Rebellyous Foods expect to be profitable this year - they not only provide their own plant based chicken but also supply processing facilities and tech to other plant based food companies.
To find out more and to keep updated on all things cultivated meat - including Agronomics companies follow my youtube podcasts issued weekly. https://www.youtube.com/@FutureofFoods
Thanks so much for this detailed analysis. Much appreciated!
I'm wondering about the long-term strategy of ANIC.
What happens if one of the companies in the current portfolio becomes the market leader in the next decades. Will ANIC hold their shares of this company or will they sell it. And what would be the impact on the ANIC shareholders?
I believe there is a potential multi decade growth story and I would imagine ANIC would look to back winners and growth, to support companies through to IPO or trade sale. So the impact on shareholders is to enjoy capital growth as the value of these businesses grow and that there would be a realisation event where, for example, a special dividend is given when a position is either sold as a trade sale or goes public. You only have to look at the likes of "Graze" (bought by Unilever) or "Linda McCartney" (bought by McVities) to know the food majors will swoop when they feel the time is right. During 2024 once the legal side is taken care of (the LONO) then this could happen after this.
Also I have wondered whether the portfolio is a huge feeder into the underlying play of Liberation Labs. Encourage the "gold rush of prospecting" but be the person who is selling the picks and shovels - because that person wins no matter who becomes the market leader. ANIC holds 37.4% of Liberation Labs.
The journey for now is to see the Net Asset Value grow, await the swooping and watch the segment grow!
Ty for keeping an eye on ANIC. This sector is INCREDIBLY interesting in my opinion as it stands for one of the biggest disruptions of a sector ever. I can't wait for the alt protein sector to gain a bit of media mainstream interest and ANIC is the best option here out of very few possibilities. This vc could easily 100x if things go well. Very exciting time to be involved.
Thank you for meticulously compiling this assessment of ANIC's current NAV. It's greatly appreciated! Like you, I am puzzled by the apparent write-off of Ohayo Valley. I haven't come across any negative news yet, but ANIC has other information channels, and perhaps the company is facing difficulties.
I would like to point out two potential oversights in your article:
First, you claim that Ohayo Valley produces precision fermentation Wagyu burgers and that BlueNalu may eventually produce animal-free shark fins and pangolin meat through precision fermentation. This is not accurate. Ohayo Valley and BlueNalu, along with companies like California Cultured, SuperMeat, Mosa Meat, Meatable, etc., use cellular agriculture rather than precision fermentation. This approach to food production is very different - and arguably more challenging. The end products are actual cells, not just pure proteins as in precision fermentation.
Second, your calculation for Formo seems off by an order of magnitude. With an annual consumption of 9 million tonnes of cheese and an average price of £10/kg, the total yearly market size in Europe would be £90 billion, not £9 billion. This discrepancy is significant, and also good news for investors. However, how realistic is it for Formo to claim 10% of this market by 2030? If they utilize the entire capacity of Liberation Labs' new 600,000-liter facility, producing 0.1 kg of cheese per liter, and run the process weekly, their annual output would be (365/7)×600,000×0.1=3,100 tonnes. This represents only 0.03% of the European cheese market. Achieving their goal would require approximately 30,000 times more production capacity. Where would this substantial increase come from?
Thank you once again for your insightful article. I hope you will continue to follow ANIC and I look forward to reading your future work!
Dazzle, thank you very much for your comments. Also thank you and you've provided some really valuable input and I've revised my article based on your insights. As a non-scientist I was using precision fermentation and cellular agriculture interchangeably - which as you rightly point out is not the case. NB I've also added some further sections today and detail around top funded companies in this space - so worth a re-read for that too, potentially.
Rebellyous Foods expect to be profitable this year - they not only provide their own plant based chicken but also supply processing facilities and tech to other plant based food companies.
To find out more and to keep updated on all things cultivated meat - including Agronomics companies follow my youtube podcasts issued weekly. https://www.youtube.com/@FutureofFoods
Thanks so much for this detailed analysis. Much appreciated!
I'm wondering about the long-term strategy of ANIC.
What happens if one of the companies in the current portfolio becomes the market leader in the next decades. Will ANIC hold their shares of this company or will they sell it. And what would be the impact on the ANIC shareholders?
It's a great question.
I believe there is a potential multi decade growth story and I would imagine ANIC would look to back winners and growth, to support companies through to IPO or trade sale. So the impact on shareholders is to enjoy capital growth as the value of these businesses grow and that there would be a realisation event where, for example, a special dividend is given when a position is either sold as a trade sale or goes public. You only have to look at the likes of "Graze" (bought by Unilever) or "Linda McCartney" (bought by McVities) to know the food majors will swoop when they feel the time is right. During 2024 once the legal side is taken care of (the LONO) then this could happen after this.
Also I have wondered whether the portfolio is a huge feeder into the underlying play of Liberation Labs. Encourage the "gold rush of prospecting" but be the person who is selling the picks and shovels - because that person wins no matter who becomes the market leader. ANIC holds 37.4% of Liberation Labs.
The journey for now is to see the Net Asset Value grow, await the swooping and watch the segment grow!
Ty for keeping an eye on ANIC. This sector is INCREDIBLY interesting in my opinion as it stands for one of the biggest disruptions of a sector ever. I can't wait for the alt protein sector to gain a bit of media mainstream interest and ANIC is the best option here out of very few possibilities. This vc could easily 100x if things go well. Very exciting time to be involved.
Thank you for meticulously compiling this assessment of ANIC's current NAV. It's greatly appreciated! Like you, I am puzzled by the apparent write-off of Ohayo Valley. I haven't come across any negative news yet, but ANIC has other information channels, and perhaps the company is facing difficulties.
I would like to point out two potential oversights in your article:
First, you claim that Ohayo Valley produces precision fermentation Wagyu burgers and that BlueNalu may eventually produce animal-free shark fins and pangolin meat through precision fermentation. This is not accurate. Ohayo Valley and BlueNalu, along with companies like California Cultured, SuperMeat, Mosa Meat, Meatable, etc., use cellular agriculture rather than precision fermentation. This approach to food production is very different - and arguably more challenging. The end products are actual cells, not just pure proteins as in precision fermentation.
Second, your calculation for Formo seems off by an order of magnitude. With an annual consumption of 9 million tonnes of cheese and an average price of £10/kg, the total yearly market size in Europe would be £90 billion, not £9 billion. This discrepancy is significant, and also good news for investors. However, how realistic is it for Formo to claim 10% of this market by 2030? If they utilize the entire capacity of Liberation Labs' new 600,000-liter facility, producing 0.1 kg of cheese per liter, and run the process weekly, their annual output would be (365/7)×600,000×0.1=3,100 tonnes. This represents only 0.03% of the European cheese market. Achieving their goal would require approximately 30,000 times more production capacity. Where would this substantial increase come from?
Thank you once again for your insightful article. I hope you will continue to follow ANIC and I look forward to reading your future work!
Dazzle, thank you very much for your comments. Also thank you and you've provided some really valuable input and I've revised my article based on your insights. As a non-scientist I was using precision fermentation and cellular agriculture interchangeably - which as you rightly point out is not the case. NB I've also added some further sections today and detail around top funded companies in this space - so worth a re-read for that too, potentially.