Temasek leads $24.7m round in US-based animal-free dairy firm Perfect Day

Photo: Perfect Day's Facebook page

Singapore’s Temasek has led a $24.7-million Series A round in California-headquartered Perfect Day, an animal-free dairy producer, marking yet another investment by the sovereign wealth fund in the emerging food tech space.

In a statement, Perfect Day said the fundraising was the largest Series A in the history of the sustainable food technology industry. Early backer Hong Kong-based venture capital firm Horizons Ventures also joined the funding round, along with Continental Grain (USA), Iconiq Capital (USA), Lion Ventures, Verus International, and others.

“The funding underscores that industry leaders and top global investors share the company’s vision for creating a future-proof source of nutrition and dairy delight for everyone in the world,” Perfect Day said.

Co-founder Perumal Gandhi added that the fresh funds will enable Perfect Day to grow its team, accelerate scale-up efforts, and ultimately commercialise with a wide variety of partners across the food and dairy sectors.

Founded in 2014, Perfect Day produces animal-free dairy proteins using a decades-old fermentation process. Its dairy proteins allow food manufacturers to formulate vegan/animal-free products with less reliance on starches, gums, and stabilizers.

A recent report released by the Farm Animal Investment Risk & Return (FAIRR) initiative showed that new vegetarian and vegan product launches increased by 140 per cent and 440 per cent, respectively, between 2012 and 2016 in Southeast Asia alone. The region, according to the report, is expected to post the highest compounded annual growth rate of 6.3 per cent between 2017 and 2025.

The investment in Perfect Day adds to Temasek’s portfolio of emerging food technology investments. Last year, the Singapore state-owned investment company led the $75-million funding round in Impossible Foods, the six-year-old California-based company known for its meatless burgers.

“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,” Perfect Day said.

Also Read:

Singapore’s Temasek leads $75m in Impossible Foods; Tmall invests $300m in Yiguo

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.