercial sales began with the US launch in Jul 2026, but figures are not disclosed. The CEO says current yields give positive unit economics at today's lactoferrin prices. Agronomics' Q2 2026 investor report, dated before the launch, still listed it as pre-revenue.", "revenueSources": [ "ppt-allg-launch", "vegconomist-allg-launch", "anic-qreport-2026q2" ], "nextMilestone": "Grow US sales; expand in Southeast Asia; GRAS filing for human lactoferrin.", "holding": { "stakePct": 8.2, "stakeAsOf": "2026-06-30", "fairValueGBPm": 9.452, "fairValueAsOf": "2026-06-30", "weightPct": 7, "weightAsOf": "2026-06-30", "investedGBPm": 10.422, "firstInvested": "2022-09-01", "investments": [ { "date": "2022-08-04", "gbpM": 8.953, "note": "Series A (led)", "sources": [ "anic-allg-2022-08-04", "anic-qreport-2026q2" ] }, { "date": "2026-01-15", "gbpM": 1.469, "note": "A$3m convertible note", "sources": [ "anic-allg-2026-01-15", "anic-qreport-2026q1" ] } ], "lastRound": "CLN", "lastRoundDate": "2026-01-15", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [ { "market": "China", "scope": "Recombinant bovine lactoferrin (first approval of its kind globally)", "status": "approved", "date": "2024-11-27", "sources": [ "anic-allg-2024-11-27" ] }, { "market": "USA (FDA)", "scope": "GRAS 'no questions' letter for precision-fermented bovine lactoferrin", "status": "approved", "date": "2026-04-01", "sources": [ "anic-allg-2026-04-01", "ppt-allg-fda" ] } ], "timeline": [ { "date": "2026-08", "type": "funding", "title": "Investment from Xeraya Capital", "detail": "Funds Southeast Asia expansion. The amount was not disclosed.", "sources": [ "ppt-allg-xeraya" ] }, { "date": "2026-07", "type": "commercial", "title": "US commercial launch of LFX apo-lactoferrin", "detail": "Aimed at supplements, functional foods, infant nutrition and healthy-ageing products.", "sources": [ "ppt-allg-launch", "vegconomist-allg-launch" ] }, { "date": "2026-04-01", "type": "regulatory", "title": "FDA 'no questions' letter", "detail": "For its precision-fermented bovine lactoferrin.", "sources": [ "anic-allg-2026-04-01", "ppt-allg-fda" ] }, { "date": "2026-01-15", "type": "funding", "title": "Agronomics invests a further AU$3m", "detail": "Paid with 10.0m new Agronomics shares at 14.65p, as part of a round of at least AU$10m. The money funds commercial scale-up and regulatory filings.", "sources": [ "anic-allg-2026-01-15" ] }, { "date": "2024-11-27", "type": "regulatory", "title": "Chinese regulatory clearance", "detail": "First approval of its kind globally for recombinant bovine lactoferrin.", "sources": [ "anic-allg-2024-11-27" ] } ], "hqCountry": "AUS", "hqLocation": { "city": "Sydney", "lat": -33.87, "lon": 151.21 }, "hqSources": [], "markets": [ { "country": "USA", "status": "selling", "note": "LFX lactoferrin launched Jul 2026", "sources": [ "ppt-allg-launch" ] }, { "country": "CHN", "status": "cleared", "note": "Lactoferrin approved Nov 2024", "sources": [ "anic-allg-2024-11-27" ] } ] }, { "slug": "clean-food-group", "name": "Clean Food Group", "formerly": "", "sector": "Biomass fermentation", "technology": "Yeast-derived oils and fats (palm-oil alternative)", "hq": "UK (plant in Knowsley, Liverpool)", "website": "https://cleanfood.group", "listed": "", "summary": "Grows oil-producing yeast, partly fed by food waste, to replace palm oil and other fats in cosmetics and food. The technology was developed at the University of Bath.", "stage": "early-commercial", "stageNote": "CLEAN Oil 25 was approved as a cosmetic ingredient in the UK, EU and US (Sept 2025) and launched commercially with THG Labs (Mar 2026). Raven Botanicals' cleanser is the first consumer product made with it (Nov 2026). It is scaling up a one-million-litre fermentation plant in Knowsley, Liverpool.", "stageSources": [ "anic-nav-2025q3", "anic-nav-2026q1", "anic-nav-2026q2", "anic-portfolio-2026-11-11", "vegconomist-cfg" ], "revenue": "early", "revenueNote": "Sales to cosmetic companies began in 2026, through THG Labs and then Raven Botanicals. Revenue is not disclosed, and food uses have not launched yet.", "revenueSources": [ "anic-nav-2026q1", "anic-portfolio-2026-11-11", "vegconomist-cfg" ], "nextMilestone": "Bring the Knowsley plant to full capacity.", "holding": { "stakePct": 27.4, "stakeAsOf": "2026-06-30", "fairValueGBPm": 6.984, "fairValueAsOf": "2026-06-30", "weightPct": 5, "weightAsOf": "2026-06-30", "investedGBPm": 1.601, "firstInvested": "2022-03-01", "investments": [ { "date": "2022-03", "gbpM": 0.323, "note": "£0.323m founder's round", "sources": [ "anic-cfg-2022-08-01", "anic-annual-2022" ] }, { "date": "2022-08-01", "gbpM": 0.578, "note": "£0.578m Seed (led)", "sources": [ "anic-cfg-2022-08-01", "anic-annual-2023" ] }, { "date": "2024-03-26", "gbpM": 0.7, "note": "£0.7m in the £2.5m round", "sources": [ "anic-cfg-2024-03-26", "anic-annual-2024" ] } ], "lastRound": "Seed", "lastRoundDate": "2024-03-26", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [ { "market": "UK, EU, USA", "scope": "CLEAN Oil 25 as a cosmetic ingredient", "status": "approved", "date": "2025-09-12", "sources": [ "anic-cfg-2025-09-12" ] } ], "timeline": [ { "date": "2026-11", "type": "commercial", "title": "First consumer product: Raven Botanicals cleanser", "detail": "The Scottish skincare brand reformulated its 24 Carat Oil to Milk Cleanser with CLEANOil, replacing the oils it used before.", "sources": [ "anic-portfolio-2026-11-11" ] }, { "date": "2026-04-15", "type": "funding", "title": "£4.5m raised, plus a £0.7m Innovate UK grant", "detail": "Led by Clean Growth Fund and New Agrarian. The money will finish scaling up the one-million-litre Knowsley plant.", "sources": [ "anic-cfg-2026-04-15", "vegconomist-cfg" ] }, { "date": "2026-03-25", "type": "commercial", "title": "CLEANOil launched commercially with THG Labs", "detail": "A biotech ingredient platform for the beauty industry, shown at in-cosmetics Global in Paris.", "sources": [ "anic-cfg-2026-03-25" ] }, { "date": "2025-09-30", "type": "facility", "title": "Bought the assets of Algal Omega 3", "detail": "Adds one million litres of fermentation capacity near Liverpool.", "sources": [ "anic-cfg-2025-09-30", "foodnavigator-cfg-facility" ] }, { "date": "2025-09-12", "type": "regulatory", "title": "CLEAN Oil 25 approved as a cosmetic ingredient", "detail": "Approved in the UK, Europe and the US.", "sources": [ "anic-cfg-2025-09-12" ] } ], "hqCountry": "GBR", "hqLocation": { "city": "Knowsley (plant)", "lat": 53.45, "lon": -2.85 }, "hqSources": [ "anic-nav-2026q2" ], "markets": [ { "country": "GBR", "status": "selling", "note": "CLEANOil via THG Labs and Raven Botanicals", "sources": [ "anic-nav-2026q1", "anic-portfolio-2026-11-11" ] }, { "country": "EU", "status": "cleared", "note": "Cosmetic ingredient approval", "sources": [ "anic-cfg-2025-09-12" ] }, { "country": "USA", "status": "cleared", "note": "Cosmetic ingredient approval", "sources": [ "anic-cfg-2025-09-12" ] } ] }, { "slug": "solar-foods", "name": "Solar Foods", "formerly": "", "sector": "Biomass fermentation", "technology": "Solein® single-cell protein grown from CO₂, hydrogen and electricity", "hq": "Vantaa, Finland", "website": "https://www.solarfoods.com", "listed": "Nasdaq First North Growth Market Finland: SFOODS", "summary": "Makes Solein®, a protein powder grown by microbes that feed on CO₂ and hydrogen instead of farmland. It is Agronomics' only listed holding and publishes its own financial reports.", "stage": "early-commercial", "stageNote": "Factory 01 has been running since April 2024, but its capacity is limited. Solein is on sale in Singapore and the US. EFSA gave a positive opinion in Nov 2026, and the company expects EU authorisation within 7–9 months. The investment decision on Factory 02 is still to come, with 71% of the €190m funding plan secured.", "stageSources": [ "solar-h1-2026", "inderes-solar-h1", "anic-annual-2025", "solar-efsa-opinion" ], "revenue": "early", "revenueNote": "H1 2026 revenue was about €0.1m, below the €0.4m analysts expected, because Factory 01's capacity is limited. Operating loss was €6.8m. Revenue comes from deliveries to US customers.", "revenueSources": [ "solar-h1-2026", "inderes-solar-h1" ], "nextMilestone": "EU authorisation (expected 7–9 months after EFSA's Nov 2026 opinion); FDA 'no questions' letter (targeted for end-2026); Factory 02 investment decision.", "holding": { "stakePct": 5.35, "stakeAsOf": "2026-06-30", "fairValueGBPm": 5.98, "fairValueAsOf": "2026-06-30", "weightPct": 4, "weightAsOf": "2026-06-30", "investedGBPm": 5.28, "firstInvested": "2020-09-01", "investments": [ { "date": "2020-09-01", "gbpM": 2.64, "note": "€3m Series A", "sources": [ "anic-solar-2020-09-01", "anic-annual-2022" ] }, { "date": "2021-10-26", "gbpM": 2.64, "note": "€3m convertible note", "sources": [ "anic-solar-2021-10-26", "anic-annual-2022" ] } ], "lastRound": "Private placement", "lastRoundDate": "2026-06-26", "note": "Valued at its quoted share price each quarter: −£0.9m (H2 2025), −£0.12m (Q1 2026), +£0.1m (Q2 2026), +£0.4m (Q3 2026).", "sources": [ "anic-qreport-2026q2", "anic-interim-2025", "anic-nav-2026q1", "anic-nav-2026q2", "anic-nav-2026q3" ] }, "approvals": [ { "market": "Singapore", "scope": "Solein® as a food ingredient (commercially available)", "status": "approved", "date": "", "sources": [ "solar-h1-2026" ] }, { "market": "USA", "scope": "Self-affirmed GRAS status", "status": "approved", "date": "2024-09-03", "sources": [ "anic-solar-2024-09-03" ] }, { "market": "USA (FDA)", "scope": "GRAS notice for a 'no questions' letter", "status": "pending", "date": "2025-09", "sources": [ "solar-gras-notice" ] }, { "market": "EU", "scope": "Novel food authorisation for Solein® (positive EFSA opinion, Nov 2026)", "status": "pending", "date": "", "sources": [ "solar-efsa-opinion", "solar-h1-2026" ] } ], "timeline": [ { "date": "2026-11-09", "type": "regulatory", "title": "Positive EFSA opinion on Solein", "detail": "EFSA found Solein safe under the proposed uses, a first for a gas-fermented novel food. A Commission act and a member-state vote must follow, which the company expects to take 7–9 months.", "sources": [ "solar-efsa-opinion" ] }, { "date": "2026-09-30", "type": "valuation", "title": "£0.4m fair-value gain in Q3 2026", "detail": "From the quoted share price.", "sources": [ "anic-nav-2026q3" ] }, { "date": "2026-08-11", "type": "results", "title": "H1 2026: revenue ≈ €0.1m, operating loss €6.8m", "detail": "Revenue rose about 270% year on year but missed analyst estimates. The order book fell from €1.5m to €0.2m during the period.", "sources": [ "solar-h1-2026", "inderes-solar-h1" ] }, { "date": "2026-05", "type": "commercial", "title": "US consumer launch with Ambrosia Collective", "detail": "'Planta powered by Solein', a ready-to-mix protein powder.", "sources": [ "solar-h1-2026", "inderes-solar-h1" ] }, { "date": "2025-09", "type": "regulatory", "title": "Files GRAS notice with the FDA", "detail": "Seeks a 'no questions' letter, which it expects by the end of 2026.", "sources": [ "solar-gras-notice" ] }, { "date": "2025-07-24", "type": "commercial", "title": "Solein ice cream with Ajinomoto in Singapore", "detail": "Launched at the World Aquatics Championships, Singapore 2025.", "sources": [ "anic-solar-2025-07-24" ] }, { "date": "2025-03-04", "type": "funding", "title": "€10m Business Finland grant for Factory 02", "detail": "", "sources": [ "anic-solar-2025-03-04" ] }, { "date": "2024-09-10", "type": "corporate", "title": "Listed on Nasdaq First North Growth Market", "detail": "Ticker SFOODS.", "sources": [ "anic-solar-2024-09-10" ] }, { "date": "2024-09-03", "type": "regulatory", "title": "US self-affirmed GRAS", "detail": "Self-affirmed GRAS status for Solein, its first step into the US market. Solar Foods also aims to obtain FDA-notified GRAS status.", "sources": [ "anic-solar-2024-09-03" ] }, { "date": "2024-08-19", "type": "commercial", "title": "Two Solein products unveiled with Ajinomoto", "detail": "Two Solein-powered products made with Ajinomoto, to launch in Singapore.", "sources": [ "anic-solar-2024-08-19" ] }, { "date": "2024-04", "type": "facility", "title": "Factory 01 starts operating", "detail": "", "sources": [ "anic-annual-2025" ] } ], "hqCountry": "FIN", "hqLocation": { "city": "Vantaa", "lat": 60.29, "lon": 25.04 }, "hqSources": [ "wiki-solarfoods" ], "markets": [ { "country": "SGP", "status": "selling", "note": "Solein on sale", "sources": [ "solar-h1-2026" ] }, { "country": "USA", "status": "selling", "note": "Planta powered by Solein", "sources": [ "solar-h1-2026" ] } ] }, { "slug": "every-company", "name": "The EVERY Company", "formerly": "", "sector": "Precision fermentation", "technology": "Animal-free egg proteins (EVERY Egg, OvoPro)", "hq": "South San Francisco, USA", "website": "https://theeverycompany.com", "listed": "", "summary": "Makes animal-free egg proteins by precision fermentation for food manufacturers, foodservice and, more recently, US shoppers.", "stage": "commercial", "stageNote": "Sold through Walmart and Target, with a home-kitchen product on Amazon (Mar 2026). Supplies industrial bakery and foodservice customers. A manufacturing deal with Huvepharma quadrupled capacity (Jun 2026), and ADM will make OvoPro at its Clinton, Iowa plant (Jul 2026).", "stageSources": [ "foodnavigator-every-2026", "adm-every-ovopro", "greenqueen-every-55m", "anic-every-2025-11-10" ], "revenue": "revenue", "revenueNote": "Revenue-generating, but the company declines to disclose figures. OvoPro orders in Jan–Apr 2026 were 550% above all of 2025.", "revenueSources": [ "foodnavigator-every-2026", "greenqueen-every-55m" ], "nextMilestone": "Start commercial-scale OvoPro production at ADM's Clinton, Iowa plant.", "holding": { "stakePct": 1.26, "stakeAsOf": "2026-06-30", "fairValueGBPm": 6.032, "fairValueAsOf": "2026-06-30", "weightPct": 4, "weightAsOf": "2026-06-30", "investedGBPm": 5.946, "firstInvested": "2021-11-01", "investments": [ { "date": "2021-11-04", "gbpM": 5.946, "note": "US$8m Series C", "sources": [ "anic-every-2021-11-04", "anic-annual-2022" ] } ], "lastRound": "Series D", "lastRoundDate": "2025-11-10", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [], "timeline": [ { "date": "2026-10", "type": "corporate", "title": "Onego Bio's challenge to its egg-protein patent dismissed", "detail": "A Delaware court threw out Onego Bio's suit against EVERY's US ovalbumin patent without ruling on the patent itself. A parallel Wisconsin case was dismissed in May 2026.", "sources": [ "vegconomist-onego-every-patent" ] }, { "date": "2026-07-14", "type": "commercial", "title": "ADM to make OvoPro in Iowa", "detail": "A partnership for commercial-scale precision-fermentation production of OvoPro at ADM's Clinton, Iowa plant, EVERY's first US manufacturing base. No start date or volumes given.", "sources": [ "adm-every-ovopro" ] }, { "date": "2026-06-23", "type": "commercial", "title": "OvoPro demand up 550%; Huvepharma deal quadruples capacity", "detail": "Driven by the OvoPro rollout at Walmart and Target and by industrial bakery and foodservice accounts.", "sources": [ "foodnavigator-every-2026" ] }, { "date": "2026-03", "type": "commercial", "title": "Home-kitchen egg product launched", "detail": "Sold through Healthier Comforts and Amazon.", "sources": [ "foodnavigator-every-2026" ] }, { "date": "2025-11-10", "type": "funding", "title": "US$55m Series D", "detail": "Led by McWin Capital Partners. Agronomics' affiliate New Agrarian also invested. A nationwide US retail rollout began.", "sources": [ "anic-every-2025-11-10", "greenqueen-every-55m" ] } ], "hqCountry": "USA", "hqLocation": { "city": "South San Francisco", "lat": 37.65, "lon": -122.41 }, "hqSources": [ "builtin-every" ], "markets": [ { "country": "USA", "status": "selling", "note": "Walmart, Target, B2B", "sources": [ "foodnavigator-every-2026" ] } ] }, { "slug": "meatly", "name": "Meatly", "formerly": "Good Dog Food", "sector": "Cultivated meat \u0026 seafood", "technology": "Cultivated chicken for pet food", "hq": "London, UK", "website": "https://meatly.pet", "listed": "", "summary": "Grows chicken from cells for pet food. In February 2025 it became the first company to sell cultivated meat in Europe.", "stage": "early-commercial", "stageNote": "Received UK regulatory clearance in Jul 2024, a world first for cultivated pet food. 'Chick Bites' dog treats went on limited sale at Pets at Home in Feb 2025. In Nov 2026 it moved to Imperial College's Grapht Works manufacturing site in West London, and it plans first production runs there in 2027.", "stageSources": [ "anic-meatly-2024-07-17", "anic-meatly-2025-02-07", "anic-meatly-2026-05-07", "anic-portfolio-2026-11-11", "countryfile-meatly", "imperial-meatly-grapht" ], "revenue": "early", "revenueNote": "First sales were a limited retail release in Feb 2025. No revenue figures are published, and volume sales depend on production starting in 2027.", "revenueSources": [ "countryfile-meatly", "anic-portfolio-2026-11-11" ], "nextMilestone": "First production runs at Grapht Works in 2027, then wider product releases.", "holding": { "stakePct": 11.57, "stakeAsOf": "2026-06-30", "fairValueGBPm": 3.179, "fairValueAsOf": "2026-06-30", "weightPct": 2, "weightAsOf": "2026-06-30", "investedGBPm": 1.15, "firstInvested": "2022-03-01", "investments": [ { "date": "2022-03", "gbpM": 0.5, "note": "Founder's round", "sources": [ "anic-meatly-2023-05-04", "anic-annual-2022" ] }, { "date": "2023-05-04", "gbpM": 0.65, "note": "Seed, the rest of a £1m subscription", "sources": [ "anic-meatly-2023-05-04", "anic-qreport-2026q2" ] } ], "lastRound": "Series A1", "lastRoundDate": "2026-05-31", "note": "Marked down by £1.3m after the May 2026 Series A.", "sources": [ "anic-qreport-2026q2", "anic-qreport-2026q1", "anic-nav-2026q2" ] }, "approvals": [ { "market": "UK", "scope": "Cultivated chicken in pet food (first such approval globally)", "status": "approved", "date": "2024-07-17", "sources": [ "anic-meatly-2024-07-17" ] } ], "timeline": [ { "date": "2026-11-02", "type": "facility", "title": "Moved to Imperial's Grapht Works", "detail": "Imperial College London's pilot and advanced manufacturing site in Old Oak, West London. Meatly plans first production runs there in 2027.", "sources": [ "anic-portfolio-2026-11-11", "imperial-meatly-grapht" ] }, { "date": "2026-05-07", "type": "funding", "title": "£10.4m Series A", "detail": "Investors include Clean Growth Fund, Oyster Bay, JamJar and Jim Mellon. Total raised is now £17.5m. The round led to a £1.2m downward revaluation at Agronomics.", "sources": [ "anic-meatly-2026-05-07" ] }, { "date": "2026-05", "type": "facility", "title": "20,000-litre London plant: fit-out begins", "detail": "Described as the largest facility of its kind in Europe. Product releases are expected in 2027.", "sources": [ "justfood-meatly-site", "anic-meatly-2026-05-07" ] }, { "date": "2025-05-28", "type": "facility", "title": "In-house bioreactor developed", "detail": "For scalable cultivated pet-food production.", "sources": [ "anic-meatly-2025-05-28" ] }, { "date": "2025-02-07", "type": "commercial", "title": "First cultivated meat on sale in Europe", "detail": "Limited release of 'Chick Bites' at Pets at Home in Brentford, London.", "sources": [ "anic-meatly-2025-02-07", "countryfile-meatly" ] }, { "date": "2024-07-17", "type": "regulatory", "title": "UK clearance for cultivated pet food", "detail": "First approval of its kind globally.", "sources": [ "anic-meatly-2024-07-17" ] } ], "hqCountry": "GBR", "hqLocation": { "city": "London", "lat": 51.51, "lon": -0.13 }, "hqSources": [], "markets": [ { "country": "GBR", "status": "selling", "note": "Pets at Home (limited release)", "sources": [ "countryfile-meatly" ] } ] }, { "slug": "livekindly", "name": "LIVEKINDLY Collective", "formerly": "", "sector": "Plant-based", "technology": "Plant-based meat brands (LikeMeat, Oumph!, The Fry Family Food Co.)", "hq": "Zurich, Switzerland", "website": "", "listed": "", "summary": "A group of plant-based meat brands that is growing by buying smaller companies in the sector.", "stage": "commercial", "stageNote": "Established brands sold through retail and foodservice. Continues to buy competitors: TiNDLE's foodservice business (Dec 2025), Dalco Food (completed Oct 2026) and Greenforce (completed Nov 2026).", "stageSources": [ "anic-portfolio-page", "greenqueen-livekindly-tindle", "greenqueen-livekindly-greenforce", "foodbev-dalco", "vegconomist-livekindly-dalco", "lebensmittelpraxis-livekindly-greenforce" ], "revenue": "revenue", "revenueNote": "Revenue-generating, with figures not disclosed. The CEO's 2026 priority is 'profitable growth', and the company projects 200% B2B growth in 2026.", "revenueSources": [ "greenqueen-livekindly-greenforce" ], "nextMilestone": "Integrate Greenforce and Dalco Food.", "holding": { "stakePct": 1, "stakeAsOf": "2026-06-30", "fairValueGBPm": 4.185, "fairValueAsOf": "2026-06-30", "weightPct": 3, "weightAsOf": "2026-06-30", "investedGBPm": 2.33, "firstInvested": "2020-02-12", "investments": [ { "date": "2020-02-12", "gbpM": 2.33, "note": "US$3m Class B shares (Foods United)", "sources": [ "anic-livekindly-2020-02-12", "anic-annual-2022" ] } ], "lastRound": "Series