UK start-up Better Dairy has raised £1.6 million in seed funding, as it looks to disrupt the dairy industry with its animal-free dairy production.
The seed funding round was led by Happiness Capital, with participation from CPT Capital, Stray Dog Capital – whose portfolio is comprised of Beyond Meat, Miyoko’s Creamery and Daring Foods – Veg Capital and undisclosed angel investors.
Established in January 2020, Better Dairy manufactures products that claim to be molecularly identical to traditional dairy without using animals as part of the production process.
The London-based company aims to use advancements in technology to make products that are more sustainable, while having the same flavours, textures and nutritional profile of traditional dairy products.
Better Dairy says it will use the capital to accelerate its R&D efforts, with the aim of commercialising its first products by early 2022.
Founded by alumni of Imperial College London, Jevan Nagarajah and Christopher Reynolds received initial pre-seed investment for Better Dairy through the Entrepreneur First incubator programme.
“We’re hugely excited by what we’re building, and the promise that our technology has to radically improve dairy production,” said co-founder and CEO of Better Dairy, Jevan Nagarajah.
He added: “What is even more exciting for us are the high-quality investors that we have on board to help realise our vision, alongside the great advisors and team that we continue to attract to the company.”
Eric Ng, managing director at Happiness Capital, said: “We are very excited by the positive impact that Better Dairy can have on the world. We were impressed by the team and the amount they’ve achieved in a short period of time and look forward to working with them in ushering in this new era for dairy.”
Based in Hong Kong and the venture investment arm of LKK Health Products Group, Happiness Capital’s portfolio includes investments in Green Monday, BlueNalu and Beyond Meat (exited).
© FoodBev Media Ltd 2020
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