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Perfect Day

April 24, 2021

Food Tech News: Carbon-Negative Cutlery at Target, Upcycled Food Label Launches

Welcome to your weekly Food Tech News round-up! Many companies in the food tech space made efforts to honor Earth Day, so this week all of our news is relevant to sustainability. We have stories on AirCarbon cutlery launching in Target, a new upcycled food certification, BlueNalu’s essay contest, and Perfect Day’s new advisory council.

Restore AirCarbon Cutlery launches in Target nationwide

Newlight Technologies‘ brand Restore produces carbon-negative cutlery from its proprietary material called AirCarbon. At the beginning of this week, the cutlery launched in Target locations nationwide. The cutlery is carbon-negative because its created from biodegradable plastic made from absorbed greenhouse gases. The straws and cutlery are dishwasher safe and, if disposed of, will decompose in a landfill. A 24-piece pack of wrapped straws costs $2.99 and a three-piece cutlery pack with a natural fiber carrying case costs $4.99. The products are available on Target’s website and in stores.

Upcycled food label officially debuts

Vegan, organic, non-GMO, and gluten-free food labels exist, and now a label exists for products comprised of upcycled food ingredients. The Upcycled Food Association officially launched the “Upcycled Certified” label this week. The certification can be used to signify if food, beverages, pet food, dietary supplements, cosmetics, or household cleaners contain upcycled food ingredients. The organization defines upcycled food as essentially any food using ingredients that otherwise would not have gone to human consumption and ended up in a food waste destination. The organization’s goal with the newly debuted certification is to empower consumers to make climate friendly purchases through upcycled food products.

BlueNalu announces scholarship winners

BlueNalu, producers of cell-based seafood, held a contest called the Eat Blue Essay Contest in collaboration with the Research Chefs Association (RCA). The point of the contest was to prompt discussion around sustainable seafood and ocean conservation goals set forth by the United Nations Sustainable Development Goals. Culinary students of RCA from around the world were encouraged to submit essays. This week the three finalists were announced, and the essays can be read on the Eat Blue website. BlueNalu is awarding the finalists with scholarships to support educational expenses.

Perfect Day forms advisory board

Berkley, California-based Perfect Day, pioneers in fermented animal-free dairy, announced this week that it has formed a Sustainability & Health Advisory Council. The advisory board includes former Agriculture Secretary Ann Veneman, cardiologist Dariush Mozaffarian, Leonardo Di Caprio, and several other leaders in the food, agriculture, and nutrition space. The council members will help guide Perfect Day on decisions regarding health and the environment. Perfect Day recently commissioned a comprehensive Life Cycle Assessment to evaluate the environmental impact of its non-animal whey protein, and the report found that it generates at least 85 percent and up to 97 percent fewer greenhouse gas emissions than conventional production methods.

December 21, 2020

Perfect Day Is the Latest Alt-Protein Company to Head to Singapore

Alternative-protein company Perfect Day has signed an agreement with Singapore’s Agency of Science, Technology, and Research (A*Star) to build out a research and development lab in the city-state, according to an article today from The Straits Times. 

The facility, slated to open in April 2021, will be used to further develop Perfect Day’s processes for its flora-based dairy products that are made via yeast-fermentation and include items like ice cream, cheese, and milk. According to a statement from Perfect Day, the joint lab with A*Star will focus on “developing analytical systems that will be critical for ensuring the accuracy, specificity, and consistency of Perfect Day’s fermentation processes and protein ingredients.”

The added R&D efforts will aid San Francisco Bay Area-based Perfect Day’s global production. But Perfect Day also said it would hire and train researchers, scientists, and engineers in Singapore to further the local development of the company’s microflora protein. Perfect Day cofounder Perumal Gandhi told The Straights Times that its Singapore workforce “will be about 10 per cent of its headcount in the near term.”