B", "lastRoundDate": "2017-03-29", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [], "timeline": [ { "date": "2026-11", "type": "corporate", "title": "Completes the Greenforce acquisition", "detail": "The Munich plant-based food maker joins the group. Terms not disclosed.", "sources": [ "lebensmittelpraxis-livekindly-greenforce" ] }, { "date": "2026-10", "type": "corporate", "title": "Completes the Dalco Food acquisition", "detail": "Dalco makes plant-based food for private-label, B2B and foodservice customers. Its existing team stays on.", "sources": [ "vegconomist-livekindly-dalco" ] }, { "date": "2026-07-31", "type": "corporate", "title": "Agrees to buy Dalco Food from Hilton Foods for £5.4m", "detail": "Dalco is a Dutch vegan and vegetarian food maker.", "sources": [ "foodbev-dalco" ] }, { "date": "2026-07-01", "type": "corporate", "title": "Agrees to acquire Greenforce", "detail": "A Munich-based plant-based food maker. Subject to regulatory approval.", "sources": [ "greenqueen-livekindly-greenforce" ] }, { "date": "2025-12", "type": "corporate", "title": "Takes over TiNDLE Foods' foodservice business", "detail": "In the US, UK and Germany.", "sources": [ "greenqueen-livekindly-tindle" ] } ], "hqCountry": "CHE", "hqLocation": { "city": "Zurich", "lat": 47.37, "lon": 8.54 }, "hqSources": [ "businesswire-livekindly-nomeat" ], "markets": [ { "country": "USA", "status": "selling", "note": "LikeMeat, Fry's", "sources": [ "foodnavigator-livekindly-sprouts" ] }, { "country": "GBR", "status": "selling", "note": "No Meat", "sources": [ "businesswire-livekindly-nomeat" ] }, { "country": "SWE", "status": "selling", "note": "Oumph!", "sources": [ "vegconomist-livekindly-brands" ] }, { "country": "DEU", "status": "selling", "note": "LikeMeat", "sources": [ "vegconomist-livekindly-brands" ] }, { "country": "ZAF", "status": "selling", "note": "Fry's", "sources": [ "vegconomist-livekindly-brands" ] } ] }, { "slug": "california-cultured", "name": "California Cultured", "formerly": "", "sector": "Plant cell culture", "technology": "Cell-cultured cocoa (and coffee)", "hq": "West Sacramento, California, USA", "website": "https://www.cacultured.com", "listed": "", "summary": "Grows cocoa from plant cells in fermentation tanks, as a climate-proof alternative to conventional cocoa farming.", "stage": "regulatory", "stageNote": "Has self-affirmed GRAS and also filed a formal GRAS notice with the FDA. It targets a US launch of cell-based cocoa powder later in 2026, starting with baked goods, drinks, coatings and snacks. Investor Puratos plans to offer a cell-based chocolate to its customers.", "stageSources": [ "greenqueen-calcultured-gras" ], "revenue": "pre-revenue", "revenueNote": "As of Nov 2026 no source confirms commercial sales. It was raising a Series A3 to fund scale-up and first launches (Mar 2026).", "revenueSources": [ "greenqueen-calcultured-gras" ], "nextMilestone": "FDA response to its GRAS notice; first US cocoa powder sales.", "holding": { "stakePct": 7.8, "stakeAsOf": "2026-06-30", "fairValueGBPm": 3.488, "fairValueAsOf": "2026-06-30", "weightPct": 3, "weightAsOf": "2026-06-30", "investedGBPm": 1.609, "firstInvested": "2021-10-01", "investments": [ { "date": "2021-10-20", "gbpM": 1.609, "note": "US$2.2m Seed (led)", "sources": [ "anic-calcultured-2021-10-20", "anic-annual-2022" ] } ], "lastRound": "Seed", "lastRoundDate": "2024-10-10", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [ { "market": "USA", "scope": "Self-affirmed GRAS for cocoa powder; formal FDA GRAS notice filed", "status": "pending", "date": "2026-03", "sources": [ "greenqueen-calcultured-gras" ] } ], "timeline": [ { "date": "2026-03-27", "type": "regulatory", "title": "GRAS filing; US launch targeted for 2026", "detail": "About US$15.9m raised to date. Puratos (an investor through Sparkalis) plans a cell-based chocolate product for its customers.", "sources": [ "greenqueen-calcultured-gras" ] } ], "hqCountry": "USA", "hqLocation": { "city": "West Sacramento", "lat": 38.58, "lon": -121.53 }, "hqSources": [ "cbs-calcultured" ], "markets": [] }, { "slug": "mosa-meat", "name": "Mosa Meat", "formerly": "", "sector": "Cultivated meat \u0026 seafood", "technology": "Cultivated beef and beef fat", "hq": "Maastricht, Netherlands", "website": "https://mosameat.com", "listed": "", "summary": "Dutch cultivated-beef company. It uses non-GMO cell lines, an approach it believes suits EU regulators.", "stage": "regulatory", "stageNote": "Filed for approval of cultivated beef fat in the EU (Jan 2025), Switzerland and the UK (2025). The EU process can take years. No approvals had been granted as of Nov 2026.", "stageSources": [ "ioplus-mosa-eu", "greenqueen-mosa-invest-intl" ], "revenue": "pre-revenue", "revenueNote": "Cannot sell until approved. A €15m raise reportedly extends its runway into 2028.", "revenueSources": [ "greenqueen-mosa-invest-intl" ], "nextMilestone": "First approval, likely the UK or Switzerland, for cultivated fat in blended products.", "holding": { "stakePct": 1.59, "stakeAsOf": "2026-06-30", "fairValueGBPm": 3.151, "fairValueAsOf": "2026-06-30", "weightPct": 2, "weightAsOf": "2026-06-30", "investedGBPm": 3.104, "firstInvested": "2020-09-01", "investments": [ { "date": "2020-09-25", "gbpM": 1.617, "note": "Series B, first tranche of €3.5m", "sources": [ "anic-mosa-2020-09-25", "anic-annual-2022" ] }, { "date": "2022-09", "gbpM": 1.487, "note": "Series B, second tranche; paid in the year to June 2023, month approximate", "sources": [ "anic-mosa-2024-04-17", "anic-qreport-2026q2" ] } ], "lastRound": "Series A extension", "lastRoundDate": "2022-09-22", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [ { "market": "EU (EFSA)", "scope": "Cultivated beef fat", "status": "pending", "date": "2025-01-22", "sources": [ "ioplus-mosa-eu" ] }, { "market": "Switzerland (FSVO)", "scope": "Cultivated beef fat", "status": "pending", "date": "2025", "sources": [ "greenqueen-mosa-invest-intl" ] }, { "market": "UK (FSA)", "scope": "Cultivated beef fat", "status": "pending", "date": "2025", "sources": [ "greenqueen-mosa-invest-intl" ] } ], "timeline": [ { "date": "2026-07-08", "type": "funding", "title": "€875k loan from Invest International", "detail": "From the Dutch state-owned impact investor, to prepare entry into Singapore, the UK, the US, Canada, Australia and New Zealand.", "sources": [ "greenqueen-mosa-invest-intl" ] }, { "date": "2025-01-22", "type": "regulatory", "title": "First EU market-approval application", "detail": "For cultivated beef fat.", "sources": [ "ioplus-mosa-eu" ] }, { "date": "2025", "type": "regulatory", "title": "Swiss and UK applications filed", "detail": "Both cover cultivated beef fat.", "sources": [ "greenqueen-mosa-invest-intl" ] } ], "hqCountry": "NLD", "hqLocation": { "city": "Maastricht", "lat": 50.85, "lon": 5.69 }, "hqSources": [], "markets": [] }, { "slug": "galy", "name": "GALY", "formerly": "", "sector": "Plant cell culture", "technology": "Cell-cultured cocoa and cotton", "hq": "Boston, USA \u0026 São Paulo, Brazil", "website": "https://galy.co", "listed": "", "summary": "Grows cocoa and cotton from plant cells in tanks instead of fields. Its first product is WunderHaus chocolate for professional kitchens.", "stage": "early-commercial", "stageNote": "Launched WunderHaus couverture and baking chocolate in Oct 2026, blending its cell-cultured cocoa with conventional cocoa, and makes the cocoa at a repurposed site in Essex, Massachusetts. Cotton, including the Suzuran supply deal, is on a longer path.", "stageSources": [ "anic-portfolio-2026-11-11", "greenqueen-galy-wunderhaus" ], "revenue": "early", "revenueNote": "First purchase orders came from a Boston restaurant and a Dubai chocolatier in Oct 2026. A general US launch follows in Dec 2026, and a UAE launch is targeted for 2027. No revenue is disclosed.", "revenueSources": [ "anic-portfolio-2026-11-11", "greenqueen-galy-wunderhaus" ], "nextMilestone": "General US launch of WunderHaus in Dec 2026; an FDA 'no questions' letter for its cocoa; UAE launch in 2027.", "holding": { "stakePct": 3.2, "stakeAsOf": "2026-06-30", "fairValueGBPm": 2.491, "fairValueAsOf": "2026-06-30", "weightPct": 2, "weightAsOf": "2026-06-30", "investedGBPm": 1.121, "firstInvested": "2020-03-01", "investments": [ { "date": "2020-03-10", "gbpM": 0.374, "note": "US$500k SAFE", "sources": [ "anic-galy-2020-03-10", "anic-annual-2022" ] }, { "date": "2022-03-14", "gbpM": 0.747, "note": "US$1m follow-on", "sources": [ "anic-galy-2022-03-14", "anic-annual-2022" ] } ], "lastRound": "Series B", "lastRoundDate": "2024-09-03", "note": "At the Series B price Agronomics reported a 2.2x multiple on its investment.", "sources": [ "anic-qreport-2026q2", "anic-annual-2025" ] }, "approvals": [ { "market": "USA (FDA)", "scope": "GRAS notice for cell-cultured cocoa powder (self-affirmed GRAS)", "status": "pending", "date": "", "sources": [ "anic-portfolio-2026-11-11", "greenqueen-galy-wunderhaus" ] }, { "market": "UAE (ADAFSA)", "scope": "Cell-cultured cocoa", "status": "pending", "date": "", "sources": [ "anic-portfolio-2026-11-11", "greenqueen-galy-wunderhaus" ] } ], "timeline": [ { "date": "2026-10", "type": "commercial", "title": "WunderHaus chocolate brand launched", "detail": "Couverture and baking chocolate for professional kitchens, blending Galy cocoa with conventional cocoa. First orders came from a Boston restaurant and a Dubai chocolatier.", "sources": [ "anic-portfolio-2026-11-11", "greenqueen-galy-wunderhaus" ] }, { "date": "2026-05-05", "type": "corporate", "title": "Silver at the 2026 Edison Awards", "detail": "For its work growing cocoa and cotton from cells.", "sources": [ "prnewswire-galy-edison" ] }, { "date": "2024-09-04", "type": "funding", "title": "US$33m Series B", "detail": "Led by Breakthrough Energy Ventures, with H\u0026M Group Ventures and Inditex taking part.", "sources": [ "anic-galy-2024-09-04" ] }, { "date": "2023-07-08", "type": "commercial", "title": "10-year, US$50m Suzuran supply deal", "detail": "Starts when GALY launches its first commercial facility.", "sources": [ "forbes-galy-suzuran" ] } ], "hqCountry": "USA", "hqLocation": { "city": "Boston", "lat": 42.36, "lon": -71.06 }, "hqSources": [], "markets": [ { "country": "USA", "status": "selling", "note": "WunderHaus to professional kitchens (first orders Oct 2026)", "sources": [ "greenqueen-galy-wunderhaus" ] } ] }, { "slug": "tropic", "name": "Tropic", "formerly": "Tropic Biosciences", "sector": "Gene editing \u0026 crops", "technology": "Gene-edited bananas and