Meatly completes £10.4 million Series A funding

Agronomics (AIM: ANIC), the leading AIM listed clean food company, announces that its portfolio company, Good Dog Food Limited, trading as Meatly ("Meatly"), has completed a £10.4 million Series A funding round. Participants included Clean Growth Fund, Oyster Bay, JamJar Ventures, Jim Mellon and existing investors.

The financing follows £7.1 million of seed funding from Agronomics and Pets at Home, bringing total funding raised by Meatly to £17.5 million.

Since launching in 2022, Meatly has focused on reducing the cost of cultivated meat production. In 2024, it announced a reduction in the cost of its protein-free medium to £0.22 per litre and, in 2025, an approximately tenfold reduction in bioreactor costs. Following regulatory authorisation in 2024, Meatly launched the world's first cultivated pet food in a commercial trial in 2025.

The new funding will support development of a 20,000-litre bioreactor facility in London, which Meatly expects to be the largest of its kind in Europe. Fit-out is expected to commence immediately, with product launches anticipated in 2027.

Owen Ensor, CEO, Meatly, comments: "This investment marks a powerful endorsement - not just of Meatly, but of Britain's foodtech and biotech sectors. Meatly has one focus - to make commercially viable cultivated meat a reality. Over the last four years, Meatly's pioneering team has systematically focused on reducing key costs and building the strongest possible technical foundation for growth. Now we have our own industry-leading technology, and we are ready to scale."

Ensor continued, "This step will allow us to prove commercial viability at scale and start to continually produce Meatly Chicken to the UK pet food market."

Jim Mellon, Executive Chair at Agronomics and Chair and Founding Investor at Meatly said: "The market opportunity for sustainable and high-quality protein is enormous, but success in this category ultimately comes down to one thing: bringing down the cost of production. The team at Meatly has consistently cracked this challenge, reducing costs by building their own bioreactors, developing their own culture medium, and staying focused on what it takes to scale.

That combination of technical rigour and financial discipline is exactly what wins in this market, that's why we founded the company and continue to support them. This approach has earned Meatly fresh capital from new investors as the company scales production, aiming to build a more resilient, secure and sustainable protein supply chain across the UK and Europe."

Agronomics has invested £1.1 million into Meatly since inception. Following completion of the Financing, Agronomics will carry its position in Meatly at £3.2 million (31/12/2025: £4.5 million). Agronomics has an equity ownership in Meatly of 11.57% on a fully diluted basis.

About Meatly

Meatly was founded in 2022. The company produces ethical and sustainable cultivated meat products without compromising on essential nutritional benefits. In the last four years, they have created industry leading technology and became the first company to ever sell cultivated meat in Europe. Their current focus is on the pet food market.

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