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Perfect Day closes $140m funding round

Flora-based (animal-free) dairy company Perfect Day has announced the closing of a $140 million Series C funding round led by Temasek with substantial involvement from past investors.

This third round of funding will, the company says, help accelerate Perfect Day’s business growth—including expanding its production capacity, going deeper with partner opportunities and extending its product portfolio—to further its commitment to bringing consumers the dairy products they know and love, completely animal-free.

“In 2019, we showed that our manufacturing process works robustly at commercial scale,” said Ryan Pandya, CEO and Co-founder of Perfect Day. “We were able to demonstrate with our ice cream launch—which sold out in a single day—that flora-based protein delivers on the dairy experience, and that people are excited about what we’re doing. Our focus in 2020 will be manufacturing and commercializing the protein in multiple continents, through multiple partnerships spanning different dairy product categories.”

The company plans to announce its first commercial partnerships early in 2020.

Following the company entering commercial production, and the successful limited-edition ice cream launch in July, both Temasek and Horizons Ventures—who led Perfect Day’s Series B funding earlier this year—have returned to support the company’s growth, alongside past investors. This round brings Perfect Day’s cumulative funding to over $200 million.