rice", "hq": "Norwich, UK", "website": "https://tropic.bio", "listed": "", "summary": "Uses gene editing to breed tropical crops that brown less, last longer or resist disease, starting with bananas.", "stage": "early-commercial", "stageNote": "Non-browning and extended-shelf-life bananas have been on sale since 2025. It holds regulatory determinations in 11 countries, including the US, Canada, the Philippines, Japan and Brazil. In England, Defra confirmed the non-browning banana as precision bred (Jul 2026); it still needs Food Standards Agency authorisation. Acquired the propagation business Rahan Meristem in Jun 2026. A TR4 (Panama disease) resistant banana is due in 2027.", "stageSources": [ "tropic-japan-brazil", "anic-tropic-2026-04-14", "defra-tropic-pbm", "anic-tropic-2026-06-25" ], "revenue": "early", "revenueNote": "Products have been on sale since 2025, and Tropic says demand exceeds supply. Revenue is not disclosed. The Rahan Meristem deal brings an established 50-year-old propagation business (30m+ plants a year). Agronomics' investor reports disagree: Q1 2026 lists Tropic as revenue-generating, Q2 2026 does not.", "revenueSources": [ "tropic-japan-brazil", "tropic-series-c", "anic-tropic-2026-06-25", "anic-qreport-2026q1", "anic-qreport-2026q2" ], "nextMilestone": "Scale banana and rice volumes; launch the TR4-resistant banana in 2027.", "holding": { "stakePct": 3.02, "stakeAsOf": "2026-06-30", "fairValueGBPm": 2.262, "fairValueAsOf": "2026-06-30", "weightPct": 2, "weightAsOf": "2026-06-30", "investedGBPm": 2.301, "firstInvested": "2020-03-01", "investments": [ { "date": "2020-03-31", "gbpM": 2.301, "note": "US$3m Series B", "sources": [ "anic-tropic-2020-03-31", "anic-annual-2022" ] } ], "lastRound": "Series C", "lastRoundDate": "2026-03-12", "note": "Carried at the Series C price: £2.26m, against £2.30m invested.", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [ { "market": "Japan", "scope": "Import, sale and consumption of non-browning banana", "status": "approved", "date": "2026-04-10", "sources": [ "tropic-japan-brazil", "anic-tropic-2026-04-14" ] }, { "market": "Brazil", "scope": "Non-browning banana, including local cultivation", "status": "approved", "date": "2026-04-10", "sources": [ "tropic-japan-brazil", "anic-tropic-2026-04-14" ] }, { "market": "USA, Canada, Philippines + others", "scope": "Regulatory determinations or exemptions for banana products (11 countries in total)", "status": "approved", "date": "", "sources": [ "tropic-japan-brazil" ] }, { "market": "England (Defra)", "scope": "Non-browning banana confirmed as precision bred; FSA authorisation still needed before sale", "status": "approved", "date": "2026-07-17", "sources": [ "defra-tropic-pbm" ] } ], "timeline": [ { "date": "2026-07-17", "type": "regulatory", "title": "Confirmed as precision bred in England", "detail": "Defra confirmed the non-browning banana's precision-bred status (published 25 Sep 2026). It still needs Food Standards Agency authorisation before it can be sold in England.", "sources": [ "defra-tropic-pbm" ] }, { "date": "2026-06-25", "type": "corporate", "title": "Acquires Rahan Meristem for US$20m", "detail": "Plant tissue-culture and propagation specialist (mainly Cavendish banana seedlings) with operations in Colombia, Costa Rica, Ecuador, the Philippines and Israel.", "sources": [ "anic-tropic-2026-06-25" ] }, { "date": "2026-04-10", "type": "regulatory", "title": "Approvals in Japan and Brazil", "detail": "Approved for the non-browning banana. Brazil also allows local cultivation.", "sources": [ "tropic-japan-brazil", "anic-tropic-2026-04-14" ] }, { "date": "2026-03-19", "type": "funding", "title": "US$105m Series C", "detail": "Co-led by Forbion and Corteva Catalyst, with Temasek, Just Climate and others. It will fund scaling up bananas and rice.", "sources": [ "anic-tropic-2026-03-19", "tropic-series-c" ] }, { "date": "2025", "type": "commercial", "title": "Non-browning banana launched commercially", "detail": "Described as the first new banana variety in more than 75 years. An extended-shelf-life banana has also launched.", "sources": [ "tropic-japan-brazil" ] } ], "hqCountry": "GBR", "hqLocation": { "city": "Norwich", "lat": 52.63, "lon": 1.3 }, "hqSources": [ "tropic-japan-brazil" ], "markets": [ { "country": "COL", "status": "selling", "note": "Plantlets via Rahan Meristem", "sources": [ "anic-tropic-2026-06-25" ] }, { "country": "CRI", "status": "selling", "note": "Plantlets via Rahan Meristem", "sources": [ "anic-tropic-2026-06-25" ] }, { "country": "ECU", "status": "selling", "note": "Plantlets via Rahan Meristem", "sources": [ "anic-tropic-2026-06-25" ] }, { "country": "PHL", "status": "selling", "note": "Plantlets via Rahan Meristem; banana cleared 2024", "sources": [ "anic-tropic-2026-06-25", "tropic-japan-brazil" ] }, { "country": "ISR", "status": "selling", "note": "Plantlets via Rahan Meristem", "sources": [ "anic-tropic-2026-06-25" ] }, { "country": "USA", "status": "cleared", "note": "Non-browning banana", "sources": [ "tropic-japan-brazil" ] }, { "country": "CAN", "status": "cleared", "note": "Non-browning banana", "sources": [ "tropic-japan-brazil" ] }, { "country": "JPN", "status": "cleared", "note": "Non-browning banana (Apr 2026)", "sources": [ "tropic-japan-brazil" ] }, { "country": "BRA", "status": "cleared", "note": "Non-browning banana (Apr 2026)", "sources": [ "tropic-japan-brazil" ] } ] }, { "slug": "cellx", "name": "CellX", "formerly": "", "sector": "Biomass fermentation", "technology": "Morel mushroom mycelium; licenses its cultivated-meat process", "hq": "San Francisco, USA", "website": "https://getmourish.com", "listed": "", "summary": "Started in Shanghai in cultivated meat, then moved to San Francisco in 2025 and pivoted to morel mushroom mycelium, sold as Mourish jerky. It now licenses its cultivated-meat technology to other companies.", "stage": "early-commercial", "stageNote": "Launched Mourish morel-mycelium jerky in the US in Apr 2025, sold online and wholesale, on self-affirmed GRAS. It no longer plans to sell its own cultivated meat; it licenses cell lines, media and processes, and still runs a pilot plant in China.", "stageSources": [ "greenqueen-cellx-mourish", "foodnavigator-cellx-us" ], "revenue": "early", "revenueNote": "Mourish has been on sale in the US since 2025; figures are not disclosed. Agronomics' Q1 and Q2 2026 investor reports list CellX as not revenue-generating, but we count Mourish's sales as first sales.", "revenueSources": [ "greenqueen-cellx-mourish", "anic-qreport-2026q1", "anic-qreport-2026q2" ], "nextMilestone": "Wider US retail for Mourish; B2B sales of its mycelium ingredient.", "holding": { "stakePct": 5.1, "stakeAsOf": "2026-06-30", "fairValueGBPm": 1.912, "fairValueAsOf": "2026-06-30", "weightPct": 1, "weightAsOf": "2026-06-30", "investedGBPm": 1.644, "firstInvested": "2020-12-01", "investments": [ { "date": "2020-12-09", "gbpM": 0.04, "note": "US$50k SAFE", "sources": [ "anic-cellx-2020-12-09", "anic-annual-2022" ] }, { "date": "2022-05-06", "gbpM": 1.604, "note": "US$2m preferred shares", "sources": [ "anic-cellx-2022-05-06", "anic-annual-2022" ] } ], "lastRound": "Series A+", "lastRoundDate": "2023-06-20", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [], "timeline": [ { "date": "2025-04-03", "type": "commercial", "title": "Pivots to mycelium; launches Mourish in the US", "detail": "Moved its headquarters from Shanghai to San Francisco and launched a morel-mycelium jerky on self-affirmed GRAS. Its cultivated-meat work moved to a licensing model.", "sources": [ "greenqueen-cellx-mourish", "foodnavigator-cellx-us" ] }, { "date": "2023-08-10", "type": "facility", "title": "Pilot factory 'Future Food Factory X' completed", "detail": "It houses several 1,000-litre bioreactors. CellX planned regulatory filings in Singapore and the US.", "sources": [ "greenqueen-cellx-pilot" ] } ], "hqCountry": "USA", "hqLocation": { "city": "San Francisco", "lat": 37.77, "lon": -122.42 }, "hqSources": [ "greenqueen-cellx-mourish" ], "markets": [ { "country": "USA", "status": "selling", "note": "Mourish jerky (online and wholesale)", "sources": [ "greenqueen-cellx-mourish" ] } ] }, { "slug": "hydgene", "name": "HydGene Renewables", "formerly": "", "sector": "Other biotech", "technology": "Engineered microbes that turn waste biomass into green hydrogen", "hq": "Sydney, Australia", "website": "https://hydgene.com", "listed": "", "summary": "Macquarie University spin-out using engineered microbes to make hydrogen from farm waste such as wheat straw. A non-food holding.", "stage": "pilot", "stageNote": "A fully commissioned pilot plant produced high-purity hydrogen from wheat straw continuously (Mar 2026). Selected for the Greentown Go Make 2026 programme with Shell Catalysts \u0026 Technologies and Technip Energies.", "stageSources": [ "cefc-hydgene", "anic-hydgene-2026-06-04" ], "revenue": "pre-revenue", "revenueNote": "Pilot and demonstration stage. Funded by equity and grants.", "revenueSources": [ "cefc-hydgene" ], "nextMilestone": "First-of-a-kind demonstration and industrial partnerships.", "holding": { "stakePct": 7.4, "stakeAsOf": "2026-06-30", "fairValueGBPm": 1.305, "fairValueAsOf": "2026-06-30", "weightPct": 1, "weightAsOf": "2026-06-30", "investedGBPm": 1.329, "firstInvested": "2023-06-16", "investments": [ { "date": "2023-06-15", "gbpM": 1.329, "note": "A$2.5m Seed", "sources": [ "anic-hydgene-2023-06-15", "anic-qreport-2026q2" ] } ], "lastRound": "Seed", "lastRoundDate": "2023-06-15", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [], "timeline": [ { "date": "2026-06-04", "type": "corporate", "title": "Selected for Greentown Go Make 2026", "detail": "One of five companies picked from 148 applicants in 35 countries, for an industrial-decarbonisation programme with Shell Catalysts \u0026 Technologies and Technip Energies.", "sources": [ "anic-hydgene-2026-06-04" ] }, { "date": "2026-03", "type": "facility", "title": "Continuous hydrogen production at pilot plant", "detail": "High-purity hydrogen produced from wheat straw.", "sources": [ "cefc-hydgene" ] } ], "hqCountry": "AUS", "hqLocation": { "city": "Sydney", "lat": -33.78, "lon": 151.12 }, "hqSources": [], "markets": [] }, { "slug": "geltor", "name": "Geltor", "formerly": "", "sector": "Precision fermentation", "technology": "Animal-free collagen and elastin", "hq": "San Leandro, California, USA", "website": "https://geltor.com", "listed": "", "summary": "Makes animal-free collagen and elastin by precision fermentation for skincare, supplements and food.", "stage": "commercial", "stageNote": "Its ingredients are already used