VCs invest Singapore cell-based milk company

Lever VC is a food technology dedicated investor set up in 2017 by a team that has backed category leaders including Beyond Meat, Just Eggs, and Memphis Meats. KBW Ventures, which is also an investor in Beyond Meat and Memphis Meats, joined the round, as did K2 Global, an impact-focused investor.

TurtleTree says its technology uses mammary cells to produce milk that is the same as human breast milk and cow milk. The company expects the technology to disrupt not only the dairy milk industry but also the baby formula industry. A debut milk product is scheduled for a public launch within the year.

“What TurtleTree Labs is doing is fascinating, and their technology could be a serious disruptor in the global dairy industry.” said Nick Cooney, founder and managing partner at Lever, said in a statement. “They are the first company in the world producing real, whole milk from cell cultivation, which opens the door for safer, healthier and customized dairy products that can be produced with far fewer natural resources.”

Alternative protein is a rapidly growing investment category that leverages trends related to food safety, environmentalism, and increasing health consciousness. Recent investments include a $35 million round for Australian plant-based meat supplier V2Food and a $300 million round for Impossible Foods, a similar US-based company expanding in Asia. Meanwhile, in Singapore, specialist investor VisVires Protein has launched a $150 million fund.

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• Topics
• Southeast Asia
• Cleantech
• Consumer
• Early-stage
• Singapore
• K2 Global