Food-tech company Perfect Day extends Series C round to $300m

US-based Animal-free dairy protein-make Perfect Day has secured $50m in additional funding to extend its Series C funding round to $300m.

The second tranche of funding in Series C round was led by Canada Pension Plan Investment Board (CPP Investments).

Perfect Day co-founder and CEO Ryan Pandya said: “We never doubted we’d reach this point, we just didn’t expect to get here so quickly.

“And, thanks to our world-class team and investors, we’re not planning to take our foot off the pedal anytime soon. The coronavirus pandemic has shown just how fragile our food system is. We’re committed to building real change that prioritises diversity, agility and resilience.”

Established in 2014, Perfect Day produces dairy proteins such as cheese, which are claimed to be completely animal-free.

The company further added that it has doubled its production capacity of its hallmark protein over the past several months.

CPP Investments Thematic Investing managing director and head Leon Pedersen said: “This marks the first investment into Thematic Investing’s new Climate Change Opportunities strategy, which will focus on innovative companies that are well-positioned to respond to the challenges posed by climate change.

“Sustainable technologies like Perfect Day are poised to capture structural shifts in industrial practices, physical resources and consumer preferences for environmentally conscious options, which are well-suited to our long-term investing approach.

“We look forward to building our partnership with the company and its management team.”

Additionally, the food-tech company is also planning to build a turnkey network of localised animal-free dairy protein producers and processors to eliminate avoid bottlenecks in the supply chain.

Last December, Perfect Day secured $140m in a Series C funding round to accelerate its business growth and expand commercial reach.

The third round of funding was led by Temasek, an investment company owned by the Government of Singapore.