BERKELEY, Calif., Feb. 27, 2018 /PRNewswire/ -- Perfect Day, a global leader in the science, research and production of animal-free dairy, has raised US$24.7M in funding and received its first patent for the use of animal-free dairy proteins in food applications.
The raise signifies the largest Series A in the history of the emerging food tech space. For Perfect Day, it underscores that industry leaders and top global investors share their vision for creating a future-proof source of nutrition and dairy delight for everyone in the world.
Commenting on the successful Series A raise, co-founder Perumal Gandhi said, "This funding will enable the Company to grow the team, accelerate scale-up efforts, and ultimately, commercialize with a wide variety of partners across the food and dairy sectors."
- The Series A raise was led by Temasek, a Singapore state-owned investment company. Temasek's investment in Perfect Day aligns with the firm's belief that collective action is needed to achieve the United Nations Sustainable Development Goals by 2030.
- Horizons Ventures, a Hong Kong based Venture Capital Company, who were the first backers of Perfect Day , continued their support and participated $6 million in the round, alongside additional investments from influential food industry players including Continental Grain (USA), Iconiq Capital (USA), Lion Ventures, Verus International, and others.
- Earlier this month, Perfect Day received its first patent for the use of animal-free dairy proteins in food applications, and given the VCs' relationships with some of the largest food and beverage companies and brands in the world, this investment will help Perfect Day to bring animal-free protein to the market through collaborations with a wide variety of brands.
- Perfect Day is also proud to announce the appointment of Henk Hoogenkamp as our senior advisor strategic development. Henk's worldwide reach in both plant and dairy protein applications will help the Company accelerate the path to market for premium dairy protein ingredients.
Co-founder and CEO Ryan Pandya said, "This round brings us closer to our goal: to provide dairy for everyone in a sustainable way. Thanks to the commitment and trust of our investors, we are in a better position than ever before to achieve the impact that motivates us."
About Perfect Day
Founded in 2014, Perfect Day is creating a more secure, environmentally friendly and nutritious source of protein – without the use of animals.
Through a familiar decades-old fermentation process, Perfect Day produces animal-free dairy proteins with the same high-quality nutritional profile and unparalleled food functionality of the proteins found in cow's milk, without the downsides of traditional milk protein production such as high release of methane, high feed:yield conversion, hormone and antibiotic residues and clean water depletion.
Perfect Day dairy proteins are sustainable, vegan, and lactose-free and provide the nutrition, delicious taste, texture and functionality of milk proteins when used in foods and dairy products. Most importantly, they allow food manufacturers to formulate vegan/animal-free products with less reliance on starches, gums, and stabilizers.
Perfect Day's mission is to help people enjoy the dairy food they love, while leaving a kinder footprint on the planet. We offer breakthrough animal-free dairy solutions that provide the nutritional and culinary benefits of traditional dairy proteins – all without compromising on taste. In partnership with the food industry, our goal is to use technology to develop creative solutions to common problems. We want to support the evolution of our food system by creating a more secure, environmentally friendly, high-quality source of protein for generations to come.
For more information visit: www.perfectdayfoods.com and join the Moo-vement with @perfectdayfoods on Twitter and Facebook.
SOURCE Perfect Day