US-based animal-free dairy protein manufacturer Perfect Day has secured $24.7m in series A funding from investors including agribusiness Continental Grain.
The round was led by Singaporean state-owned investment firm Temasek and included multi-family office Iconiq Capital, investment firm Lion Ventures and private equity firm Verus International as well as unnamed additional backers.
Founded in 2014 as Muufri, Perfect Day is working on animal-free dairy proteins that offer the same nutritional benefits and taste as cow’s milk.
The product is intended to be sustainable, vegan and lactose-free, and allows food producers to rely less on starches, gums and stabilisers.
The investment will enable Perfect Day to hire additional staff, scale operations and bring its product to market through partnerships with established food brands.
Perfect Day had raised approximately $2m in funding in 2014 according to a regulatory filing, with Horizons Ventures identified as a seed investor in the latest press release.
Ryan Pandya, co-founder and chief executive of Perfect Day, said: “This round brings us closer to our goal: to provide dairy for everyone in a sustainable way.
“Thanks to the commitment and trust of our investors, we are in a better position than ever before to achieve the impact that motivates us.”