Agronomics' portfolio company Meatly launches world's first cultivated meat dog treat
Why we think this is good
The RNS announcement highlights a significant milestone for Agronomics' portfolio company Meatly, as it becomes the first company globally to launch a cultivated meat pet treat. Securing Pets at Home as a major retail partner for the launch is a strong validation of Meatly's product and technology. However, the limited scale of the initial release and lack of financial details warrant a cautiously optimistic sentiment.
Key Points
- Meatly, in collaboration with plant-based dog food brand THE PACK, is launching "Chick Bites" - a limited-release cultivated meat dog treat available at Pets at Home
- Meatly Chicken is produced from a single sample of cells taken once from a chicken egg, providing a sustainable and animal-friendly alternative to traditional dog treats
- Pets at Home, a major investor in Meatly, is the first retailer globally to sell pet food made from cultivated meat
- Agronomics has invested £1.2 million into Meatly since inception, which is currently carried at £4.5 million, representing 2.9% of Agronomics' net asset value
- Agronomics holds a 25.54% fully diluted equity ownership in Meatly
Summary
Agronomics' portfolio company Meatly has launched the world's first cultivated meat dog treat, in collaboration with plant-based dog food brand THE PACK. The limited-release "Chick Bites" are now available at Pets at Home, a major investor in Meatly. Agronomics has invested £1.2 million into Meatly since inception, which is currently carried at £4.5 million, representing 2.9% of Agronomics' net asset value. Agronomics holds a 25.54% fully diluted equity ownership in Meatly. The broker targets show Canaccord Genuity has a "Buy" recommendation on Agronomics, with price targets ranging from 16.50p to 20.00p over the past year.