Singapore makes for an obvious choice when it comes to further developing the possibilities of alternative protein. Until now, the city-state has historically imported 90 percent of its food supplies. That changed when the pandemic threw a big glaring light on the inherent precariousness of the global food supply chain. Over the last year Singapore’s government has been pumping millions into food tech innovation as part of its 30×30 initiative, which aims to get 30 percent of all Singapore’s food produced locally by 2030.

Those factors mean the city-state is a welcoming environment when it comes to new ideas about where to get our protein sources outside of the animal. And since so much of Singapore’s food supplies have to date been imported, there is less pushback from established Big Meat and Big Dairy companies and, theoretically at least, fewer constraints to pass through before a company is able to get regulatory approval.

Another alt-protein company, Eat Just, echoed those points over the weekend when it made the world’s first-ever sale of a cultured meat product at a restaurant in Singapore this past weekend (after getting the world’s first regulatory approval for cultured meat). The company has also, with Proterra, said it would invest $100 million into a plant-based protein factory in Singapore. Earlier in 2020, Swiss companies Buhler and Givaudan announced a joint “innovation center” for plant-based foods. Meanwhile, local player Shiok Meats is building a commercial pilot plant.  

As the above company names suggest, the bulk of the activity around alt-protein so far in Singapore has been on meat products. Perfect Day’s forthcoming facility should pave the way for other alt-dairy focused companies to also establish a presence in Singapore, furthering global innovation in the process.

December 17, 2020

Better Dairy Raises £1.6M for Animal-Free Dairy Production

U.K.-based startup Better Dairy announced today it has raised £1.6 million (~$2.1 million USD) in seed funding for its animal-free dairy production. As first reported by TechCrunch, the round was led by Happiness Capital with participation from CPT Capital, Stray Dog Capital, Veg Capital, and undisclosed angel investors. 

Better Dairy says it will use the funding to increase R&D efforts of its animal-free dairy production, which uses yeast fermentation and biology to produce dairy products that are “molecularly identical” to dairy made from animals. Speaking to TC, Better Dairy cofounder Jevan Nagarajah likened the process to beer brewing, with the end result being “large vats of dairy instead of beer.”

The company has produced its first lab samples. The big challenge, Nagarajah said, will be scaling up manufacturing capabilities in order to create a product that has price parity with traditional dairy. 

That’s a challenge a growing number of companies are tackling right now. But while there are plenty of plant-based options available right now (and relatively comparable in price to traditional dairy), 2020 has also surfaced a number of companies making dairy in the lab. Perfect Day, which uses fermentation to make animal-free dairy microbes, is probably the most well-known name at this point in that area. The company already has a product, Brave Robot Ice Cream, in the market via its Urgent Company imprint. Remilk, which just raised $11.3 million, is based in Israel and also uses microbial fermentation to make cow’s milk without the cow.

For its part, Better Dairy hopes to commercialize its first products by early 2022. Longer term, the company has big plans for food products outside of dairy.

December 10, 2020

Remilk Raises $11.3 Million for its Microbial Fermented, Animal-Free Dairy

Remilk, an Israeli startup that makes animal-free dairy, announced yesterday that it has raised $11.3 million in Series A funding (hat tip to CTech). The round was led by fresh.fund, with participation from CPT Capital, ourCrowd, ProVeg, Hochland, Tnuva and Tempo.

Remilk creates its non-dairy dairy through a process of microbial fermentation. The result is the production of real milk proteins that the company says creates milk that is identical to cow’s milk without the need for any actual cows.

If this sounds familiar, that’s because microbial fermentation is the same process Perfect Day uses to create its own animal-free dairy proteins. Perfect Day, however has been around since 2014, raised $361 million, got FDA approval for its whey-free protein, and has its product to market through the Brave Robot ice cream brand.

Fermentation is a hot topic in food tech these days. In September, the Good Food Institute issued a report calling fermentation the third pillar of alternative protein. As we wrote at the time:

In the last five years there’s been a “Cambrian explosion” of companies in this segment, Nate Crosser, start-up growth specialist at GFI and author of the report, told me in an interview this week. By mid-2020 there were 44 fermentation companies globally working on alternative proteins, up from 23 companies in 2018.

