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Perfect Day Foods

Perfect Day Foods

Perfect Day Foods (formerly Muufri) engineered yeast capable of producing the proteins found in cows milk. They use these proteins to make their own line of animal-free dairy products.

Perfect Day Foods (formerly Muufri) is based out of San Francisco, California, and was founded in 2014 by Ryan Pandya and Perumal Gandhi. Perfect Day Foods engineered yeast capable of producing the proteins found in cows milk. Strain engineers at Perfect Day Foods made this possible by introducing bovine DNA into yeast cells that make the desired milk proteins. They use these proteins to make their own line of animal-free dairy products. The company claims their animal-free dairy products taste the same as products made from cows milk. Products made by Perfect Day Foods are vegan friendly and include lactose-free milk, cheese, yoghurt and other dairy products.

In an interview Co-founder Perumal Gandhi told the press about what Perfect Day Foods is trying to accomplish, saying "We’re trying to make a Goldilocks product that is better than anything out there: something that has the best of dairy products but also the best of the alternatives".

Funding
Seed

On September 30, 2014 Perfect Foods completed their seed funding round, raising $2,000,000 from Horizon Ventures.

Series A

On February 27, 2018 Perfect Foods finished their series A funding round, raising $24,700,000 in funding. The primary investor was the Singapore state owned Temasek Holdings which invested 18,700,00 in Perfect days foods and the remaining $6,000,000 came from Horizons Ventures, Continental Grain, Iconiq Capital, Lion Ventures, and Verus International.

Series B

On February 20, 2019 Perfect Day Foods completed their series B funding round with $34.7 million in funding from Temasek Holdings, Horizon Ventures, and Archer Daniel Midland. The funding will be used to help priduce and launch he companies first cellular agricultural product which will be an animal-free whey protein, according to the companies co-founder Ryan Pandya.

Partnerships
Archer Daniel Midland

After announcing their series B funding, Perfect Day Foods also announced a new partnership agreement with Archer Daniel Midland. The partnership agreement was made between the two companies to help perfect Day Foods bring their products to market by scaling fermentation production.

Patents

Description
Status
Link
Date

Food compositions comprising one or both of recombinant beta-lactoglobulin protein and recombinant alpha-lactalbumin protein

Granted

8/21/2014

Food products comprising milk proteins and non-animal proteins, and methods of producing the same

Pending

8/25/2016

Timeline

July 8, 2020
Perfect Day extends Series C funding round to $300 million. The Canada Pension Plan Investment Board led the extension of the Series C.
July 8, 2020
Perfect Day Foods raises a $160,000,000 series C round from Canada Pension Plan Investment Board, Horizons Ventures and Temasek Holdings.
December 11, 2019
Perfect Day Foods raises a $140,000,000 series C round from Horizons Ventures and Temasek Holdings.
December 2019
Perfect Day raises $140 million in Series C round led by Temasek Holdings.
February 20, 2019
Perfect Day Foods raises a $34,750,000 series B round.
February 28, 2018
Series A funding

On February 27, 2018 Perfect Foods finished their series A funding round, raising $24,700,000 in funding. The primary investor was the Singapore state owned Temasek Holdings which invested 18,700,00 in Perfect days foods and the remaining $6,000,000 came from Horizons Ventures, Continental Grain, Iconiq Capital, Lion Ventures, and Verus International.

February 27, 2018
Perfect Day Foods raises a $24,700,000 series A round from Continental Grain Company, Horizons Ventures, ICONIQ Capital, Lion Ventures Group and Temasek Holdings.
September 30, 2014
Seed funding

On September 30, 2014 Perfect Foods completed their seed funding round, raising $2,000,000 from Horizon Ventures.

September 30, 2014
Perfect Day Foods raises a $2,000,000 seed round from Horizons Ventures.
May 2, 2014
Perfect Day Foods raises a $60,000 seed round from RebelBio and SOSV.

Funding Rounds

Patents

Further Resources

Title
Author
Link
Type
Date

Beyond Milk: Perfect Day Innovating with Animal-Free Dairy - BevNET.com

Brad Avery

Changing the Dairy Industry by Perfect Day

December 5, 2017

Green Challenge 2015: Pitch by runner-up Ryan Pandya. Muufri

September 21, 2015

Is Lab-Created Cow Milk Better Than Vegan Soy & Almond?

September 25, 2016

Perfect Day animal-free milk ‘What do we call it?

November 7, 2016

References

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