Precision fermentation · San Leandro, California, USA

Geltor

Animal-free collagen and elastin · geltor.com ↗

Makes animal-free collagen and elastin by precision fermentation for skincare, supplements and food.

Stage

Commercial (step 6 of 6)

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).^{[1] [2] [3]}

Revenue

Sells ingredients commercially; figures not disclosed. Agronomics lists it as revenue-generating, yet carries its stake at only £0.24m against £7.2m invested.^{[1] [3] [4]}

Next Grow PrimaColl food and supplement sales.

Agronomics' holding

Fair value: £0.24m 30 Jun 2026
Portfolio weight: <1% / n/a
Stake: 0% 30 Jun 2026
Invested: £7.21m since Mar 2022
Multiple: 0.03× −£6.97m
Per year: −54.1% all holdings
Last round: Equity round 6 Aug 2025 · 15 months ago

Written down to a nominal £2k in FY2025, then carried at £0.24m from its Aug 2025 equity round, against £7.2m invested.

Sources^{[4] [5]}

Investments

What Agronomics put in, at the sterling cost it carries
Date	Cost	Round
21 Feb 2022	£7.21m	US$9.5m of preferred shares bought from a shareholder, part paid in Agronomics shares^{[6] [7]}

Approvals & markets

Approved

USA (FDA) · 21 Oct 2025^[2]

'No questions' letter for PrimaColl vegan collagen polypeptide

HQ: United States
Selling in: United States^{[1] [3]}

Timeline

18 May 2026Corporate

PrimaColl wins a 2026 C&T Allē Award^[8]

Cosmetic Active: Wellness category.
Apr 2026Commercial

Vegan collagen shot launched with TOSLA^[3]

A liquid supplement made with PrimaColl.
21 Oct 2025Regulatory

FDA 'no questions' letter for PrimaColl^[2]
30 Jun 2025Valuation

Holding written down to a nominal value^[5]

£0.23m fair-value loss in Agronomics' FY2025 accounts.

Sources

Portfolio (company website, accessed 12 Nov 2026) Agronomics Limited
Geltor receives FDA 'no questions' letter for PrimaColl Agronomics Limited (RNS) · 21 Oct 2025
TOSLA and Geltor launch the first vegan signaling collagen Geltor · Apr 2026
Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
Annual Report 2025: year to 30 June 2025 Agronomics Limited · 30 Dec 2025
Agronomics Acquires Stake in Geltor, Inc Agronomics Limited (RNS) · 21 Feb 2022
Annual Report 2022: year to 30 June 2022 Agronomics Limited · 20 Dec 2022
PrimaColl® wins 2026 C&T Allē Award for Cosmetic Active: Wellness Geltor · 18 May 2026