Some of those companies include Change Foods, which is making animal-free cheese through fermentation, and a company called Melibo,which is using precision fermentation to create honey without the bees.

In addition to being a part of the fermentation trend, Remilk is also among a wave a food tech startups coming out of Israel. Companies there are doing really innovative things with plant, and cell-based meat (and chicken) as well as kitchen robotics.

September 9, 2020

Chile’s NotCo Raises $85M to Bring Its Plant-based Proteins to the U.S.

NotCo, a Chilean food tech company known for its alternative protein products, announced today it has closed an $85 million Series C round. The round was led by Future Positive, L Catterton Partners, and General Catalyst. Existing investors include Kaszek Ventures, The Craftory, Bezos Expedition, Endeavor Catalyst, Indie Bio, Humbolt Capital and Maya Capital.

The new funds come as NotCo plans to scale its operations and expand internationally, starting with a move into the U.S. The company said in today’s press release that it is evaluating both retail and restaurant partnerships in the States.

Rather than focus on a single food category, NotCo is developing meat, dairy, and egg alternatives at the same time. The company currently has its NotMilk, NotBurger, NotIceCream, and NotMay in stores around Chile, Brazil, Argentina. It also has deals with Burger King and Papa John’s in Chile. 

To make its plant-based protein products, NotCo uses artificial intelligence to match animal proteins with their ideal plant replacement, pulling from a library of thousands of plant profiles the company has stored up. The idea is to make combinations of plants that will most closely mimc not just the taste of meat or dairy but also the texture, smell, and mouthfeel, among other factors.

This approach has made NotCo one of the biggest players in plant-based protein in Latin America. However, an expansion to the U.S. means NotCo will have to compete with some serious competition in an already crowded alternative protein space that includes some of the industry’s biggest names: Beyond and Impossible in the plant-based meat sector, Eat JUST for eggs, and Perfect Day for dairy. 

International expansion, whether to the U.S. or from it, is a major development in the alternative protein space of late. Beyond, Impossible, and Eat JUST have all announced plans to move into other markets, including Canada and China. Those expansions make sense, given the amount of cash flowing into the sector. The entire alternative protein category has seen an enormous amount of investment in 2020: over $1.1 billion so far, with more than $907 million of that going to plant-based protein.

For its own expansion, NotCo co-founders, Matias Muchnick (CEO) and Karim Pichara (CTO), will be based in the U.S. The company said in a recent interview that it wants to be a $300 million company by 2024, with 70 percent of that business in the U.S.

August 2, 2020

We Tasted Brave Robot, The Ice Cream Made From Animal-Free Dairy

Last month when the founders of Perfect Day announced they’d launched a spinout called The Urgent Company to create science-forward food products that are earth-friendly, I got an email asking me if I’d like to try their first product: Brave Robot ice cream.

I figured why not? While I may not be a professional ice cream critic, the hundreds of gallons I’d logged in my life solidly place me in the ice cream enthusiast category.

In case you’re not familiar with the concept of animal-free dairy, here’s how Catherine Lamb described Perfect Day’s dairy, which is the same formula used in the new Brave Robot line up:

Perfect Day makes its dairy by genetically modifying microflora to produce the two main proteins in milk: casein and whey. They combine the dried proteins with plant fats, water, vitamins and minerals to make a lactose-free product that has the same properties — taste, consistency, and nutritional breakdown — of milk.

A few days later, the flavor lineup that landed on my doorstep was as follows: Vanilla, Buttery Pecan, PB ‘N Fudge, and Hazelnut Chocolate Chunk. I immediately got to “work”.

Any combo of peanut butter and chocolate usually can’t miss, so that’s where I started. It didn’t disappoint. The thick veins of fudge and peanut butter were as yummy as they sound, and maybe more importantly, the science-forward ice cream didn’t taste weird, or well, science-y, at all.

A scoop of Brave Robot vanilla

The other flavors were just as tasty. The nutty flavor of Hazelnut with big chocolate chunks was my son’s favorite, and my wife liked the crunchy Butter Pecan. Vanilla was vanilla, but in a good way.

