Perfect Day Foods, the startup making real dairy milk without the cow, has raised $24.7 million to commercialize—a move that could fundamentally change the dairy industry and end its negative environmental externalities.
Closing this massive Series A places Perfect Day among the best-funded early stages food tech startups ever.
Singapore state-owned investment firm Temasek led the round, followed by Horizons Ventures, Continental Grain, Iconiq Capital (USA), Lion Ventures, Verus International, and others. Perfect Day announced the funding news in tandem with news that it received its first patent for the use of animal-free dairy proteins in food production.
Taken together, these two events mean that Perfect Day now has more than the process to end our reliance on cows for dairy, it has the means and the connections within the food industry to do so.
Perfect Day’s process, which allows them to customize the ratio of milk proteins like whey and casein for specific functional purposes, is likely to find an initial market entry point within the ingredients market, from which it can expand to other complete dairy products such as cheese and ice cream.
As plant-based dairy products continue to eat up dairy milk’s market share, there’s reason to believe that Perfect Day’s approach could take the place of all conventional dairy in coming years. This is an exciting time to be involved in food innovation!
Stay tuned for more news from Perfect Day, and to learn more about GFI’s work to support the entrepreneurs and startups building a healthy, humane, and sustainable food supply, click here.