These funds further demonstrate the deep pockets of investors who are willing to support alternative proteins and food tech. The company said it has a strong roster of companies it is working with at SBF, which is already a profitable business. The animal-free dairy maker said it's using this facility and its expertise to expand into "enterprise biology," which it defined as providing development services to help startups scale their technology. Last summer, Perfect Day quietly took on ownership and operations of Utah State University's Synthetic Biomanufacturing Facility (SBF), located on the university's Innovation Campus in Logan, Utah.
The company also announced a program to help other companies in the tech space. Despite Modern Kitchen not being a direct Perfect Day product, its packaging will have the company's logo and information telling consumers more about the source of its proteins. Adding cream cheese to its portfolio will boost the company's visibility in another section of the grocery store and another daypart. The Urgent Company's Brave Robot ice cream brand is sold in 5,000 grocery stores nationwide, according to the company, and some ice cream lines from Smitten, Graeter's and Nick's are using the animal-free dairy. Perfect Day has started to deliver on that goal by making its products more widely available. "When we first started this almost eight years ago, we had the simple goal of creating a way to make dairy without animals," Pandya said in a written statement. "We quickly realized that we could maximize our positive impact for the planet and the global food system by applying our technology and know-how across the supply chain." Perfect Day makes its dairy proteins through precision fermentation, a process that involves encoding microbes with information to engineer a protein typically produced by an animal, and producing the protein in a fermentation tank. The non-animal dairy protein pioneer has been widely recognized for its ingredients' potential to shift the paradigm of where dairy proteins come from. In a year of mega-funding rounds for alternative proteins, it's not surprising that Perfect Day is clocking in with an amount that is tied for the largest single haul for a company in this space this year. At the Future Food-Tech conference this summer, Perfect Day Co-founder and CEO Ryan Pandya said cream cheese containing the company's proteins would be available later this year, with 20 other products joining in 2022. Perfect Day is the only company with animal-free dairy ingredients currently on the market, making its debut with ice cream in 2019.The Urgent Company said it will be available in select stores soon, and is available for pre-orders online. Its first launch is three varieties of animal-free cream cheese. Some of these funds will go towards Perfect Day's affiliated CPG company, The Urgent Company, which announced a new brand of animal-free dairy staples: Modern Kitchen.
It was co-led by previous investors Temasek and Canada Pension Plan Investment Board and included strong participation from Horizons Ventures, Bob Iger and SK Inc. The funds will be used to fuel the company's focus on biological science, ingredient innovation and consumer products.
#Its such a perfect day series
Animal-free dairy company Perfect Day raised $350 million in a Series D round, bringing its total funding to $750 million.
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