Perfect Day lands $350M, introduces cream cheese

4 Oct 2021

Animal-free dairy protein company Perfect Day announced it closed a $350 million Series D funding round led by Temasek and Canada Pension Plan Investment Board (CPP Investments). Additional participation came from long-time investors Horizons Ventures, Bob Iger and SK, Inc.

In its release, the company said it will use these additional funds to focus its efforts on biological engineering, ingredient innovation, and consumer products. The round brings Perfect Day's total funding up to $750 million. As part of the announcement, the company said it will launch an animal-free cream cheese product under its consumer arm, The Urgent Company (TUC).

Perfect Day lands $350M, introduces cream cheese

A portion of this new round of funding will be directed toward Perfect Day’s TUC, which announced it is debuting a new brand of animal-free dairy staples called Modern Kitchen. This brand’s initial launch will include three varieties of animal-free cream cheese, which The Urgent Company says will be available in select stores in the upcoming months. Currently, the brand is now available for presale online where it retails at $30 for a 3-pack.

This is the second product to come from Perfect Day, which initially rolled out a cow-free ice cream in 2019 which sold out within hours. Since that success, Perfect Day has long said it planned to enter other categories to offer a dairy alternative that is made milk – just without the cow.

The philosophy driving the innovation behind Perfect Day’s products is a paradigm shift in the alternative protein industry. Instead of using proteins from plant-based sources, Perfect Day makes its dairy proteins through precision fermentation in order to engineer a protein that is the same as the ones typically produced by an animal. By giving consumers access to the ingredients they want without having to involve animals – which is becoming a greater concern as questions surrounding sustainability, animal welfare and overall health come to the forefront of the conversation – Perfect Day has positioned itself to become a popular alternative in the CPG supply chain.

"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."

The animal-free dairy company has taken its next step in applying its technology across the supply chain with the announcement that it will sell Strawberry, Spring Onion + Chive, and Harissa Pepper varieties of cream cheese. While these products are only available for pre-order at the moment, if the success of the company’s Brave Robot ice cream is any indication of the future growth of its cream cheese product – The Urgent Company's said its Brave Robot ice cream brand is sold in 5,000 grocery stores nationwide – there is a bright future ahead for Perfect Day.

Related news

How plant-based milk brands can address taste and texture challenges

How plant-based milk brands can address taste and texture challenges

12 Aug 2022

Today’s consumers want plant-based milk products that mimic the desirable sensorial attributes of their non-dairy alternative counterparts. In response, brands and manufacturers are focusing on taste, texture, education and sustainability.

Read more 
Dairy industry explores advanced technologies to digitalise global production

Dairy industry explores advanced technologies to digitalise global production

11 Aug 2022

Dairy manufacturers are increasingly integrating automation, the Internet of Things (IoT) and artificial intelligence (AI) technologies into their production plants in order to meet growing global demand for dairy products, particularly in Asia.

Read more 
Parmesan partnership to put ‘blockchain ready’ digital chip on all cheese wheels

Parmesan partnership to put ‘blockchain ready’ digital chip on all cheese wheels

29 Jun 2022

A new line of food-safe and secure digital labels on each Parmigiano Reggiano cheese wheel will deliver previously unseen levels of traceability, product control, and quality assurance, says the Consorzio del Parmigiano Reggiano (CFPR).

Read more 
Dairy butter carbon footprint is 3.5 times larger than plant-based spreads, says Upfield

Dairy butter carbon footprint is 3.5 times larger than plant-based spreads, says Upfield

25 Apr 2022

Plant-based margarine manufacturer Upfield says its spreads have a 70% smaller carbon footprint, require half the amount of water and use two-thirds less land across the product cycle when compared to conventional butter, according to a life cycle...

Read more 
China leads the global boom for probiotics

China leads the global boom for probiotics

30 Mar 2022

Probiotics are experiencing a boom in global demand - particularly in China - as consumers look for functional ingredients in food and drink products that can improve their health. 

Read more 
Butter is Better: Keto is driving resurgence as a premium product

Butter is Better: Keto is driving resurgence as a premium product

11 Feb 2022

After years of being shunned as an ingredient, fat is back thanks in large part to the popularity of the keto diet. The market for keto products is growing steadily with the global value of this category forecast to reach $15.6 billion by 2027, accordi...

Read more 
Oats growing in popularity, winning awards and consumer favour

Oats growing in popularity, winning awards and consumer favour

10 Feb 2022

Oats have transformed from a breakfast ingredient to an increasingly common plant-based option, appearing in a multitude of applications.

Read more 
Chobani debuts plant-based coffee creamer

Chobani debuts plant-based coffee creamer

21 Jan 2022

After two years of producing dairy- and oat-based coffee creamers, Chobani is branching into plant-based coffee pairing options with the debut of Chobani Plant-Based Coffee Creamers. These creamers come in four flavors: Caramel Macchiato, Chocolate Haz...

Read more 
Animal-free dairy company raises $120M for commercialization

Animal-free dairy company raises $120M for commercialization

18 Jan 2022

Israeli animal-free dairy company Remilk raised $120 million in a Series B funding round led by Hanaco Ventures with participation from a number of other investors, including Impossible Foods backer CPT Capital, plant-based protein company Just, Yofix,...

Read more 
Chobani Sales surge as it moves closer to IPO

Chobani Sales surge as it moves closer to IPO

26 Nov 2021

Greek yogurt company Chobani saw its sales hit $1.2 billion as of Sept. 25 this year. That is only $200 million short of what the company recorded for all of 2020, when its sales rose 5.2% to $1.4 billion last year, according to a filing with the Secur...

Read more