After trying all four, I can say all were smooth and creamy, flavorful and, most importantly, tasted just like dairy-based ice cream. I’ve had lots of plant-based ice cream, and while most taste pretty good (if you’re ever in Seattle, I’d strongly recommend Frankie & Jo’s coconut milk ice cream), none had ever fooled my taste buds into thinking they weren’t made with dairy. Not so with Brave Robot.

My family all liked Brave Robot too, but unlike me, they didn’t care as much about the impressive science behind it. Sure, I tried to explain to them how it had the same proteins found in dairy but without the downsides of milk (like lactose), but they just nodded, said ‘huh’, and spooned more into their mouth. To them, it was just good ice cream.

And I suppose that’s the point.

July 15, 2020

Perfect Day Founders Set Up The Urgent Company, Launch Brave Robot Ice Cream

You would think that raising more that $360 million to magically transform yeast microbes into realistic (and delicious) dairy-like products would be enough for Perfect Day Co-Founders Ryan Pandya and Perumal Gandhi. But you’d be wrong, evidently.

TechCrunch was first to report that Pandya and Gandhi have teamed up with Paul Kollesoff to launch The Urgent Company, a new umbrella company that is, according to the new company’s website, “… in the business of using science, engineering, technology, social awareness and some common sense, to create safe, natural, healthy and delicious consumer products which support a more verdant planet.”

The Urgent Company’s first product is Brave Robot ice cream, which will use Perfect Day’s flora-based protein in flavors like Vanilla, A Lot of Chocolate, and Raspberry White Truffle. Initially available in California before rolling out nationally, pints of Brave Robot ice cream will sell for $5.99.

But according to the TechCrunch piece, not all of The Urgent Company’s brands will use Perfect Day’s proteins. The company is looking to create products using the latest technology in plant-based ingredients, modified proteins (outside of Perfect Day’s), as well as more sustainable packaging solutions.

You should read the TechCrunch piece for the full background on how The Urgent Company came together. The story didn’t mention how much money Pandya and Gandhi are directing towards the endeavor, but with just eight full-time employees, Urgent seems to be running a lean operation.

For what it’s worth, this is Perfect Day’s third trip to the ice cream parlor. The company launched its own brand of flora-based ice cream last year that was available for a limited time. In May of this year, Perfect Day partnered with San Francisco ice creamery, Smitten, for line of ice creams under that brand.

July 8, 2020

Perfect Day Expands Series C Round to $300M for its Flora-based Dairy

Perfect Day, which creates animal-free, flora-based dairy products, announced today that it has expanded its Series C fundraise to $300 million. The new tranche is led by Canada Pension Plan Investment Board and follows the $140 million C round that initially closed in December of 2019. This brings the total amount raised by the company to roughly $360 million.

Perfect Day recreates milk-like proteins through a process of yeast fermentation. As we wrote previously:

The protein is created by fermenting a genetically modified strain of the yeast Trichoderma reesei. Said yeast is submerged in media, where it ferments and excretes the β-lactoglobulin protein. The whole solution is then put through a centrifuge to separate out the protein, which is then filtered and dried to create a raw product. Add fat and water, and you’ve got something that’s essentially animal-free milk — and can be used to make ice cream, cheese, and basically anything that contains dairy.

In April, the U.S. Food and Drug Administration granted approval of Perfect Day’s β-lactoglobulin protein, which the agency found to be Generally Recognized As Safe. In the letter designating the GRAS status, the FDA wrote that it “concludes that the protein characterization data shows that the sequence of β-lactoglobulin produced by fermentation is identical to commercially available bovine-produced β-lactoglobulin.”

Perfect Day’s technology is coming at a time when the global pandemic has highlighted inefficiencies in the global food supply chain. When restaurants and schools were forced to close, traditional dairies lost those customers and began dumping millions of gallons of milk down the drain. Perfect Day’s technology is more akin to a factory, so it is able to ratchet production up or down depending on demand.

