Precision fermentation · Sydney, Australia

All G

Animal-free dairy proteins, led by lactoferrin (LFX) · formerly All G Foods · allg.com ↗

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 (step 5 of 6)

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.^{[1] [2] [3] [4] [5]}

Revenue

Early revenue

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.^{[4] [5] [6]}

Next Grow US sales; expand in Southeast Asia; GRAS filing for human lactoferrin.

Agronomics' holding

Fair value: £9.45m 30 Jun 2026
Portfolio weight: 7% 30 Jun 2026
Stake: 8.2% 30 Jun 2026
Invested: £10.4m since Sep 2022
Multiple: 0.91× −£0.97m
Per year: −2.8% all holdings
Last round: CLN 15 Jan 2026 · 9 months ago

Sources^[6]

Investments

What Agronomics put in, at the sterling cost it carries
Date	Cost	Round
4 Aug 2022	£8.95m	Series A (led)^{[7] [6]}
15 Jan 2026	£1.47m	A$3m convertible note^{[8] [9]}

Approvals & markets

Approved

China · 27 Nov 2024^[1]

Recombinant bovine lactoferrin (first approval of its kind globally)
Approved

USA (FDA) · 1 Apr 2026^{[2] [3]}

GRAS 'no questions' letter for precision-fermented bovine lactoferrin

HQ: Australia
Selling in: United States^[4]
Cleared in: China^[1]

Timeline

Aug 2026Funding

Investment from Xeraya Capital^[10]

Funds Southeast Asia expansion. The amount was not disclosed.
Jul 2026Commercial

US commercial launch of LFX apo-lactoferrin^{[4] [5]}

Aimed at supplements, functional foods, infant nutrition and healthy-ageing products.
1 Apr 2026Regulatory

FDA 'no questions' letter^{[2] [3]}

For its precision-fermented bovine lactoferrin.
15 Jan 2026Funding

Agronomics invests a further AU$3m^[8]

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.
27 Nov 2024Regulatory

Chinese regulatory clearance^[1]

First approval of its kind globally for recombinant bovine lactoferrin.

Sources

All G receives approval for sale of recombinant bovine lactoferrin in China Agronomics Limited (RNS) · 27 Nov 2024
All G secures FDA 'no questions' letter for precision-fermented lactoferrin Agronomics Limited (RNS) · 1 Apr 2026
All G secures FDA 'no questions' letter under GRAS for precision-fermented lactoferrin in US Protein Production Technology · Apr 2026
All G brings precision-fermented lactoferrin to the US with low-iron commercial launch Protein Production Technology · Jul 2026
All G brings precision fermented apo-lactoferrin to US market at multi-tonne scale vegconomist · Jul 2026
Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
Agronomics Leads All G Foods Series A Financing Agronomics Limited (RNS) · 4 Aug 2022
Agronomics invests AU$3m in All G Agronomics Limited (RNS) · 15 Jan 2026
Q1 2026 Investor Report Agronomics Limited · 20 May 2026
All G secures investment from Xeraya Capital to support Southeast Asia expansion Protein Production Technology · Aug 2026