This Futuristic Startup Could Disrupt The Dairy Industry
Berkeley-based startup Perfect Day just announced the completion of their $24.7 million dollar Series A round, making another strong statement for the cellular agriculture industry. While most of the other prominent cellular ag startups are focusing on meat (Memphis Meats, Super Meat, Mosa Meats), Perfect Day is focused on disrupting the dairy industry.
The round was lead by Temasek, the $275 billion dollar sovereign wealth fund in Singapore. Perfect Day hopes to tap Temasek’s network and accelerate commercialization with a wide variety of partners across the food and dairy sectors. Other prominent investors that joined the round were Horizons Ventures, alongside additional investments from Continental Grain (USA), Jeremy Coller (UK), Iconiq Capital (USA), Lion Ventures, Verus International, and others. This caps off a strong February for the ambitious startup, as they received their first patent for the use of animal-free dairy proteins in food applications earlier this month.
‘In the milk market, plant-based products, such as soy, rice and almond milk have grown to command 10% of the overall dairy market, while animal-based dairy products have stagnated. That demonstrates the growth potential for the likes of Perfect Day and the ‘sustainable protein’ sector as a whole.’ – Jeremy Coller
The company says the money from the recent round will be used to accelerate scale-up efforts, grow the existing team of 30 employees within it’s 17,000 square foot facility, and zero in on its commercialization potential.