Perfect Day products are already starting to appear in the market. In May of this year, the company started working with San Francisco-based Smitten Ice Cream to make a line of flora-based ice creams. (We really liked it.) Hopefully with this new funding, the company can quickly expand production and its footprint.

May 8, 2020

Perfect Day’s Ice Cream, Made with Animal-Free Dairy, Debuts in SF

Perfect Day, the company which uses fermentation to make animal-free dairy from microbes, announced its first official retail partner today. The startup is working with Smitten Ice Cream in the Bay Area to create a line of ice creams — dubbed Smitten N’Ice Cream — featuring Perfect Day’s fermented protein. Perfect Day provides the flora-based dairy base, while Smitten develops the flavors and churns the pints.

N’Ice Cream is available in four flavors: Brown Sugar Chocolate, Fresh Strawberry, Root Beer Float and Coconut Pecan. Those in the Bay Area can do a socially distanced pick up of Smitten N’Ice Cream pints from Smitten Ice Cream stores for $12 each, or order them for delivery for $13. Consumers on the West Coast can also pre-order a four-pint bundle of N’Ice Cream for delivery. Orders will ship on May 15 and cost $52.00 plus shipping.

You might recall that Perfect Day has already tested its flora-based dairy in ice cream. Last July, the company did a limited-edition sale of 3,000 pints available through its website and sold out.

I was lucky enough to sample Perfect Day’s flora-based ice cream last year and thought it was nearly indistinguishable from the real thing. One thing I was curious about at the time was labeling. What language would Perfect Day use to communicate that its dairy was animal-free but made from microbes, not plants?

At least with the N’Ice Cream partnerships, they’ve decided to add “Perfect Day clean-label base” to the ingredient list of each co-branded. The pints are also labeled “vegan” and “lactose-free.”

One thing has changed from Perfect Day’s launch last year: its price point. Last year’s limited-edition ice cream cost $60 for three pints (plus almost double that for shipping). At $12 a pint, their new price point is much more reasonable, and on par with some of the fancier vegan ice creams on the market. The lower price could be because Perfect Day teamed up with Smitten to actually produce and package the ice cream, instead of doing it all themselves.

The N’Ice Cream launch comes just a few weeks after the FDA officially approved Perfect Day’s flora-based protein as GRAS (Generally Recognized As Safe). When I spoke with Perfect Day co-founder Ryan Pandya after the news broke, he told me that the company had “numerous product launches” coming up with partners “across different product categories and channels.” He also noted that COVID-19 had not dramatically altered any of these timelines.

Add to that Perfect Day’s $200 million in funding, and my guess is that we’ll be seeing flora-based dairy show up in a lot more than just ice cream very soon.

April 15, 2020

FDA Approves Perfect Day’s Animal-Free Whey Protein as Safe to Eat

Perfect Day, the startup using fermentation to create animal-free dairy proteins, has officially received approval for its proprietary whey protein from the Food and Drug Administration (FDA). In a letter, the FDA writes that it has “no questions” that β-lactoglobulin — Perfect Day’s proprietary protein for its flora-based products — is Generally Recognized As Safe (GRAS).

Perfect Day submitted the notice to approve β-lactoglobulin to the FDA on May 20, 2019, so it’s taken roughly 10 months for the FDA to officially approve it. The protein is created by fermenting a genetically modified strain of the yeast Trichoderma reesei. Said yeast is submerged in media, where it ferments and excretes the β-lactoglobulin protein. The whole solution is then put through a centrifuge to separate out the protein, which is then filtered and dried to create a raw product. Add fat and water, and you’ve got something that’s essentially animal-free milk — and can be used to make ice cream, cheese, and basically anything that contains dairy.

In the FDA letter, Perfect Day plants an important stake in the ground. The company “concludes that the protein characterization data shows that the sequence of β-lactoglobulin produced by fermentation is identical to commercially available bovine-produced β-lactoglobulin.”

