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Agronomics, the London-listed cellular agriculture investor, has put a further AUD 3 million (£1.5 million) into Australian biotech All G, underscoring growing investor confidence that animal-free dairy proteins are moving from pilot phase to commercial reality.
The investment, made through a convertible note as part of a wider AUD 10 million funding round, will support All G’s scale-up of lactoferrin produced via precision fermentation – a high-value milk protein widely used in infant formula, medical nutrition and functional foods.
For food and beverage manufacturers, the deal highlights how alternative protein technologies are beginning to clear regulatory and cost hurdles that have historically limited adoption in regulated categories such as infant and clinical nutrition.
All G said it plans to launch lactoferrin products in the United States and China in the first quarter of 2026, following a series of regulatory milestones.
In late 2024, the company became the first globally to receive approval in China to sell recombinant bovine lactoferrin, a market where demand is closely tied to infant formula consumption. Earlier this year, it also achieved self-affirmed GRAS status in the US for its animal-free bovine lactoferrin.
Lactoferrin, which supports immune health and iron absorption, is traditionally extracted from cow’s milk in small quantities, making it expensive and supply constrained.
Precision fermentation allows the protein to be produced without animals, offering the potential for lower costs, improved consistency and reduced environmental impact.
Agronomics said the latest funding will be used to expand commercial-scale production, advance regulatory submissions in additional markets, strengthen intellectual property and support expansion in Asia and Europe.
The investment brings Agronomics’ total exposure to All G to about £8.9 million, representing just under 5% of its reported net asset value. The funding was structured as a 24-month convertible note carrying a 6% annual coupon, with conversion discounts linked to the timing of a future financing or exit.
For the broader food and beverage sector, the deal reflects rising interest in precision fermentation as a supply-side solution for ingredients that are costly, volatile or sustainability constrained.
Major dairy and infant nutrition players have increasingly signalled interest in fermentation-derived proteins as a way to de-risk supply chains while meeting tightening environmental and traceability requirements.
Agronomics, which focuses exclusively on cellular agriculture and fermentation-based food technologies, has built a portfolio of more than 20 companies developing alternatives to animal-derived ingredients.
Regulatory progress in China – the world’s largest infant formula market – could prove pivotal in accelerating commercial uptake of fermentation-derived dairy proteins globally, particularly if All G can demonstrate cost parity and scalable supply.