BERKELEY, CALIF. — Perfect Day, a producer of animal-free dairy proteins, has closed a $140 million Series C funding round led by Temasek with significant contribution from existing investors. The start-up plans to expand production capacity, enhance partner opportunities and extend its product portfolio.
The recent round brings Perfect Day’s total funding to over $200 million.
“In 2019, we showed that our manufacturing process works robustly at commercial scale,” said Ryan Pandya, chief executive officer and co-founder of Perfect Day. “We were able to demonstrate with our ice cream launch — which sold out in a single day — that flora-based protein delivers on the dairy experience, and that people are excited about what we’re doing. Our focus in 2020 will be manufacturing and commercializing the protein in multiple continents, through multiple partnerships spanning different dairy product categories.”
Last year, Perfect Day announced a joint development agreement with Archer Daniels Midland Co. to optimize and scale the production of casein and whey using fermentation in microflora instead of farmed animals. Animal-free dairy proteins offer consumers a lactose-free, animal-free alternative to conventional dairy while providing a portfolio of nutritious, functional proteins with similar taste and nutrition profile of dairy proteins for a broad range of food and beverage applications, according to the company. The proteins are vegan, soy-free, gluten-free and lactose-free while providing the same nutritional benefits as traditional dairy proteins.
Founded in 2014, Perfect Day employs a team of chefs, food developers, scientists, engineers and marketers. Crafting dairy proteins without cows requires less energy consumption, land usage, greenhouse gas emissions and water consumption, according to the company.
Perfect Day said it will announce its first commercial partnerships early in 2020.