Perfect Day Extends Series C Round to $300M

Animal-free dairy protein-maker Perfect Day has extended its Series C funding round to $300 million, the company announced Wednesday.

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The company initially raised $140 million for its Series C in December 2019 in a round led by Temasek Holdings. The Canada Pension Plan Investment Board led the extension of the Series C, per a company statement.

Perfect Day makes dairy proteins whey and casein, but without the involvement of animals. The company takes milk’s essential genes and adds them to microflora, according to Perfect Day’s website. The flora uses fermentation to convert the plant sugar into whey and casein, which can be used for foods like ice cream, butter and cheese.

Because Perfect Day doesn’t rely on animals, it can avoid common supply issues. The company says it can increase and decrease production to match demand, according to a statement. It’s planning on starting a network of local animal-free dairy protein producers and processors to further avoid supply chain issues. And the foods made with Perfect Day’s protein, like Smitten N’Ice Cream, are lactose-free, vegan and hormone-free.

The company, which is based in Berkeley, California, doesn’t plan on slowing growth anytime soon, CEO Ryan Pandya said in a statement.

“The coronavirus pandemic has shown just how fragile our food system is. We’re committed to building real change that prioritizes diversity, agility, and resilience,” he said

Perfect Day is among a growing number of companies looking to replace animals in the food chain. Perhaps most notably in that category are Beyond Meat and Impossible Foods, which make plant-based alternatives to meat.

Prior to the Series C, Perfect Day raised a $34.8 million Series B led by Horizons Ventures and Temasek in February 2019. It raised a $24.7 million Series A in February 2018 led by Temasek, and seed rounds in 2014, according to Crunchbase.

Illustration: Li-Anne Dias