Perfect Day Secures Up to $90 Million in Pre-Series E Funding
Source: The DairyNews
Perfect Day, as it approaches its tenth anniversary, marks a significant milestone with the successful completion of a pre-Series E financing round, raising up to $90 million.
This funding round, led by internal investors, positions the company strategically to pursue its evolved goals centered on scaled manufacturing of dairy protein from fermentation. The move signifies Perfect Day's commitment to achieving profitability and establishing unit economics for its groundbreaking whey protein produced through precision fermentation.
Having effectively de-risked its technology, Perfect Day now shifts its focus towards executing large-scale production, emphasizing a clear path to profitability. The company's founders, Ryan Pandya and Perumal Gandhi, pioneers in shaping a kinder, greener tomorrow through biotech, climate tech, and food innovation, are transitioning from their operational roles. This transition allows them to concentrate on future opportunities while entrusting the leadership to a team poised for scaling production volumes and building a sustainable, profitable business.
TM Narayan, the current President of Perfect Day, assumes the role of interim CEO. With a proven track record in scaling businesses across retail, CPG, and related industries, Narayan is well-suited to guide the company through this pivotal phase. Newly-appointed co-Chairmen of the Board, Aftab Mathur and Patrick Zhang, from Temasek and Horizons Ventures respectively, will support Narayan in steering Perfect Day's strategic direction.
Ryan Pandya, co-founder, and former CEO expressed, "Because of the incredible people behind this business, we’ve de-risked world-changing technology, and we’ve brought it to life globally across over a dozen categories." He added, "Under TM’s interim leadership, Perfect Day is now in the right position for us to let the next chapter of leadership drive its path forward."
TM Narayan, interim CEO, shared his commitment, stating, "It is an honor to be a part of leading Perfect Day into its next chapter of impact, and to continue building a kinder, greener tomorrow with this mission-driven team."
Patrick Zhang, co-Chairman of the Board and Investor at Horizons Ventures, expressed excitement about working closely with Perfect Day as it embarks on its next phase of impact.
Looking ahead, Perfect Day plans to announce a significant launch with a major CPG partner for its whey protein from fermentation, as well as the introduction of new molecules expanding the impact of precision fermentation across various products and markets. Entering 2024 with strong momentum, Perfect Day is positioned for continued success and innovation, building upon a decade that has already transformed the future of our planet positively.
Having effectively de-risked its technology, Perfect Day now shifts its focus towards executing large-scale production, emphasizing a clear path to profitability. The company's founders, Ryan Pandya and Perumal Gandhi, pioneers in shaping a kinder, greener tomorrow through biotech, climate tech, and food innovation, are transitioning from their operational roles. This transition allows them to concentrate on future opportunities while entrusting the leadership to a team poised for scaling production volumes and building a sustainable, profitable business.
TM Narayan, the current President of Perfect Day, assumes the role of interim CEO. With a proven track record in scaling businesses across retail, CPG, and related industries, Narayan is well-suited to guide the company through this pivotal phase. Newly-appointed co-Chairmen of the Board, Aftab Mathur and Patrick Zhang, from Temasek and Horizons Ventures respectively, will support Narayan in steering Perfect Day's strategic direction.
Ryan Pandya, co-founder, and former CEO expressed, "Because of the incredible people behind this business, we’ve de-risked world-changing technology, and we’ve brought it to life globally across over a dozen categories." He added, "Under TM’s interim leadership, Perfect Day is now in the right position for us to let the next chapter of leadership drive its path forward."
TM Narayan, interim CEO, shared his commitment, stating, "It is an honor to be a part of leading Perfect Day into its next chapter of impact, and to continue building a kinder, greener tomorrow with this mission-driven team."
Patrick Zhang, co-Chairman of the Board and Investor at Horizons Ventures, expressed excitement about working closely with Perfect Day as it embarks on its next phase of impact.
Looking ahead, Perfect Day plans to announce a significant launch with a major CPG partner for its whey protein from fermentation, as well as the introduction of new molecules expanding the impact of precision fermentation across various products and markets. Entering 2024 with strong momentum, Perfect Day is positioned for continued success and innovation, building upon a decade that has already transformed the future of our planet positively.
