Agronomics: illustrates the crazy nature of the market
The latest transaction from this investing company shines a spotlight on the ridiculous valuations placed on early stage companies, generous accounting treatment and even more generous service agreements.
Isle of Man domiciled Agronomics (LON:ANIC) invests in cellular agriculture with a focus on cultivated meat and alternative proteins and has to date established a portfolio of 16 early stage companies. It seeks to secure a 5%-10% initial ownership in technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. It's an admirable objective and Agronomics has invested in some interesting early-stage businesses, but…