TurtleTree Labs co-founders Max Rye and Fengru Lin.
Singapore-based company TurtleTree Labs has raised $6.2 million in an oversubscribed Pre-A funding round to accelerate the development of its cell-based milk solutions.
The biotech firm has developed a proprietary technology that uses mammalian cells to produce milk, with no animal needed.
TurtleTree Labs plans to use the new funds to expand its focus into functional, bioactive proteins and complex sugars found in human milk – components which are said to have potential benefits in the areas of gut and brain health.
The company’s latest financing push was backed by existing seed investors, Green Monday Ventures and KBW Ventures. Other participants in the Pre-A funding round included Eat Beyond Global and Verso Capital.
Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO of KBW Ventures, will join TurtleTree Labs as an advisor.
“TurtleTree Labs’ technology is able to significantly reduce carbon footprint and address food resilience in the long term. This is a win-win for planet and for communities,” said Lim Hock Chuan, chief executive of Temasek Foundation Ecosperity, which presents The Liveability Challenge, a start-up competition won by TurtleTree Labs earlier this year.
“We are happy that The Liveability Challenge is able to showcase sustainable ideas and innovations from around the world, and support winners like TurtleTree Labs and other innovators to secure funding and opportunities to further develop their solutions.”
Singapore recently became the first country in the world to approve the sale of lab-grown meat when Eat Just secured the greenlight for its cultured chicken.
© FoodBev Media Ltd 2020
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