Investments & Finance

Perfect Day Secures $350M Bringing Total Raise to $750M, Enters Vegan Cheese Category

Perfect Day, Inc., the California producer of animal-free dairy protein and the most-funded company in fermentation, this week secured $350 million in a Series D round led by Temasek and Canada Pension Plan Investment Board (CPP Investments), bringing its total funding to $750 million.

Perfect Day’s founders entered into consumer products through The Urgent Company (TUC).  TUC’s first brand, Brave Robot, recently announced it is now the leading growth driver for plant-based ice cream, available in over 5,000 grocery stores, including Kroger, Sprouts, and Stop & Shop. The company now reveals it is further investing in TUC with the launch of plant-based dairy brand, Modern Kitchen, which will soon debut animal-free cream cheese.

Perfect Day also onboarded food industry executives over the past quarter including Chuck Thorn as Vice President, Finance, from Cargill, and Alex Brittain, Senior Vice President, International, from PepsiCo.

Perfect Day
©Perfect Day Foods

“When we first started this almost eight years ago, we had the simple goal of creating a way to make dairy without animals,” explained Ryan Pandya, co-founder and CEO. “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.”

“We first got into the ingredient business because food companies, big and small, were eager to work with the ingredients we had successfully scaled,” said Perumal Gandhi, Perfect Day co-founder. “Today, something analogous is happening on the technology side. There are innovators all over the world with ideas and ambitions similar to our animal-free milk protein, but need help getting there. We’re standing up business models to be able to share our demonstrated capabilities in a way that maximizes upsides for all, yet ensures that Perfect Day remains at the forefront of our new industry.”

Perfect Day
©Perfect Day

“We’re a part of a new generation of leaders coming of age, armed with the world’s best science, systemic thinking, and compassion,” said Pandya. “We’ve seen it in lifesaving vaccines, and we’re about to see it in food. We’re proud of all our leaders – every single employee at Perfect Day, our partners and investors – and can’t wait for this next chapter.”

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