in cosmetics. PrimaColl got an FDA 'no questions' letter (Oct 2025), and a consumer collagen shot launched with TOSLA (2026).", "stageSources": [ "anic-portfolio-page", "anic-geltor-2025-10-21", "geltor-tosla" ], "revenue": "revenue", "revenueNote": "Sells ingredients commercially; figures not disclosed. Agronomics lists it as revenue-generating, yet carries its stake at only £0.24m against £7.2m invested.", "revenueSources": [ "anic-portfolio-page", "geltor-tosla", "anic-qreport-2026q2" ], "nextMilestone": "Grow PrimaColl food and supplement sales.", "holding": { "stakePct": 0.02, "stakeAsOf": "2026-06-30", "fairValueGBPm": 0.242, "fairValueAsOf": "2026-06-30", "weightPct": null, "weightAsOf": "", "investedGBPm": 7.211, "firstInvested": "2022-03-01", "investments": [ { "date": "2022-02-21", "gbpM": 7.211, "note": "US$9.5m of preferred shares bought from a shareholder, part paid in Agronomics shares", "sources": [ "anic-geltor-2022-02-21", "anic-annual-2022" ] } ], "lastRound": "Equity round", "lastRoundDate": "2025-08-06", "note": "Written down to a nominal £2k in FY2025, then carried at £0.24m from its Aug 2025 equity round, against £7.2m invested.", "sources": [ "anic-qreport-2026q2", "anic-annual-2025" ] }, "approvals": [ { "market": "USA (FDA)", "scope": "'No questions' letter for PrimaColl vegan collagen polypeptide", "status": "approved", "date": "2025-10-21", "sources": [ "anic-geltor-2025-10-21" ] } ], "timeline": [ { "date": "2026-05-18", "type": "corporate", "title": "PrimaColl wins a 2026 C\u0026T Allē Award", "detail": "Cosmetic Active: Wellness category.", "sources": [ "geltor-press" ] }, { "date": "2026-04", "type": "commercial", "title": "Vegan collagen shot launched with TOSLA", "detail": "A liquid supplement made with PrimaColl.", "sources": [ "geltor-tosla" ] }, { "date": "2025-10-21", "type": "regulatory", "title": "FDA 'no questions' letter for PrimaColl", "detail": "", "sources": [ "anic-geltor-2025-10-21" ] }, { "date": "2025-06-30", "type": "valuation", "title": "Holding written down to a nominal value", "detail": "£0.23m fair-value loss in Agronomics' FY2025 accounts.", "sources": [ "anic-annual-2025" ] } ], "hqCountry": "USA", "hqLocation": { "city": "San Leandro", "lat": 37.72, "lon": -122.16 }, "hqSources": [], "markets": [ { "country": "USA", "status": "selling", "note": "Collagen ingredients", "sources": [ "anic-portfolio-page", "geltor-tosla" ] } ] }, { "slug": "bond-pet-foods", "name": "Bond Pet Foods", "formerly": "", "sector": "Precision fermentation", "technology": "Precision-fermented animal protein for pet food", "hq": "Boulder, Colorado, USA", "website": "https://www.bondpets.com", "listed": "", "summary": "Makes animal proteins for pet food by precision fermentation, co-developed with Hill's Pet Nutrition.", "stage": "pre-launch", "stageNote": "Received an FDA CVM Letter of No Objection for Lamb Protein Yeast (May 2026), the first precision-fermented animal protein cleared for pet food. The clearance covers healthy adult dogs at up to 15% of the food. More than 25 tonnes have gone to Hill's for formulation and testing ahead of a US launch.", "stageSources": [ "hills-bond", "petfoodprocessing-bond", "greenqueen-bond", "anic-bond-2026-06-04" ], "revenue": "undisclosed", "revenueNote": "Supplies Hill's for product development. No pet food containing the protein is on sale yet, and no revenue is disclosed.", "revenueSources": [ "greenqueen-bond" ], "nextMilestone": "Hill's product launch in the US; clearance for use in cat food.", "holding": { "stakePct": null, "stakeAsOf": "", "fairValueGBPm": 0, "fairValueAsOf": "2025-06-30", "weightPct": null, "weightAsOf": "", "investedGBPm": null, "firstInvested": "", "lastRound": "", "lastRoundDate": "", "note": "Written down to nil in FY2025 (−£0.71m), before the FDA clearance.", "sources": [ "anic-annual-2025" ] }, "approvals": [ { "market": "USA (FDA CVM)", "scope": "Lamb Protein Yeast in food for healthy adult dogs (up to 15%)", "status": "approved", "date": "2026-05-12", "sources": [ "hills-bond", "petfoodprocessing-bond" ] }, { "market": "USA (FDA CVM)", "scope": "Use in cat food (feeding study complete; more data to be filed)", "status": "pending", "date": "", "sources": [ "hills-bond" ] } ], "timeline": [ { "date": "2026-05-12", "type": "regulatory", "title": "FDA Letter of No Objection for Lamb Protein Yeast", "detail": "Developed with Hill's Pet Nutrition. Followed a six-month dog feeding study and a GRAS notice.", "sources": [ "hills-bond", "petfoodprocessing-bond", "greenqueen-bond", "anic-bond-2026-06-04" ] }, { "date": "2025-06-30", "type": "valuation", "title": "Holding written down to nil", "detail": "£0.71m fair-value loss in Agronomics' FY2025 accounts.", "sources": [ "anic-annual-2025" ] } ], "hqCountry": "USA", "hqLocation": { "city": "Boulder", "lat": 40.01, "lon": -105.27 }, "hqSources": [ "petfood-bond" ], "markets": [ { "country": "USA", "status": "cleared", "note": "FDA CVM letter (May 2026); Hill's launch pending", "sources": [ "hills-bond" ] } ] }, { "slug": "umami-bioworks", "name": "Umami Bioworks", "formerly": "", "sector": "Cultivated meat \u0026 seafood", "technology": "Cultivated seafood platform (cell lines, process, manufacturing)", "hq": "Singapore", "website": "https://umamibioworks.com", "listed": "", "summary": "Cultivated-seafood platform company that merged with Shiok Meats in 2024. It develops species such as eel and tuna and is launching cultivated fish for pet food.", "stage": "pre-launch", "stageNote": "Registered two cultivated white-fish ingredients on the EU Feed Materials Register for pet food (Sept 2025). It targeted EU launches from Q2 2026 with Friends \u0026 Family Pet Food, and launches in Singapore and the UK are also planned. No launch has been confirmed.", "stageSources": [ "greenqueen-umami-eu" ], "revenue": "pre-revenue", "revenueNote": "Agronomics' Q1 and Q2 2026 investor reports list it as not yet revenue-generating, and no launch has been confirmed.", "revenueSources": [ "anic-qreport-2026q2", "anic-qreport-2026q1", "greenqueen-umami-eu" ], "nextMilestone": "First pet-food launch in the EU, UK or Singapore.", "holding": { "stakePct": 0.7, "stakeAsOf": "2026-06-30", "fairValueGBPm": 0.364, "fairValueAsOf": "2026-06-30", "weightPct": null, "weightAsOf": "", "investedGBPm": 0.396, "firstInvested": "2019-10-22", "investments": [ { "date": "2019-10-29", "gbpM": 0.396, "note": "Investment in Shiok Meats, which merged into Umami", "sources": [ "anic-umami-2019-10-29", "anic-annual-2022" ] } ], "lastRound": "Series A", "lastRoundDate": "2025-11-10", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [ { "market": "EU (Feed Materials Register)", "scope": "Two cultivated white-fish ingredients for pet food", "status": "approved", "date": "2025-09-02", "sources": [ "greenqueen-umami-eu" ] } ], "timeline": [ { "date": "2025-09-02", "type": "regulatory", "title": "EU feed registration for cultivated fish ingredients", "detail": "Targeting EU pet-food launches from Q2 2026.", "sources": [ "greenqueen-umami-eu" ] }, { "date": "2024", "type": "corporate", "title": "Merged with Shiok Meats", "detail": "Combined two Singapore cultivated-seafood companies.", "sources": [ "3dprint-umami-shiok" ] } ], "hqCountry": "SGP", "hqLocation": { "city": "Singapore", "lat": 1.29, "lon": 103.85 }, "hqSources": [], "markets": [ { "country": "EU", "status": "cleared", "note": "Feed register (pet food)", "sources": [ "greenqueen-umami-eu" ] } ] }, { "slug": "rebellyous", "name": "Rebellyous Foods", "formerly": "Seattle Food Tech", "sector": "Plant-based", "technology": "Plant-based chicken made on its own low-cost production systems", "hq": "Seattle, USA", "website": "https://rebellyous.com", "listed": "", "summary": "Makes plant-based chicken nuggets and tenders and develops its own production lines to reach price parity with chicken.", "stage": "commercial", "stageNote": "Sells to foodservice and retail. Its Mock 3 production system went into commercial use in Dec 2025.", "stageSources": [ "foodengineering-rebellyous-mock3", "foodengineering-rebellyous-kickin" ], "revenue": "revenue", "revenueNote": "Sells products commercially; figures not disclosed.", "revenueSources": [ "foodengineering-rebellyous-kickin" ], "nextMilestone": "Lower costs with Mock 3 towards price parity.", "holding": { "stakePct": 1.2, "stakeAsOf": "2026-06-30", "fairValueGBPm": 0.332, "fairValueAsOf": "2026-06-30", "weightPct": null, "weightAsOf": "", "investedGBPm": 0.279, "firstInvested": "2019-10-04", "investments": [ { "date": "2019-10-15", "gbpM": 0.199, "note": "US$250k SAFE", "sources": [ "anic-rebellyous-2019-10-15", "anic-annual-2022" ] }, { "date": "2020-04-01", "gbpM": 0.08, "note": "US$100k Series A", "sources": [ "anic-rebellyous-2020-04-01", "anic-annual-2022" ] } ], "lastRound": "Series B extension", "lastRoundDate": "2025-01-08", "note": "Listed as Seattle Food Tech in Agronomics' reports.", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [], "timeline": [ { "date": "2025-12-29", "type": "facility", "title": "Mock 3 production system in commercial use", "detail": "", "sources": [ "foodengineering-rebellyous-mock3" ] }, { "date": "2025-06", "type": "commercial", "title": "Spicy Kickin' range extended", "detail": "Launched Kickin' Popcorn and Spicy Kickin' Nuggets and Tenders.", "sources": [ "foodengineering-rebellyous-kickin" ] } ], "hqCountry": "USA", "hqLocation": { "city": "Seattle", "lat": 47.61, "lon": -122.33 }, "hqSources": [], "markets": [ { "country": "USA", "status": "selling", "note": "Foodservice and retail", "sources": [ "foodengineering-rebellyous-kickin" ] } ] }, { "slug": "laverock", "name": "Laverock Therapeutics", "formerly": "", "sector": "Other biotech", "technology": "GEiGS programmable gene silencing for cell therapies", "hq": "London, UK", "website": "https://www.laverocktx.com", "listed": "", "summary": "Develops gene-control technology for cell and gene therapies, in oncology and genetic medicine. A non-food holding.", "stage": "research", "stageNote": "Preclinical. In-vivo data released in Jun 2026 support moving its lead oncology programme forward. In Sep 2026 it launched in-vivo programmes in solid tumours and genetic medicine.", "stageSources": [ "labmate-laverock", "laverock-invivo" ], "revenue": "pre-revenue", "revenueNote": "Funded by equity and grants, including more than £2.2m of innovation grants in Jun 2026.", "revenueSources": [ "bionity-laverock" ], "nextMilestone": "Move the lead programme toward clinical development.", "holding": { "stakePct": null, "stakeAsOf": "", "fairValueGBPm": 