Perfect Day founders
Perfect Day co-founders Ryan Pandya (L) and Perumal Gandhi (R). Image credit: Perfect Day

Brief: Perfect Day raises $350m, plots IPO – report

September 30, 2021

Why it matters:

‘Animal-free’ dairy startups have been scoring significant VC funding of late. These include Nobell Foods, which raised $75 million in July; Miyoko’s Creamery and Stockeld Dreamery, which banked $52 million and $20 million, respectively, in August; and Formo, which closed a $50 million Series A round earlier this month.

Perfect Day uses genetically modified microflora to ferment sugar into proteins found in cow’s milk. It then sells these to food manufacturers, such as US ice cream maker and supplier Villa Dolce; the partnership between the two companies, announced earlier this week, marks Perfect Day’s first foray into the foodservice sector.

[Disclosure: AFN’s parent company, AgFunder, is an investor in Nobell Foods.]

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