DryGro is an agriculture startup that has developed new technology to grow food in dry places.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | - |
Sectors | Energy Mixed Digital/Non-Digital B2B |
Company number | 09364777 |
Incorporation date | 22 Jul 2019 |
Investment summary
Business highlights
- Breakthrough technology focused on addressing massive market need
- Produces feed protein 8x faster and 99% less water than soybeans
- Built through partnerships with 4 academic institutions
- Winner of 8 grants and awards, including Mass Challenge UK 2016
Idea
Introduction
DryGro is developing innovative, low-cost production methods for growing a protein ingredient to replace soybean meal in animal feed. This ingredient is called lemna.
Lemna has the same protein content as soybean meal, but has a number of significant advantages. Using DryGro's technology, lemna can be grown 8x faster than soybean meal, while also using 99% less water. It can also be grown on arid land, and is not sensitive to the effects of climate change.
DryGro’s technology is a solution to one of the biggest challenges of our time – how do we feed a growing planet with scarce land and water, and in the face of escalating climate change?
This is a pre-emption round open to existing shareholders. Limited information is being provided at this time. Any additional information provided directly by the business to investors has not been reviewed or verified by Seedrs.
Preemption Details
The company has raised an investment £1,049,988 as part of its extended Series A round, at a share price of £7.02 (the same share price as the company's last round on Seedrs). The company is providing their Seedrs investors the opportunity to preempt on this new equity investment.
The lead investor has also invested a further £1,000,000 in the form of convertible loans, which may convert to equity after this round and dilute existing shareholders. The key terms are as follows:
- Interest rate: 5%
- Maturity Date: 31 December 2022
- Conversion: The Lender has the option to convert the loan and accrued interest into shares on (a) an equity financing raising at least £10 million prior to the Maturity Date ("Equity Financing") at 10% discount to the share price of the Equity Financing or (b) on a change of control at a share price of £7.02 (the same price as this pre-emption round)
- Repayment: If not converted, the loan plus accrued interest will be repaid on (a) the Maturity Date or (b) a winding-up event. The Company may also choose to prepay the loan at any time if there is a change of control or Equity Financing in which the lender chooses not to convert the loan into equity.
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