0.048, "fairValueAsOf": "2026-06-30", "weightPct": null, "weightAsOf": "", "investedGBPm": 0.048, "firstInvested": "2022-06-01", "investments": [ { "date": "2022-06", "gbpM": 0.048, "note": "Seed", "sources": [ "anic-qreport-2026q2" ] } ], "lastRound": "Seed extension", "lastRoundDate": "2025-06-30", "note": "", "sources": [ "anic-qreport-2026q2" ] }, "approvals": [], "timeline": [ { "date": "2026-09-30", "type": "research", "title": "In-vivo programmes in oncology and genetic medicine", "detail": "In-vivo CAR-T for solid tumours, and in-vivo gene silencing aimed first at nervous-system and metabolic disorders.", "sources": [ "laverock-invivo" ] }, { "date": "2026-06-10", "type": "research", "title": "In-vivo data support solid-tumour programmes", "detail": "", "sources": [ "labmate-laverock" ] }, { "date": "2026-06", "type": "funding", "title": "More than £2.2m in innovation grants", "detail": "To scale its T-cell products and expand beyond oncology.", "sources": [ "bionity-laverock" ] }, { "date": "2026-01-07", "type": "research", "title": "Collaboration with ReNeuron", "detail": "Pairs Laverock's gene-silencing platform with ReNeuron's exosome delivery to test in-vivo gene targeting. Terms not disclosed.", "sources": [ "laverock-reneuron" ] } ], "hqCountry": "GBR", "hqLocation": { "city": "London", "lat": 51.53, "lon": -0.12 }, "hqSources": [ "laverock-london" ], "markets": [] }, { "slug": "wild-microbes", "name": "Wild Microbes", "formerly": "", "sector": "Other biotech", "technology": "Domesticated wild microbes as new precision-fermentation strains", "hq": "Cambridge, Massachusetts, USA", "website": "https://www.wildmicrobes.com", "listed": "", "summary": "Domesticates wild microorganisms to build new production strains for precision fermentation.", "stage": "research", "stageNote": "Strain-engineering R\u0026D. No commercial product is reported.", "stageSources": [ "anic-portfolio-page" ], "revenue": "pre-revenue", "revenueNote": "No product sales are reported. Agronomics wrote the holding down to nil in FY2025.", "revenueSources": [ "anic-annual-2025" ], "nextMilestone": "No public milestones reported.", "holding": { "stakePct": null, "stakeAsOf": "", "fairValueGBPm": 0, "fairValueAsOf": "2025-06-30", "weightPct": null, "weightAsOf": "", "investedGBPm": null, "firstInvested": "", "lastRound": "", "lastRoundDate": "", "note": "Written down to nil (−£0.36m) in FY2025.", "sources": [ "anic-annual-2025" ] }, "approvals": [], "timeline": [ { "date": "2025-06-30", "type": "valuation", "title": "Holding written down to nil", "detail": "£0.36m fair-value loss in Agronomics' FY2025 accounts.", "sources": [ "anic-annual-2025" ] } ], "hqCountry": "USA", "hqLocation": { "city": "Cambridge, MA", "lat": 42.37, "lon": -71.11 }, "hqSources": [ "agfunder-wildmicrobes" ], "markets": [] }, { "slug": "meatable", "name": "Meatable", "formerly": "", "sector": "Cultivated meat \u0026 seafood", "technology": "Cultivated pork", "hq": "Netherlands", "website": "", "listed": "", "summary": "Dutch cultivated-pork company, now dissolved. It was one of Agronomics' larger holdings until it was written off.", "stage": "closed", "stageNote": "The board and shareholders decided to dissolve the company and stop operations on 19 Dec 2025.", "stageSources": [ "anic-meatable-2025-12-19" ], "revenue": "n/a", "revenueNote": "Closed before it reached commercial sales.", "revenueSources": [ "anic-meatable-2025-12-19", "anic-interim-2025" ], "nextMilestone": "None. Company dissolved.", "holding": { "stakePct": null, "stakeAsOf": "", "fairValueGBPm": 0, "fairValueAsOf": "2025-06-30", "weightPct": null, "weightAsOf": "", "investedGBPm": null, "firstInvested": "", "lastRound": "", "lastRoundDate": "", "note": "Fully written down (£11.9m) in the FY2025 audited accounts.", "sources": [ "anic-annual-2025", "anic-interim-2025" ] }, "approvals": [], "timeline": [ { "date": "2025-12-19", "type": "corporate", "title": "Dissolution and end of operations", "detail": "Agronomics shares fell on the news.", "sources": [ "anic-meatable-2025-12-19" ] }, { "date": "2025-06-30", "type": "valuation", "title": "£11.9m holding written off", "detail": "Recognised in the FY2025 audited accounts.", "sources": [ "anic-annual-2025" ] }, { "date": "2025-05-06", "type": "commercial", "title": "Collaboration with TruMeat", "detail": "To commercialise cultivated meat at scale.", "sources": [ "anic-meatable-2025-05-06" ] } ], "hqCountry": "NLD", "hqLocation": { "city": "Leiden", "lat": 52.16, "lon": 4.49 }, "hqSources": [], "markets": [] } ], "regulation": { "pfScope": "Animal-free food proteins (dairy, egg, collagen) made by precision fermentation.", "cmScope": "Cultivated (cell-cultured) meat and seafood for human food.", "countries": [ { "country": "USA", "pf": { "status": "approved", "summary": "GRAS route. Cleared: β-lactoglobulin, ovalbumin, collagen, Onego (2025), All G and Formo (2026).", "sources": [ "reg-lifemate-eu-gap", "anic-nav-2025q3", "anic-nav-2026q2", "ppt-formo-fda" ] }, "cm": { "status": "approved", "summary": "5 products cleared by FDA/USDA (2022–25). 8 states ban sales.", "sources": [ "reg-foodnavigator-cm-2026", "reg-lifemate-us-states" ] } }, { "country": "SGP", "pf": { "status": "approved", "summary": "Remilk β-lactoglobulin; PF milk sugars (HMOs) on SFA's approved list.", "sources": [ "reg-lifemate-pf-5" ] }, "cm": { "status": "approved", "summary": "First to approve (2020). GOOD Meat, Vow, Parima, Aleph Farms beef (Aug 2026).", "sources": [ "reg-cultivatedx-dozen", "reg-foodnavigator-cm-2026" ] } }, { "country": "ISR", "pf": { "status": "approved", "summary": "Remilk β-lactoglobulin (May 2023).", "sources": [ "reg-lifemate-pf-5" ] }, "cm": { "status": "approved", "summary": "Aleph Farms cultivated beef (early 2024).", "sources": [ "reg-cultivatedx-dozen" ] } }, { "country": "CAN", "pf": { "status": "approved", "summary": "Remilk β-lactoglobulin, Health Canada no-objection (Feb 2024).", "sources": [ "reg-hc-remilk" ] } }, { "country": "CHN", "pf": { "status": "approved", "summary": "All G bovine lactoferrin (Nov 2024), a world first.", "sources": [ "anic-annual-2025" ] } }, { "country": "AUS", "pf": { "status": "review", "summary": "FSANZ assessing the first PF dairy protein (Eden Brew); decision expected late 2026.", "sources": [ "reg-edenbrew-anz" ] }, "cm": { "status": "approved", "summary": "Vow quail (2025) and Parima duck (Oct 2026, pending ministers' review) approved via FSANZ.", "sources": [ "reg-vow-anz", "fsanz-board-2026-10-06" ] } }, { "country": "NZL", "pf": { "status": "review", "summary": "FSANZ assessing the first PF dairy protein (Eden Brew); decision expected late 2026.", "sources": [ "reg-edenbrew-anz" ] }, "cm": { "status": "approved", "summary": "Vow quail (2025) and Parima duck (Oct 2026, pending ministers' review) approved via FSANZ.", "sources": [ "reg-vow-anz", "fsanz-board-2026-10-06" ] } }, { "country": "HKG", "cm": { "status": "approved", "summary": "Vow quail on sale since Nov 2024, relying on Singapore's assessment.", "sources": [ "reg-vow-wiki" ] } }, { "country": "GBR", "pf": { "status": "review", "summary": "FSA authorisation route; no PF protein approved yet.", "sources": [ "reg-lifemate-pf-5" ] }, "cm": { "status": "review", "summary": "Pet food approved (Meatly 2024, Ivy Farm 2026). Human food under FSA review; target early 2027.", "sources": [ "reg-uk-fsa-2027", "reg-uk-ivyfarm-pet", "anic-annual-2025" ] } }, { "country": "EU", "pf": { "status": "review", "summary": "Novel-food route. No PF animal protein authorised yet.", "sources": [ "reg-lifemate-eu-gap" ] }, "cm": { "status": "review", "summary": "EFSA reviewing Gourmey/Parima (Jul 2024) and Mosa Meat fat (Jan 2025).", "sources": [ "reg-eu-gourmey", "ioplus-mosa-eu" ] } }, { "country": "ITA", "cm": { "status": "banned", "summary": "Production and sale banned (Nov 2023).", "sources": [ "reg-italy-ban" ] } }, { "country": "HUN", "cm": { "status": "banned", "summary": "Parliament voted a ban (Nov 2025).", "sources": [ "reg-hungary-ban" ] } }, { "country": "CHE", "cm": { "status": "review", "summary": "Applications filed incl. Mosa Meat (2025). SuperMeat plans to file.", "sources": [ "greenqueen-mosa-invest-intl", "anic-supermeat-2026-05-12" ] } }, { "country": "THA", "cm": { "status": "review", "summary": "Aleph Farms filed the first application.", "sources": [ "reg-thailand-aleph" ] } }, { "country": "KOR", "cm": { "status": "review", "summary": "Framework in place; applications under review.", "sources": [ "reg-korea-simpleplanet" ] } }, { "country": "JPN", "cm": { "status": "review", "summary": "Safety guidelines in draft; no approval yet.", "sources": [ "reg-foodnavigator-cm-2026" ] } }, { "country": "US-FL", "cm": { "status": "banned", "summary": "SB 1084: sale banned since Jul 2024. Federal court challenge ongoing.", "sources": [ "reg-lifemate-us-states" ] } }, { "country": "US-AL", "cm": { "status": "banned", "summary": "SB 23: sale banned since Oct 2024.", "sources": [ "reg-lifemate-us-states" ] } }, { "country": "US-MS", "cm": { "status": "banned", "summary": "HB 1006: sale banned since Jul 2025.", "sources": [ "reg-lifemate-us-states" ] } }, { "country": "US-MT", "cm": { "status": "banned", "summary": "HB 401 (signed May 2025) bans cultivated meat.", "sources": [ "reg-lifemate-us-states" ] } }, { "country": "US-IN", "cm": { "status": "banned", "summary": "HB 1425: moratorium from Jul 2025, ending Jun 2027.", "sources": [ "reg-lifemate-us-states" ] } }, { "country": "US-NE", "cm": { "status": "banned", "summary": "LB 246 (2025) bans cultivated meat.", "sources": [ "reg-lifemate-us-states" ] } }, { "country": "US-TX", "cm": { "status": "banned", "summary": "SB 261: banned Sep 2025 – Sep 2027. Challenged in court.", "sources": [ "reg-lifemate-us-states" ] } }, { "country": "US-SD", "cm": { "status": "banned", "summary": "SB 124: five-year moratorium from Jul 2026.", "sources": [ "reg-lifemate-us-states" ] } } ], "events": [ { "countries": [ "EU" ], "tech": "cm", "status": "expected", "when": "Q1 2027 at the earliest", "short": "EFSA", "title": "EFSA safety opinion on Parima's cultivated duck", "detail": "The only cultivated-meat dossier EFSA is assessing (filed Jul 2024), now near the end of its assessment. A positive opinion leads to a Commission proposal and a member-state vote.", "sources": [ "vegconomist-cgaaer-2026", "reg-eu-gourmey", "reg-eu-efsa-2027" ] }, { "countries": [ "EU" ], "tech": "cm", "status": "expected", "when": "No date set", "short": "EFSA", "title": "EFSA validation of Mosa Meat's cultivated fat", "detail": "Received by EFSA in Feb 2026; still not validated at 30 