The animal-free dairy biotech company, Perfect Day, has just secured another $140 million in investor Series C funding. The process was led by Singapore’s Temasek. The Financial Times has reported that the company is now valued at $440m.
The company has been producing animal-free dairy proteins identical to those found in cow’s milk using a unique fermentation process. It is, in its own words, “pioneering a whole new era in animal-free dairy products”.
The company makes whey and casein dairy proteins that are “nutritionally identical to proteins from cow’s milk”. As the company says: “all it takes is human curiosity about what makes milk… well, milk… along with modern science and the age-old art of fermentation”. It is on a mission to bring consumers the dairy products they love, but completely avoiding animals in the process.
World’s first “properly vegan ice-cream”
In July it launched its animal-free ice-cream which was billed as the world’s first properly vegan ice-cream product, thanks to its special fermentation process. The company’s co-founders, Ryan Pandya and Perumal Gandhi are on record as saying that they “expect to ruffle the dairy industry’s feathers”.
The new funds will be used to expand the company’s production capacity as well as extend its product range.
“In 2019, we showed that our manufacturing process works robustly at commercial scale,” said Ryan Pandya. “We were able to demonstrate with our ice cream launch—which sold out in a single day—that flora-based protein delivers on the dairy experience, and that people are excited about what we’re doing. Our focus in 2020 will be manufacturing and commercializing the protein in multiple continents, through multiple partnerships spanning different dairy product categories.”
With this extra bit of cash available to them, their opportunities to ruffle a few more feathers are just beginning. Expect some interesting commercial partnerships to be announced early in 2020.