Agronomics Invests $10M in Liberation Labs to Advance its 600,000 L Precision Fermentation Facility – vegconomist
Agronomics Limited (LSE: ANIC), the UK’s leading VC company focused on cellular agriculture and biomanufacturing, has invested $10 million in its portfolio company, Liberation Labs Holdings, a US biotechnology firm focused on large-scale precision fermentation manufacturing.
The investment was part of a $12.5 million financing round, which was made through a Secured Convertible Promissory Note (SCPN) using Agronomics’ existing cash resources.
Previous investor Siddhi Capital also joined the round to help fund the ongoing construction of Liberation Labs’s facility in Richmond, Indiana.
Agronomics has invested $17.6 million in Liberation Labs, including $7 million to join the CDMO company on its mission to propel fermented proteins and other bio-based solutions. According to the announcement, Agronomics now holds a 37.5% stake in Liberation Labs.
Jim Mellon, Executive Chairman of Agronomics, commented: “We have huge confidence in the team’s ability to execute and believe that Liberation Labs will become the first company in Agronomics’ portfolio to be cash generative.”
Mark Warner, CEO and co-founder of Liberation Labs, said: “The new funding from Agronomics and Siddhi Capital comes as we continue to make significant progress in building out our operations team and advancing facility construction – including the installation of key equipment like fermenters and spray dryers.”
A global and domestic partner
Liberation Labs was established in 2022 to address the biomanufacturing bottleneck in novel protein manufacturing.
Construction on Liberation Labs’ facility began in June of last year. It is set to be ready for operations in Q1 2025, offering a fermentation capacity of 600,000 L. Still, the plant has the potential to accommodate an additional 4 million liters in a future expansion.
Strategically located in Richmond, the facility will access sugar inputs, utility rates, labor availability and cost, regulatory environment, and government incentives.
“Each day we’re closer to our goal of unlocking the potential of domestic manufacturing of novel proteins”
Agronomics said its portfolio company is developing a purpose-built biomanufacturing platform called Bio3 to establish itself as a global fabrication partner in the industrial biotechnology industry.
In addition, its location in the US will allow the company to manufacture bio-based consumer products at a lower cost instead of relying on Europe’s production.
Including this SCPN, Liberation Labs has raised $33.5 million in equity-linked instruments and secured commitments for an additional $55 million in funding. This includes $30 million in equipment financing and a $25 million loan from Ameris Bank, which the US Department of Agriculture supports through the Business and Industry Guaranteed Loan Program.
Warner added, “Each day we’re closer to our goal of unlocking the potential of domestic manufacturing of novel proteins for both food and industrial use. We greatly appreciate the continued support of our major funding partners.”
