In Berkeley, California, animal-free milk protein producer Perfect Day has closed a $350 million Series D investment round. The company says it will use the funds to expand its focus across biological engineering, ingredient innovation, and consumer products.
The round, co-led by Temasek and Canada Pension Plan Investment Board (CPP Investments), included participation from Disney executive Bob Iger and brings the company’s total funding to $750 million.
“When we first started this almost eight years ago, we had the simple goal of creating a way to make dairy without animals,” says Ryan Pandya, co-founder and CEO, in a press statement. “We quickly realized that we could maximize our positive impact for the planet and the global food system by applying our technology and know-how across the supply chain.”
In 2016, the company expanded into selling protein to food companies, and in 2019, to selling proteins into consumer products. The company intends to expand its offerings into “enterprise biology,” providing technology development services.
Perfect Day’s flagship product, precision-fermented protein, launched in 2020. It can be used across a range of products to deliver the same taste and texture.