Perfect Day raises $350m in funding round

Animal-free dairy and food innovation company, Perfect Day, has announced that it has raised $350 million in a Series D funding round. 

The funding round, co-led by Temasek and Canada Pension Plan Investment Board (CPP Investments), aims to advance Perfect Day’s activities within the fields of biological engineering, ingredient innovation and consumer products. 

Long-term investors such as Horizons Ventures and Bob Iger also participated in the round. 

Perfect Day is a food tech start-up that developed a method for producing functional protein through the fermentation of microflora. The company claims that the proteins created in this process are identical to the proteins found in cow’s milk.

In 2019, the founders made a foray into consumer products through The Urgent Company (TUC), which is now a full-fledged part of the Perfect Day umbrella, and is set to launch a range of household dairy staples under its second brand: Modern Kitchen.

Meanwhile, Perfect Day is also helping companies to develop, scale and commercialise “next-generation products that…champion a path toward a sustainable future”.

Ryan Pandya, co-founder and CEO of Perfect Day, commented: “We’re a part of a new generation of leaders coming of age, armed with the world’s best science, systemic thinking, and compassion. We’ve seen it in lifesaving vaccines, and we’re about to see it in food. We’re proud of all our leaders – every single employee at Perfect Day, our partners and investors – and can’t wait for this next chapter.”

This recent round brings Perfect Day’s total funding to $750 million.

The announcement comes after Perfect Day joined forces with Nick’s to launch a ‘vegan dairy’ ice cream earlier this year.