In the Isle of Man, cellular agriculture company Agronomics has invested $10 million in its portfolio company, Liberation Labs Holding, as part of a wider $12.5 million financing round with participation from existing investor Siddhi Capital. Liberation Labs is seeking to become the industrial biotechnology industry’s global fabrication partner through the design, construction and operation of Bio3, a purpose-built biomanufacturing platform at Richmond, Indiana. The 600-liter facility will address a critical bottleneck currently faced by fermentation companies and has the potential to be expanded to 4 million liters.
The investment was made in the form of a Secured Convertible Promissory Note in advance of Liberation Labs’ Series A round. The SCPN will convert into the same instrument and terms as the Qualified Financing, which is anticipated to raise a minimum of $37.5 million through a combination of debt and equity. In total, Liberation Labs has raised $33.5 million in equity-linked instruments and has formal commitments for non-dilutive funding totalling a further $55 million. This includes $30 million in equipment financing and a US$ 25 million loan from Ameris Bank which is backed by the U.S. Department of Agriculture via the Business and Industry Guaranteed Loan Program.
“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,” Mark Warner, CEO and Co-Founder of Liberation Labs, said in a press statement. “ 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.”