Stem-cell milk startup Turtletree completes pre-seed funding round

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.

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.