Businesshala News Exclusive | Alternative-Milk Company Perfect Day Raises $350 Million, Prepares for IPO

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Food-tech startup valued at nearly $1.5 billion, mentored by Leonardo DiCaprio

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Since its inception in 2014, Perfect Day, which uses fermentation technology to produce animal-free dairy protein and counts actor Leonardo DiCaprio as a consultant, has raised $750 million.

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According to people close to the company, it is laying the groundwork for an IPO with plans to list the shares in the next 12 months. There’s no guarantee it’ll take off once it’s done, as the red-hot IPO market will inevitably cool down at some point and investor enthusiasm for environmentally conscious companies may dwindle as well.

Inspired by their efforts towards vegetarianism, M/s Gandhi and Pandya founded the company with the goal of creating a way to make better flavored dairy without using animals, though its scope has expanded.

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Perfect Day uses genetically modified microflora that ferments sugar and creates actual dairy protein. In 2019, the company introduced ice cream made from non-animal whey protein.

The company’s co-founders tout the environmental benefits of their products over traditional cow dairies. The company says that Perfect Day milk reduces greenhouse gas emissions by 97% compared to conventional dairy products.

Perfect Day also partners with existing brands, such as Midwest ice cream maker Greater’s, to use its protein in their products. It is also trying to leverage its protein-making capabilities in other areas such as pharmaceuticals.

Perfect Day hopes to attract a rapidly growing segment of eco-conscious consumers. The global market for meat and dairy alternatives is growing, with sales of plant-based foods exceeding overall food sales.

Companies that “do well” are running in the public markets, and in many cases are being embraced by investors. Swedish oat-milk maker Oatly Group AB earlier this year priced its IPO above expectations, two years after Beyond Meat. Inc. NS

Shares rose at the start of the stock market. Boosting them is the popularity of sustainable-investment funds, which invest money in companies that meet certain environmental, social and governance standards. These funds have recently reached nearly $2 trillion in assets globally.

[email protected] . on Corey Dribsh

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