Perfect Day, a California-based food-technology startup, raised USD 350 million in a Series D round co-led by Temasek and Canada Pension Plan Investment Board (CPP Investments) on 29 September 2021.
Investors: Temasek and Canada Pension Plan Investment Board (CPP Investment) co-led the latest round of funding with participation from Horizons Ventures, Bob Iger, and SK, Inc.
The Objectives behind the funding: The company plans to deploy current proceeds to debut The Modern Kitchen brand, expand into enterprise biology and strengthen its existing operations.
About Perfect Day
Founded in 2014 by bioengineers Ryan Pandya and Perumal Gandhi, Perfect Day manufactures milk protein that is nutritionally identical to protein from cow’s milk but made using flora fermentation instead of animals. The startup is on a mission to empower people to enjoy dairy foods with delicious taste and luscious texture while making the world a kinder, greener place through the clever use of biology. In 2020, the company debuted the world’s first precision-fermented protein. An ISO-compliant, third-party reviewed life cycle assessment (LCA) observe that Perfect Day’s whey protein decreases blue water utilisation by up to 99%, greenhouse gas (GHG) emissions by up to 97%, and non-renewable energy usage by up to 60%, compared to conventional production methods.
What the Founder has to say:
“When we first started this almost eight years ago, we had the simple goal of creating a way to make dairy without animals,” explained Ryan Pandya, co-founder and CEO. “We quickly realised that we could maximise our positive impact for the planet and the global food system by applying our technology and know-how across the supply chain.” “We’re a part of a new generation of leaders coming of age, armed with the world’s best science, systemic thinking, and compassion,” said Pandya. “We’ve seen it in lifesaving vaccines, and we’re about to see it in food. We’re proud of all our leaders – every single employee at Perfect Day, our partners and investors – and can’t wait for this next chapter.”
“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, Perfect Day co-founder. “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 maximises upsides for all, yet ensures that Perfect Day remains at the forefront of our new industry.”
What the Investor has to say:
“I’ve been so impressed by what Perfect Day has done in such a short time,” said Bob Iger, Executive Chairman and Chairman of the Board, The Walt Disney Company. “I look forward to continuing to be part of their journey.”
The global plant protein industry is projected to reach USD 15.6 billion in 2026. The market has encountered significant growth on account of rising awareness of health, wellness and sustainability globally, in similar lines “Right to Protein”, an awareness programme launched in India. COVID-19 also highlighted that over 70% of emerging infectious disease (EID) and transmission of pathogens are from animals.
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