Total amount raised
$801.5 Millions
Latest funding date
01/01/2024
Location
Perfect Day has successfully raised significant funding through multiple rounds, including a $90 million late funding round in January 2024. The company is backed by 16 investors, including Horizons Ventures and SOSV.
Keep reading to explore the intricacies of Perfect Day's fundraising journey and the investors backing this innovative platform.
What Is Perfect Day?
Perfect Day, founded in 2014 by Perumal Gandhi and Ryan Pandya, is based in Berkeley, California. The company specializes in producing animal-free dairy proteins through precision fermentation, aiming to offer sustainable and nutritious alternatives to traditional dairy products.
With a workforce of 101-250 employees, Perfect Day is pioneering a new era in the food industry by focusing on sustainability and food safety. Their innovative approach ensures that their products have the same taste, texture, and nutritional value as conventional dairy, without the associated environmental or animal welfare issues.
Perfect Day's mission is to create a kinder, greener supply chain, making it a leader in the field of animal-free dairy and protein products. Their commitment to sustainability and innovation has positioned them as a key player in the biotechnology and food processing industries.
How Much Funding Has Perfect Day Raised?
- Seed Round
- Amount Raised: $60K
- Date: May 2014
- Lead Investors: SOSV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial research into animal-free dairy proteins.
- Seed Round
- Amount Raised: $2M
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their precision fermentation technology and expand their research capabilities.
- Series A
- Amount Raised: $24.7M
- Date: February 2018
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production and bring their first products to market.
- Series B
- Amount Raised: $34.8M
- Date: February 2019
- Lead Investors: Horizons Ventures, Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product line and increase market penetration.
- Series C
- Amount Raised: $140M
- Date: December 2019
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance production capabilities and support international expansion.
- Series C
- Amount Raised: $160M
- Date: July 2020
- Lead Investors: CPP Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale production and invest in new product development.
- Series D
- Amount Raised: $350M
- Date: September 2021
- Lead Investors: CPP Investments, Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand their market reach.
- Series E
- Amount Raised: $90M
- Date: January 2024
- Lead Investors: Horizons Ventures, SOSV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the production of dairy proteins and achieve profitability.
Perfect Day has raised a total of $861.5M. The current valuation is Not publicly disclosed.
Key Investors
Here are the major investors in Perfect Day:
- CPP Investments
- Details: CPP Investments, also known as the Canada Pension Plan Investment Board, is a professional investment management organization that invests the funds of the Canada Pension Plan. They manage a diversified global portfolio to ensure long-term sustainability and growth.
- Investment Focus Areas: Public equities, private equities, real estate, infrastructure, fixed income instruments.
- Notable Investments: Alibaba, Enbridge, Glencore.
- Temasek Holdings
- Details: Temasek Holdings is a Singaporean holding company owned by the Government of Singapore. It operates as a global investment company with a focus on delivering sustainable returns over the long term.
- Investment Focus Areas: Financial services, telecommunications, media & technology, transportation & industrials, consumer & real estate, life sciences & agribusiness, energy & resources.
- Notable Investments: Alibaba, DBS Bank, Singapore Airlines.
- Horizons Ventures
- Details: Horizons Ventures is a venture capital firm based in Hong Kong. They are known for investing in disruptive and technology-driven startups.
- Investment Focus Areas: Artificial intelligence, biotechnology, clean energy.
- Notable Investments: Facebook, Spotify, Zoom.
- SOSV
- Details: SOSV is a global venture capital firm that operates startup accelerator programs. They focus on early-stage startups and provide them with the necessary resources to grow.
- Investment Focus Areas: Hardware, life sciences, food technology.
- Notable Investments: BitMEX, Formlabs, NotCo.
What's Next for Perfect Day?
Perfect Day stands at the cusp of significant growth, driven by the booming plant-based food market and their innovative microbial fermentation technology. With a recent $90 million pre-Series E funding, the company is poised to scale production and introduce new products, potentially partnering with major food and beverage companies.
Future fundraising opportunities seem promising, with the potential for a Series E round or even an IPO. However, challenges such as competition, regulatory hurdles, and consumer acceptance remain. Navigating these will be crucial as Perfect Day aims to solidify its position in the alternative protein sector.
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