Perfect Day, a food-tech start-up focused on the development of dairy-free products, has raised $140 million in a Series C Funding Round led by Temasek and Horizon Ventures.
According to a statement from the start-up, the funding will be used to expand production capacity, extend the firm’s product portfolio and intensify business partnerships.
San Francisco-based Perfect Day produces a range of flora-based (animal-free) dairy alternatives such as ice cream, and says in its mission statement that it aims to “create a whole new category of animal-free products.”
Since its foundation in 2014, Perfect Day has been developing and scaling a method for producing functional protein through the fermentation of microflora.
The firm claims that the proteins created in this process are identical to the proteins found in cow’s milk, imparting to food products the nutrition, texture, and taste of conventional dairy.
Both Temasek and Horizons Ventures also led Perfect Day’s Series B funding round earlier this year, and this latest funding round brings the total raised by the company to over $200 million.
Ryan Pandya, CEO and co-founder of Perfect Day said: “In 2019, we showed that our manufacturing process works robustly at commercial scale.
“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 commercialising the protein in multiple continents, through multiple partnerships spanning different dairy product categories.”
© FoodBev Media Ltd 2019