Animal-Free Dairy Brand Secures $300 Million Investment

Food tech startup Perfect Day has raised $300,000,000 through its latest investment round.

Last year, the company raised $140,000,000 during its Series C rounds – led by Horizons Ventures and Temasek – to help the company scale up and grow.

Vegan-friendly

Perfect Day makes vegan-friendly animal-free dairy using the same protein (casein and whey) that’s found in cow’s milk – but made without a single cow. Instead, it uses fermentation in microflora to create its product.

Last year, the company launched a limited run of 1,000 lab-grown ice-creams, with a hefty $20 per pint price tag, which sold out in less than 24-hours after its launch.

Building ‘real change’

“We never doubted we’d reach this point, we just didn’t expect to get here so quickly,” Ryan Pandya, co-founder, and CEO of Perfect Day told Business Wire.

“And, thanks to our world-class team and investors, we’re not planning to take our foot off the pedal anytime soon. The coronavirus pandemic has shown just how fragile our food system is. We’re committed to building real change that prioritizes diversity, agility, and resilience.”

‘Environmentally conscious options’

Leon Pedersen, Managing Director and Head of Thematic Investing at CPP Investments added: “Sustainable technologies like Perfect Day are poised to capture structural shifts in industrial practices, physical resources and consumer preferences for environmentally conscious options, which are well-suited to our long term investing approach.

“We look forward to building our partnership with the company and its management team.”