Jun 2026, so the nine-month assessment has not started.", "sources": [ "lifemate-mosa-efsa" ] }, { "countries": [ "HUN" ], "tech": "cm", "status": "done", "date": "2025-11-18", "title": "Parliament votes to ban cultivated meat", "detail": "140 votes to 10. Production, sale and marketing banned; the second EU country after Italy.", "sources": [ "telex-hungary-ban", "reg-hungary-ban" ] }, { "countries": [ "GBR" ], "tech": "cm", "status": "done", "date": "2026-01", "title": "FSA and FSS publish guidance for cultivated-meat applications", "detail": "", "sources": [ "cieh-fsa-guidance-2026" ] }, { "countries": [ "US-TX" ], "tech": "cm", "status": "done", "date": "2026-01-16", "title": "Judge lets the challenge to the Texas ban proceed", "detail": "Motion to dismiss denied, but no injunction: the ban stays in force.", "sources": [ "ij-texas-2026-01-16" ] }, { "countries": [ "EU" ], "tech": "cm", "status": "done", "date": "2026-02-13", "title": "EFSA receives Mosa Meat's cultivated-fat dossier", "detail": "Filed with the Commission in Jan 2025.", "sources": [ "lifemate-mosa-efsa" ] }, { "countries": [ "US-SD" ], "tech": "cm", "status": "done", "date": "2026-03-12", "title": "Governor signs five-year moratorium", "detail": "In force 1 Jul 2026 to 30 Jun 2031.", "sources": [ "sdpb-sd-moratorium" ] }, { "countries": [ "US-FL" ], "tech": "cm", "status": "done", "date": "2026-03-23", "title": "Appeals court upholds Florida's ban", "detail": "Not preempted by federal law; Upside Foods' wider challenge continues.", "sources": [ "floridaphoenix-fl-ban-2026" ] }, { "countries": [ "SGP" ], "tech": "cm", "status": "done", "date": "2026-04-15", "title": "Singapore approves Parima's cultivated duck", "detail": "Its second approval there, after chicken (Oct 2025).", "sources": [ "foodnavigator-parima-sgp" ] }, { "countries": [ "FRA" ], "tech": "cm", "status": "done", "date": "2026-09-14", "title": "Ministry report urges France to set its stance before the EU vote", "detail": "Advisers rate precision fermentation ahead of cultivated meat.", "sources": [ "vegconomist-cgaaer-2026" ] }, { "countries": [ "AUS", "NZL" ], "tech": "cm", "status": "done", "date": "2026-10-06", "title": "FSANZ approves Parima's cultivated duck", "detail": "Application A1341, for foie gras and pâté. Second cultivated meat approved in Australia and New Zealand, after Vow.", "sources": [ "fsanz-board-2026-10-06" ] }, { "countries": [ "AUS", "NZL" ], "tech": "cm", "status": "expected", "date": "2026-12-12", "when": "Mid-Dec 2026", "short": "Mid-Dec", "title": "Food ministers' 60-day review window closes", "detail": "Notified 13 Oct. Unless ministers ask for a review, the duck approval is gazetted.", "sources": [ "fsanz-nc-415-26" ] }, { "countries": [ "GBR" ], "tech": "cm", "status": "done", "date": "2026-11-05", "title": "Ivy Farm's cultivated Wagyu cleared for UK pet food", "detail": "Human-food applications still under FSA review.", "sources": [ "reg-uk-ivyfarm-pet" ] }, { "countries": [ "GBR" ], "tech": "cm", "status": "expected", "date": "2027-02", "title": "FSA sandbox ends", "detail": "Target: risk assessments of two cultivated-meat dossiers (Parima). Ministers then decide; no date set for a first human-food approval.", "sources": [ "lifemate-uk-sandbox" ] }, { "countries": [ "SGP" ], "tech": "cm", "status": "done", "date": "2026-08-04", "title": "Singapore approves Aleph Farms' cultivated beef", "detail": "First cultivated beef cleared by SFA.", "sources": [ "foodnavigator-aleph-sgp" ] }, { "countries": [ "US-TX" ], "tech": "cm", "status": "done", "date": "2026-11-04", "title": "Appeals court hears bid to block the Texas ban", "detail": "Upside Foods and Wildtype seek an injunction; ruling pending, and the ban stays in force meanwhile.", "sources": [ "greenqueen-texas-appeal" ] }, { "countries": [ "US-TX" ], "tech": "cm", "status": "expected", "date": "2027-09", "title": "Texas ban expires (SB 261 sunset)", "detail": "", "sources": [ "reg-lifemate-us-states" ] }, { "countries": [ "US-IN" ], "tech": "cm", "status": "expected", "date": "2027-06", "title": "Indiana moratorium ends (HB 1425)", "detail": "", "sources": [ "reg-lifemate-us-states" ] }, { "countries": [ "AUS", "NZL" ], "tech": "pf", "status": "done", "date": "2025-11-25", "title": "FSANZ accepts Eden Brew's beta-casein application", "detail": "Application A1342.", "sources": [ "fsanz-a1342" ] }, { "countries": [ "USA" ], "tech": "pf", "status": "done", "date": "2026-04-01", "title": "FDA 'no questions' letter for All G's lactoferrin", "detail": "Precision-fermented bovine lactoferrin.", "sources": [ "anic-allg-2026-04-01", "ppt-allg-fda" ] }, { "countries": [ "USA" ], "tech": "pf", "status": "done", "date": "2026-10-28", "title": "FDA 'no questions' letters for precision-fermented casein", "detail": "Formo and Those Vegan Cowboys, for use in cheese alternatives.", "sources": [ "foodnavigator-casein-2026" ] }, { "countries": [ "AUS", "NZL" ], "tech": "pf", "status": "done", "date": "2026-08-20", "title": "Consultation closes on Eden Brew's beta-casein", "detail": "Application A1342, the first precision-fermented milk protein assessed by FSANZ.", "sources": [ "fsanz-a1342" ] }, { "countries": [ "AUS", "NZL" ], "tech": "pf", "status": "expected", "date": "2026-12", "when": "Late 2026 (company target)", "short": "Late '26", "title": "FSANZ decision on Eden Brew's beta-casein", "detail": "FSANZ has not published a decision date.", "sources": [ "reg-edenbrew-anz", "fsanz-a1342" ] } ] }, "sector": { "investment": { "note": "GFI analysis of Net Zero Insights data (April 2026 reports). Includes listed companies, except cultivated (private only).", "series": [ { "key": "fermentation", "label": "Fermentation", "sources": [ "gfi-soti-2026-ferm" ] }, { "key": "cultivated", "label": "Cultivated", "sources": [ "gfi-soti-2026-cm" ] }, { "key": "plant", "label": "Plant-based", "sources": [ "gfi-soti-2026-pb" ] } ], "years": [ { "year": 2020, "usdM": { "cultivated": 356, "fermentation": 483, "plant": 2200 } }, { "year": 2021, "usdM": { "cultivated": 1500, "fermentation": 1800, "plant": 3600 } }, { "year": 2022, "usdM": { "cultivated": 900, "fermentation": 778, "plant": 1500 } }, { "year": 2023, "usdM": { "cultivated": 267, "fermentation": 456, "plant": 859 } }, { "year": 2024, "usdM": { "cultivated": 144, "fermentation": 632, "plant": 342 } }, { "year": 2025, "usdM": { "cultivated": 74, "fermentation": 357, "plant": 450 } } ] }, "sales": { "year": 2025, "label": "Global plant-based retail sales", "totalBn": 28.9, "growthPct": 3, "strong": "Meat and seafood", "rest": "Dairy alternatives", "note": "No comparable sales data yet for cultivated meat or fermentation.", "sources": [ "gfi-soti-2026-pb" ], "splits": [ { "label": "By category", "parts": [ { "label": "Milk", "usdBn": 18.2, "strongBn": 0 }, { "label": "Meat and seafood", "usdBn": 6.6, "strongBn": 6.6 }, { "label": "Yogurt", "usdBn": 1.8, "strongBn": 0 }, { "label": "Ice cream", "usdBn": 1.4, "strongBn": 0 }, { "label": "Cheese", "usdBn": 0.9, "strongBn": 0 } ] }, { "label": "By region", "parts": [ { "label": "Europe", "usdBn": 10.1, "strongBn": 3.6 }, { "label": "Asia Pacific", "usdBn": 9.2, "strongBn": 0.36 }, { "label": "North America", "usdBn": 6.9, "strongBn": 1.9 }, { "label": "Latin America", "usdBn": 1.7, "strongBn": 0.5 }, { "label": "Middle East and Africa", "usdBn": 1.1, "strongBn": 0.26 } ] } ] }, "forecasts": [ { "segment": "Plant-based meat", "series": "plant", "today": { "year": 2025, "usdBn": 6.6, "growthPct": 8, "sources": [ "gfi-soti-2026-pb" ] }, "year": 2030, "usdBn": 74, "highBn": 118, "by": "Bloomberg Intelligence", "published": "2021-08", "note": "High case $118bn", "sources": [ "bi-plant-2021" ] }, { "segment": "Plant-based foods", "series": "plant", "today": { "year": 2025, "usdBn": 28.9, "growthPct": 3, "sources": [ "gfi-soti-2026-pb" ] }, "year": 2030, "usdBn": 162, "by": "Bloomberg Intelligence", "published": "2021-08", "note": "", "sources": [ "bi-plant-2021" ] }, { "segment": "Cultivated meat", "series": "cultivated", "year": 2030, "usdBn": 25, "by": "McKinsey", "published": "2021-06", "note": "If costs keep falling", "sources": [ "mckinsey-cm-2021" ] }, { "segment": "Precision fermentation", "series": "fermentation", "year": 2040, "usdBn": 200, "by": "Synonym and BCG", "published": "2024-02", "note": "Food ingredients and chemicals", "sources": [ "synonym-bcg-2024" ] }, { "segment": "All alternative proteins", "series": "", "year": 2035, "usdBn": 290, "by": "BCG and Blue Horizon", "published": "2021-03", "note": "", "sources": [ "bcg-bluehorizon-2021" ], "range": { "lowBn": 46, "highBn": 318, "by": "Market-research firms", "published": "2026-08", "sources": [ "nextmsc-altprotein-2026", "gmi-altprotein-2026" ] } } ], "share": { "label": "of meat, seafood, eggs and dairy eaten", "todayPct": 2, "pct": 8, "year": 2030, "by": "BCG", "published": "2023-02", "sources": [ "bcg-2023-mainstream" ] }, "facts": [ { "label": "Government funding", "value": "$2.5bn+", "sub": "Cumulative to 2025, 33 countries", "sources": [ "gfi-policy-2026" ] }, { "label": "Specialist companies", "value": "305", "sub": "163 fermentation, 142 cultivated", "sources": [ "gfi-soti-2026-ferm", "gfi-soti-2026-cm" ] } ] }, "sources": [ { "id": "anic-dealing-2026-07-14", "title": "Director/PDMR Shareholding", "publisher": "Agronomics Limited (RNS)", "date": "2026-07-14", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/r7v8pgr", "kind": "investor-relations" }, { "id": "anic-dealing-2026-03-12", "title": "Director's Dealing", "publisher": "Agronomics Limited (RNS)", "date": "2026-03-12", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x8vqnew", "kind": "investor-relations" }, { "id": "anic-dealing-2026-03-04", "title": "Director’s Dealing", "publisher": "Agronomics Limited (RNS)", "date": "2026-03-04", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/wk1qy2r", "kind": "investor-relations" }, { "id": "anic-dealing-2026-02-25", "title": "Director’s Dealing", "publisher": "Agronomics Limited (RNS)", "date": "2026-02-25", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/wk1vvyr", "kind": "investor-relations" }, { "id": "anic-dealing-2026-02-20", "title": "Director’s Dealing", "publisher": "Agronomics Limited (RNS)", "date": "2026-02-20", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rmg525r", "kind": "investor-relations" }, { "id": "anic-dealing-2026-02-19", "title": "Director’s Dealing", "publisher": "Agronomics Limited (RNS)", "date": "2026-02-19", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w9p6y4x", "kind": "investor-relations" }, { "id": "anic-dealing-2025-02-04", "title": "Director/PDMR