Canadian pension leads $300m financing in food tech

The Canadian Pension Plan Investment Board (CPP Investments) led a new $300 million Series C tranche for Perfect Day, a food technology company that has made breakthroughs with proprietary flora-made dairy proteins. The financing round for the Bay-area start-up was bolstered by long-time supporters Temasek and Horizons Ventures and follows the FDA’s review of its Generally Recognized As Safe (GRAS) status. The company produces dairy proteins through the fermentation in microflora instead of cows and so the company plans on building a network of localized animal-free dairy protein producers and processors to avoid unnecessary supply chain bottlenecks. “The coronavirus pandemic has shown just how fragile our food system is,” said Ryan Pandya, co-founder and CEO of Perfect Day. “We’re committed to building real change that prioritizes diversity, agility and resilience.”According to CPP Investments, the funding marks the first investment in the pension system’s new climate change opportunities strategy. “Sustainable technologies like Perfect Day are poised to capture structural shifts in industrial practices, physical resources and consumer preferences for environmentally conscious options, which are well-suited to our long-term investing approach,” said Leon Pedersen, managing director, head of thematic investing at CPP Investments. “We look forward to building our partnership with the company and its management team.”

Canadian pension leads $300m financing in food tech

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