In short, Perfect Day claims that its flora-based milk is essentially the same thing as the milk from a cow you’d buy in the store. The FDA backs that up — at least to some extent — when states in the letter that β-lactoglobulin needs the same allergy labeling as milk. It is, at least for those with dairy allergies, the same thing.

The FDA hasn’t approved Perfect Day to sell its protein willy-nilly. The letter explicitly states that the β-lactoglobulin protein is “not intended for use in infant formula or in products subject to regulation by the United States Department of Agriculture.” But Perfect Day is free to sell its flora-based dairy protein to larger CPG companies to make animal-free products, as it had planned to do all along.

According to Ryan Pandya, Perfect Day’s CEO, this GRAS certification hasn’t affected their go-to-market timeline one way or another. He wrote to me that “we were expecting to secure the certification,” and had essentially been preceding under the assumption that it would be granted. Since the FDA has already approved fermented ingredients to replace animal products in the past — like Impossible Food’s blood-like heme — it’s not a reach that Perfect Day’s dairy proteins are considered GRAS.

Waiting for the GRAS letter may not have been holding up Perfect Day’s plans, but COVID-19 could still wreak havoc on their timeline. Pandya didn’t reveal any specifics about the pandemic’s effects, only noting that they are “adjusting our plans as needed.”

Perfect Day released its first product — animal-free ice cream — last year and plans to announce its first commercial partnerships in early 2020 (as in, any day now).

December 12, 2019

Future Food: Are We Okay with Breast Milk Grown in a Lab?

This is the web version of our weekly Future Food newsletter. Subscribe to get the most important news about alternate and plant-based foods directly in your inbox!

“Wait, human milk?”

I thought I’d misheard the two of the co-founders of TurtleTree Labs, a Singaporean company that creates milk from lactating mammary gland cells, as they described their product line.

But I had not. “Yep, any kind of milk,” said their CTO Max Rye. That encompasses everything from the usual suspects like cow to more niche products like sheep, goat, or even human breast milk.

In fact, TurtleTree’s first product — which they’ll be taste testing in early 2020 — will be milk made from human mammary gland cells. They chose breast milk because it will allow them to enter the market at a higher price. Right now a liter of any of their cell-based milk (any kind) costs just under $200. That’s incredibly steep compared to plant-based dairy, but on par with Prolacta, a service that pasteurizes and resells human milk to feed newborn babies in hospitals.

As a company, TurtleTree is remarkable for a few reasons. Firstly, as far as I know, it’s the first company to make cell-based milk. Perfect Day and New Culture are using a type of fermentation to create milk proteins, while plenty of others rely on plants to imitate dairy’s creaminess. TurtleTree, however, is using cellular agriculture to grow the milk directly, cutting out the middleman.

Two — they are making human milk. It’s a polarizing concept; everyone I’ve spoken to about it so far was pretty grossed out by the idea. Consumers are getting used to the idea of eating meat grown in a lab, but they might not be as open to a lab-grown alternative of something that’s typically made by humans. Especially something meant to be fed to babies.

It’s early days in the cellular agriculture field. And though I haven’t experienced it myself, I know that nursing children can be a frustrating, painful and difficult process for many women. As the idea of consuming cell-based foods becomes more accepted, I wouldn’t be surprised if the idea of cell-based baby milk becomes less polarizing, too.

If a startup tells me it’s working on human meat though? That one might be a bridge too far.

A plant-based burger from Upton’s Naturals

Put a label on it
This week the Plant Based Foods Association (PBFA) released the first standard for the labeling of plant-based meats. Basically, its goal is to create a consistent labeling protocol across the entire alternative meat industry. The standard says that alternative meat companies can use meat terms in on their labels — sausage, chicken, etc. — as long as they include appropriate qualifiers, like “vegan” or “plant-based.”

The PBFA’s new standard is clearly in response to recent legal battles meant to make it impossible for companies to use terms like “burger” or even “meat” when labeling their product, even if they make it clear that it does not, in fact, include meat.

