Singapore-based stem-cell milk startup TurtleTree Labs on Monday said it has completed a pre-seed round of capital raising led by Lever VC, with participation from Prince Khaled bin Alwaleed bin Talal Al Saud’s KBW Ventures and K2 Global.
“Their technology could be a serious disruptor in the global dairy industry,” said Nick Cooney, founder and managing partner at Lever VC, a U.S. and Hong Kong-based venture capital fund specializing in alternative protein investments.
TurtleTree, which claims to be the first company using animal mammary cells to create milk from animal cells, said it plans to use the funding to expand its scientific team and create more prototypes.
The company expects to launch its cultivated milk and breast milk products later this year, Max Rye, Turtletree’s chief strategist and co-founder, said in a statement Monday.
Other animal-less milk products are also under development, although they use different technologies.
Perfect Day uses microflora Trichoderma to copy the genetic code for whey and casein dairy proteins and produce what it calls animal-free milk which can be used to make products including cheese, yogurt and ice cream.
KBW Ventures typically invests in companies with transformative technology and the prospect of positive social impact; its investment portfolio ranges from early-stage ventures to established companies looking to expand into the Middle East.
K2 Global, founded by Singapore venture capitalist Ozi Amanat, invests in technology companies in their growth cycle, with previous investments including stakes in Spotify, Uber and Impossible Foods.
