Perfect Day, a leader in the research, development, and production of animal-free dairy, has closed a $140 million series C funding round led by Temasek with substantial involvement from past investors. This third round of funding will help accelerate Perfect Day’s business growth—including expanding its production capacity, going deeper with partner opportunities, and extending its product portfolio.
“In 2019, we showed that our manufacturing process works robustly at commercial scale,” said Ryan Pandya, CEO and co-founder of Perfect Day. “We were able to demonstrate with our ice cream launch—which sold out in a single day—that flora-based protein delivers on the dairy experience, and that people are excited about what we’re doing. Our focus in 2020 will be manufacturing and commercializing the protein in multiple continents, through multiple partnerships spanning different dairy product categories.”
The company plans to announce its first commercial partnerships early in 2020.
Both Temasek and Horizons Ventures—who led Perfect Day’s series B funding earlier this year—have returned to support the company’s growth, alongside past investors. This round brings Perfect Day’s cumulative funding to over $200 million.
Barry Callebaut has announced that Massimo Garavaglia, president EMEA, will leave the company effective April 30, for another career opportunity.
Comax Flavors Chairman and Founder Dr. Peter J. Calabretta passed away on Jan. 19, 2020, at the age of 85.
PepsiCo has announced plans to achieve 100% renewable electricity for its U.S. direct operations this year. The United States is the food and beverage company’s largest market and accounts for nearly half of its total global electricity consumption.
As a part of a planned organizational change, Aryzta has appointed Tyson Yu as CEO of Aryzta North America effective February 1, and as a member of the group executive committee, reporting to Kevin Toland, group CEO.
KIND Healthy Snacks has adopted nutrition research led by the U.S. Department of Agriculture’s Agricultural Research Service (USDA ARS), which found that whole nuts, such as almonds and cashews, contribute 19% and 16% fewer calories, respectively, than previously thought.