Own production biotechnology startup TurtleTree announced yesterday (November 1) that it has successfully raised $ 30 million in the first leg of its Series A round, making it one of the largest investment rounds to date in the food-based sector. Asian cells.
The financing round features the participation of investors from around the world, including the leading investor VERSO Capital. Following this round of funding, TurtleTree has raised more than $ 40 million so far.
Founded by Fengru Lin and Max Rye in 2019, TurtleTree uses stem cell technology to develop laboratory-grown human breast milk as an alternative to infant formula.
“Series A funds will allow us to step up our processes and take a big step closer to creating a new era of sustainable nutrition,” CEO Fengru said.
Max, who is also TurtleTree’s head of strategy, added that funding has opened up a whole new world of possibilities.
“We can now look to turn ambitions into reality, starting with our expansion plans in the United States and then moving on to the development and manufacturing of our first consumer-ready products.”
Making his foray into the US
Having launched its R&D facility in Sacramento in September, TurtleTree will now use the funds to continue to expand its sustainable and better food portfolio for you.
He hopes to launch his first products in the US soon using his cell-based dairy ingredients through multiple B2B partnerships and fully market their farm milk in the next four or five years.
In addition, funds will also be allocated for technology development and talent acquisition, which will allow TurtleTree to grow its world-class R&D team.
Taken together, these initiatives will help TurtleTree increase its research and production of the highly functional ingredients found in human milk, which offer proven benefits for immune system function, intestinal health, and cognitive development.
A particularly exciting example of these ingredients is lactoferrin, a bioactive protein that will be launched as TurtleTree’s first commercial product.
For its first phase of product development, the company will offer ingredients for other companies to use in food and nutrition products. Ultimately, TurtleTree is working to completely replicate whole cow’s milk in a laboratory, without the environmental impact associated with animal farming.
Going forward, the company will expand into a global biotechnology platform with a vision to transform yielding nutrition, food systems and cell farming.
This will ultimately provide scalable solutions to the cell-based food industry, ensuring that people everywhere have access to the nutritious nutrients of mammalian milk in a uniquely sustainable and affordable way.
In the future, TurtleTree expects to cut a significant share of the traditional dairy market, between five and 10%, and plans to become “one of the most important players” in the sustainable food industry.
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Featured Image Credit: Asia Tech Daily / Nutra Ingredients