Shareholding", "publisher": "Agronomics Limited (RNS)", "date": "2025-02-04", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rnjnznx", "kind": "investor-relations" }, { "id": "anic-dealing-2024-10-10", "title": "Jim Mellon – Director’s Dealing and PDMR", "publisher": "Agronomics Limited (RNS)", "date": "2024-10-10", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rg1dyvr", "kind": "investor-relations" }, { "id": "anic-dealing-2024-10-08", "title": "Jim Mellon – Director’s Dealing and PDMR", "publisher": "Agronomics Limited (RNS)", "date": "2024-10-08", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/xqpzpqw", "kind": "investor-relations" }, { "id": "anic-dealing-2023-05-09", "title": "Directors' Dealings", "publisher": "Agronomics Limited (RNS)", "date": "2023-05-09", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rm4d58r", "kind": "investor-relations" }, { "id": "anic-dealing-2023-03-28", "title": "Director/PDMR Shareholding", "publisher": "Agronomics Limited (RNS)", "date": "2023-03-28", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w9jkydx", "kind": "investor-relations" }, { "id": "anic-dealing-2023-03-27", "title": "Director/PDMR Shareholding", "publisher": "Agronomics Limited (RNS)", "date": "2023-03-27", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rm4z8nr", "kind": "investor-relations" }, { "id": "anic-portfolio-page", "title": "Portfolio (company website, accessed 12 Nov 2026)", "publisher": "Agronomics Limited", "date": "", "url": "https://agronomics.im/portfolio/", "kind": "investor-relations" }, { "id": "anic-nav-2026q3", "title": "Net Asset Value as at 30 September 2026", "publisher": "Agronomics Limited (RNS)", "date": "2026-10-20", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rddezpr", "kind": "investor-relations" }, { "id": "anic-liberation-2026-09", "title": "Update on Liberation Bioindustries", "publisher": "Agronomics Limited (RNS)", "date": "2026-09-29", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rn780nx", "kind": "investor-relations" }, { "id": "anic-portfolio-2026-11-11", "title": "Portfolio Update", "publisher": "Agronomics Limited (RNS)", "date": "2026-11-11", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x8dpqow", "kind": "investor-relations" }, { "id": "anic-qreport-2026q2", "title": "Q2 2026 Investor Report (portfolio at 30 June 2026)", "publisher": "Agronomics Limited", "date": "2026-08-21", "url": "https://wp-agronomics-2025.s3.eu-west-2.amazonaws.com/media/2026/08/21185259/Q2-2026-Investor-Report.pdf", "kind": "investor-relations" }, { "id": "anic-nav-2026q2", "title": "Net Asset Value as at 30 June 2026", "publisher": "Agronomics Limited (RNS)", "date": "2026-07-10", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x4e2z3r", "kind": "investor-relations" }, { "id": "anic-tropic-2026-06-25", "title": "Tropic acquires Rahan Meristem", "publisher": "Agronomics Limited (RNS)", "date": "2026-06-25", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x2z9emx", "kind": "investor-relations" }, { "id": "anic-hydgene-2026-06-04", "title": "HydGene selected for Greentown Go Make 2026", "publisher": "Agronomics Limited (RNS)", "date": "2026-06-04", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/r7kv17w", "kind": "investor-relations" }, { "id": "anic-bond-2026-06-04", "title": "Bond Pet Foods receives FDA no-objection letter for Lamb Protein Yeast", "publisher": "Agronomics Limited (RNS)", "date": "2026-06-04", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w9py6ex", "kind": "investor-relations" }, { "id": "anic-qreport-2026q1", "title": "Q1 2026 Investor Report", "publisher": "Agronomics Limited", "date": "2026-05-20", "url": "https://wp-agronomics-2025.s3.eu-west-2.amazonaws.com/media/2026/05/20104927/Q1-2026-Investor-Report-1.pdf", "kind": "investor-relations" }, { "id": "anic-nav-2026q1", "title": "Net Asset Value calculation as at 31 March 2026", "publisher": "Agronomics Limited (RNS)", "date": "2026-05-18", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w0nk2pr", "kind": "investor-relations" }, { "id": "anic-supermeat-2026-05-12", "title": "Agronomics leads US$5m investment in SuperMeat", "publisher": "Agronomics Limited (RNS)", "date": "2026-05-12", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x8v9e9w", "kind": "investor-relations" }, { "id": "anic-meatly-2026-05-07", "title": "Meatly completes £10.4m Series A funding round", "publisher": "Agronomics Limited (RNS)", "date": "2026-05-07", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w6jgekx", "kind": "investor-relations" }, { "id": "anic-cfg-2026-04-15", "title": "Clean Food Group secures £4.5m investment and a £0.7m Innovate UK grant", "publisher": "Agronomics Limited (RNS)", "date": "2026-04-15", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w14lkew", "kind": "investor-relations" }, { "id": "anic-tropic-2026-04-14", "title": "Tropic's non-browning banana receives regulatory approval in Japan and Brazil", "publisher": "Agronomics Limited (RNS)", "date": "2026-04-14", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/wk17lyr", "kind": "investor-relations" }, { "id": "anic-allg-2026-04-01", "title": "All G secures FDA 'no questions' letter for precision-fermented lactoferrin", "publisher": "Agronomics Limited (RNS)", "date": "2026-04-01", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w0n848r", "kind": "investor-relations" }, { 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"investor-relations" }, { "id": "anic-solar-2020-09-01", "title": "Investment in Solar Foods EUR 15million Financing", "publisher": "Agronomics Limited (RNS)", "date": "2020-09-01", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x49030w", "kind": "investor-relations" }, { "id": "anic-solar-2021-10-26", "title": "Agronomics EUR3 million investment in Solar Foods", "publisher": "Agronomics Limited (RNS)", "date": "2021-10-26", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/xez6qyx", "kind": "investor-relations" }, { "id": "anic-rebellyous-2019-10-15", "title": "Investment in Rebellyous Foods", "publisher": "Agronomics Limited (RNS)", "date": "2019-10-15", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/xj3gq1w", "kind": "investor-relations" }, { "id": "anic-rebellyous-2020-04-01", "title": "Further investment in Rebellyous Foods", "publisher": "Agronomics Limited (RNS)", "date": "2020-04-01", "url": 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The EVERY Company", "publisher": "Agronomics Limited (RNS)", "date": "2021-11-04", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/xezoeyx", "kind": "investor-relations" }, { "id": "anic-geltor-2022-02-21", "title": "Agronomics Acquires Stake in Geltor, Inc", "publisher": "Agronomics Limited (RNS)", "date": "2022-02-21", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/xeegoyx", "kind": "investor-relations" }, { "id": "anic-hydgene-2023-06-15", "title": "AUD 2.5 million investment in HydGene Renewables", "publisher": "Agronomics Limited (RNS)", "date": "2023-06-15", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w3n7dyr", "kind": "investor-relations" }, { "id": "anic-umami-2019-10-29", "title": "Investment in Shiok Meats Pte. Ltd.", "publisher": "Agronomics Limited (RNS)", "date": "2019-10-29", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/w95081r", "kind": "investor-relations" }, { "id": "anic-meatable-2019-12-20", "title": "Investment in Meatable BV", "publisher": "Agronomics Limited (RNS)", "date": "2019-12-20", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x8q4lpx", "kind": "investor-relations" }, { "id": "anic-meatable-2020-06-11", "title": "Co-lead of Meatable B.V.’s Seed 2 Financing", "publisher": "Agronomics Limited (RNS)", "date": "2020-06-11", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rnge82x", "kind": "investor-relations" }, { "id": "anic-meatable-2021-02-18", "title": "Announces Further Investment in Meatable", "publisher": "Agronomics Limited (RNS)", "date": "2021-02-18", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x490l0w", "kind": "investor-relations" }, { "id": "anic-meatable-2021-05-13", "title": "Announces Secondary Purchase of Shares in Meatable", "publisher": "Agronomics Limited (RNS)", "date": "2021-05-13", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/rg7l0jr", "kind": "investor-relations" }, { "id": "anic-meatable-2023-08-08", "title": "Meatable completes EUR35M Series B Financing Round", "publisher": "Agronomics Limited (RNS)", "date": "2023-08-08", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x44m4ox", "kind": "investor-relations" }, { "id": "anic-vitrolabs-2019-10-17", "title": "Investment in VitroLabs Inc", "publisher": "Agronomics Limited (RNS)", "date": "2019-10-17", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/xez8qzx", "kind": "investor-relations" }, { "id": "anic-vitrolabs-2020-02-13", "title": "Additional Investment of US$1 Million in VitroLabs", "publisher": "Agronomics Limited (RNS)", "date": "2020-02-13", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/ryz319w", "kind": "investor-relations" }, { "id": "anic-vitrolabs-2021-02-25", "title": "Announces Further Investment in VitroLabs", "publisher": "Agronomics Limited (RNS)", "date": "2021-02-25", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/xq7v2nw", "kind": "investor-relations" }, { "id": "anic-vitrolabs-2021-09-20", "title": "Agronomics leads VitroLabs Series A Funding", "publisher": "Agronomics Limited (RNS)", "date": "2021-09-20", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/wkl45vx", "kind": "investor-relations" }, { "id": "anic-ohayo-2021-11-19", "title": "Agronomics Leads Ohayo Valley’s Pre-Seed Funding", "publisher": "Agronomics Limited (RNS)", "date": "2021-11-19", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x8kzepx", "kind": "investor-relations" }, { "id": "anic-newage-2019-07-29", "title": "Investment in Simply Foods, Inc. (New Age Meats)", "publisher": "Agronomics Limited (RNS)", "date": "2019-07-29", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x490mkw", "kind": "investor-relations" }, { "id": "anic-wildmicrobes-2023-02-23", "title": "ANIC invests in Wild Microbes US$3.3m Financing", "publisher": "Agronomics Limited (RNS)", "date": "2023-02-23", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x21ovlw", "kind": "investor-relations" }, { "id": "anic-bond-2019-09-05", "title": "Seed Investment in Bond Pets LLC", "publisher": "Agronomics Limited (RNS)", "date": "2019-09-05", "url": "https://polaris.brighterir.com/public/agronomics/news/rns/story/x2g0j7w", "kind": "investor-relations" } ] }