Vegan Startup Secures $300M To Create Cow-Free “Dairy-Identical” Products
Vegan food tech startup Perfect Day has secured $300 million in investment funding to develop its dairy-identical products.
The company was founded by Ryan Pandya and Perumal Gandhi — both biomedical engineers. Perfect Day uses the DNA sequence of a cow to create vegan dairy alternatives that are said to be identical to their animal counterparts.
Canada Pension Plan Investment Board (CPP) is one of the new investors for the $300 million of funding. The company made its contribution as part of its commitment to supporting businesses that are working against climate change.
“Committed To Building Real Change”
“We never doubted we’d reach this point, we just didn’t expect to get here so quickly,” said Pandya.
“Thanks to our world-class team and investors, we’re not planning to take our foot off the pedal anytime soon,” he added.
“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.”
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The cow-free dairy products are produced using a fermentation process of yeast-based microflora.
Last year, the company tested its claim that its products are identical to dairy by selling 1,000 pints of limited-edition ice cream. Despite each pint of ice cream being on sale for $20, the batch sold out in less than 24 hours.
“We Hope To Educate Consumers”
“The FDA definition for animal products come from an era when there was only one way to make them, and therefore they are limited in scope,” said Pandya.
“Today, that is no longer the case and the definition should be based on what the product actually is versus where it came from.”
“With Perfect Day’s flora-based protein, we hope to educate consumers on the delicious possibilities of this protein, which will also be empowered by how we label it on products containing it.”
Do you think Perfect Day’s cow-free dairy products could disrupt the dairy industry? Share your thoughts with us in the comments below!
Tags: cows milk, dairy alternatives, food tech, food technology, funding, Investment, Perfect Day, Perumal Gandhi, Ryan Pandya, vegan cheese, vegan dairy, vegan food, vegan ice cream, vegan products