TurtleTree Labs founders Max Rye and Fengru Lin
Biotech firm TurtleTree Labs has raised $3.2 million in a seed financing round, to accelerate the development of its cell-based milk operation.
The Singapore-based company has developed a proprietary technology that uses mammalian cells to produce milk, with no animal needed. The firm’s focus is on human breast milk followed by cow milk.
According to co-founder Max Rye, the capital raised in TurtleTree Labs’ latest financing round will be used to benefit its ‘scale up development’, bringing the company one step closer to commercialisation.
Investors included Green Monday Ventures, CPT Capital, Artesian, New Luna Ventures, and KBW Ventures, an asset management company which also participated in TurtleTree Labs’ pre-seed round.
Government agency Enterprise Singapore has also reportedly lent its support to the company in recent months.
“If the rapidly deteriorating climate change situation isn’t enough to convince the world, the pandemic surely hammers home the urgency that we need to overhaul the food system for the sake of public health, food safety, and food security,” said Green Monday Group founder, David Yeung.
“That explains why Green Monday Ventures is so excited to invest in and collaborate with TurtleTree Labs. We see immense possibilities in their biotech innovation platform, as well as enormous impact we can drive together.”
Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO of KBW Ventures, added: “We see the founding team’s commitment and the potential of this company and its technology as a winning combination.
“Now more than ever, people are waking up to the benefits of food technology and the massive positive implications of innovations in cellular agriculture.”
© FoodBev Media Ltd 2020