BERKELEY, CALIF. – A series D funding round has added $350 million in funding for Perfect Day, Inc. to expand its business. The funding will be used to support current operations as well as create an “enterprise biology” arm of the company that will provide technology development services.
The latest funding round brings Perfect Day’s total to $750 million.
“We first got into the ingredient business because food companies, big and small, were eager to work with the ingredients we had successfully scaled,” said Perumal Gandhi, co-founder of Perfect Day. “Today, something analogous is happening on the technology side. There are innovators all over the world with ideas and ambitions similar to our animal-free milk protein, but need help getting there. We're standing up business models to be able to share our demonstrated capabilities in a way that maximizes upsides for all, yet ensures that Perfect Day remains at the forefront of our new industry.”
Investors participating in the latest funding round include Temasek,Canada Pension Plan Investment Board (CPP Investments), Horizons Ventures, Bob Iger, executive chairman and chairman of the board of The Walt Disney Company, and SK, Inc.
To support the company’s anticipated growth, Perfect Day has added several management-level positions during the past quarter. TM Narayan has been named chief of business operations; Allison Fowler has joined as chief marketing officer; Alex Brittain is senior vice president of international; and Chuck Thorn has been named vice president of finance.
The company also said it is preparing to launch its second food brand called Modern Kitchen. The first products available from the new brand will be animal-free cream cheese spreads featuring Perfect Day’s animal-free proteins.
The company’s first food brand is Brave Robot, an animal-free ice cream that currently has distribution in 5,000 grocery stores.