So far, over a dozen states have passed meat labeling restriction laws. But the PBFA and others are fighting back. Just a few months ago PBFA member company Upton’s Naturals won a victory against the state of Mississippi, which was trying to regulate plant-based meat labeling language.

Clearly, the PBFA is hoping that by setting out a universal standard for alternative meat labeling will help the entire industry as they fight for their right to use basic language like “burger” and “sausage.” We’ll see if that will be enough to deter Big Meat.

Photo: Perfect Day

Big funding for animal-free meat & milk
Two startups creating animal-free products announced some major new funding this week.

First, Meatable, a Dutch cultured meat company, let fly that it had raised $10 million. A few days later Perfect Day, a startup developing animal-free dairy using genetically engineered microbes, announced a whopping $140 million Series C.

Obviously the Perfect Day funding is far more significant, at least in terms of numbers. But it also makes sense: Perfect Day has already brought its first product — flora-based ice cream — to market. Meatable has yet to publicly share a prototype.

When I spoke with Perfect Day co-founders Perumal Gandhi and Ryan Pandya about their Series C, they told me that this is just the start of a series of upcoming announcements. “We’ve got lots coming up,” Pandya said. “Q1 [of 2020] is going to have to have really juicy stuff.”

I can’t wait to find out just what that “juicy stuff” could entail (flora-based cheese, please?). In fact, I expect to see a lot more meaty (lol) funding announcements coming into the alternative protein space over the next few months, especially in emerging fields like flora- and cell-based foods. 2020 is going to be an interesting one.

Photo: Siggi’s new plant-based yogurt.

Protein ’round the web

  • Icelandic yogurt company Siggi’s launched a new plant-based line with high protein and low sugar.
  • Nutriati, a company that makes plant protein ingredients, announced that it had raised a $12.7 million Series C.
  • Beyond Beef is hitting shelves in Canada (via VegNews).
  • Apparently McDonald’s could be selling more than 250 million of its plant-based PLT’s if it expanded them into its U.S. stores (h/t RestaurantDive)
  • Motif FoodWorks is partnering with the University of Queensland to research ways to make better textures in meat alternatives.

Eat well,
Catherine

December 11, 2019

Perfect Day Closes $140M Series C to Expand Animal-Free Dairy Production

Perfect Day, a startup producing animal-free dairy using microbes, today announced it has closed a $140 million Series C funding round. The round was led by Temasek with participation from past investors.

This more than doubles the total amount of funding for the Berkeley-based startup, which raised a $34.8 million Series B earlier this year. Its total money raised is now $201.5 million.

Perfect Day uses genetically engineered microbes to ferment the protein building blocks of dairy, like casein and whey. It then combines them with fat and water to create milk that’s genetically identical to the real thing. Since it’s neither made from plants (plant-based) or grown from animal tissue (cell-based), the startup has coined a new term for its products: flora-based.

Perfect Day will use its new funds to accelerate growth by upping its production capacity, deepening partnerships and developing new products. “We’re trying to scale the supply chain and bring this to the world in a big way,” co-founder and CEO Ryan Pandya told me over the phone last week. Their goal is to be making thousands of metric tons of the proteins by 2022 (right now they’re making tens of tons). The company currently works with food giant ADM to help manufacture its dairy proteins in larger quantities.

Photo: Perfect Day

It also debuted its first product earlier this year: a limited line of ice creams made with Perfect Day’s flora-based milk. (I tried them, they were delicious.) Based on photos sent to us by the company, Perfect Day has also developed animal-free cream cheese, feta, and cheese spread, in addition to straight-up milk.

Though its first product was branded by and sold by Perfect Day, the startup actually plans to sell its dairy B2B to large food companies. We won’t have to wait too long to find out whom that will be — Perfect Day will announce its first commercial partnerships early in 2020. The company is also developing animal-free milk fat which will allow it to create a wider range of flora-based dairy products using only its fermentation technology.

The flora-based dairy space is quite young (the only other player is New Culture). Once Perfect Day uses its sizeable hunk of new funding to scale up and establish a few big-name partnerships, however, flora-based dairy might not be such a niche anymore.

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