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Perfect Day Valuation, Funding & Investors
Perfect Day is valued at $600M as of January 2024.
Last Perfect Day valuation
$600M
Series E · Jan 2024
Last Perfect Day funding round
$90M
Series E · Jan 2024
Cumulative funding Perfect Day raised
$802M
across 7 funding rounds
Key investors in Perfect Day
Horizons Ventures
Temasek
SOSV
CPP Investments
GERBER-RAUTH
ICONIQ Capital
About Perfect Day
Perfect Day is a Berkeley, California-headquartered biotech firm producing animal-free whey and casein proteins identical to dairy counterparts using precision fermentation. Founded in 2014, it partners with Nestlé for ice cream and Mars for chocolate products, scaling production at a 30,000-liter fermenter facility. The proteins appear in Brave Robot ice cream sold nationwide and The urgent Cow milk. Perfect Day's process reduces cow methane emissions equivalent to 379 million gallons of milk annually.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$600M (Jan 2024)
Perfect Day Valuation
Perfect Day is currently valued at $600M, based on its Series E in January 2024.
The $90M round included GERBER-RAUTH, Horizons Ventures and SOSV.
Perfect Day's valuation has grown 1.4x from $440M at its Series C in December 2019 to $600M in January 2024, across 3 priced rounds.
Perfect Day valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2024 | Series E | $600M |
| Sep 2021 | Series D | $1.5B |
| Dec 2019 | Series C | $440M |
Perfect Day Funding History
Perfect Day has raised a total of $802M across 7 funding rounds.
Perfect Day's first fundraising round was a $2M seed round in September 2014. The most recent completed round was a $90M Series E in January 2024.
Perfect Day funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2024 | Series E | GERBER-RAUTH; Horizons Ventures; SOSV | $90M | $600M | Perfect Day is a Berkeley, California-based food technology company founded in 2014 that produces animal-free dairy proteins, including whey, using precision fermentation technology, which significantly reduces water use by up to 99%, greenhouse gas emissions by up to 97%, and non-renewable energy by up to 60% compared to conventional methods. The company has raised approximately $770-840 million across multiple rounds, starting with a $60K seed from SOSV in May 2014, followed by additional seeds, Series A ($24.7M in 2018 led by Temasek), Series B ($34.8M in 2019 led by Horizons Ventures and Temasek), and a major Series D ($350M in September 2021 led by CPP Investments and Temasek at $1.5B valuation). In early 2024, Perfect Day secured up to $90M in a pre-Series E round led by existing investors including Horizons Ventures, SOSV, and Gerber-Rauth, with the funding aimed at scaling manufacturing, achieving profitability, proving unit economics for fermented whey protein, and supporting leadership transitions as co-founders Ryan Pandya and Perumal Gandhi stepped back from operations. The 2024 round, described variably as Series E, pre-Series E, or simply Series, was reported at a $600M valuation in one source, down from the 2021 peak, amid a strategic pivot to commercialization and efficiency improvements. Patrick Zhang from Horizons Ventures serves as co-chairman, and TM Narayan was appointed interim CEO to lead the next phase. Investors like Gerber-Rauth joined as recent backers, alongside long-term supporters Horizons Ventures (biotech-focused, investments in Facebook, Spotify) and SOSV (early seed investor, food tech focus). The capital is earmarked for operational scaling, product development including new molecules for additional categories, market expansion, and a forthcoming major CPG partner launch announced for 2024. Perfect Day employs over 180 people and positions itself in the growing food tech sector targeting sustainable dairy alternatives. Total funding reflects strong prior confidence, with the latest round signaling a path to impact and profitability despite market challenges for precision fermentation startups. |
| Sep 2021 | Series D | CPP Investments (lead); Temasek (lead); K5 Global; GERBER-RAUTH; Robert Iger; SK Holdings; Horizons Ventures; SOSV; Presight Capital | $350M | $1.5B | Perfect Day is a Berkeley, California-based food technology company founded in 2014 that produces animal-free dairy proteins using precision fermentation technology, enabling dairy products without cows. The company operates a three-pronged business model: supplying proteins as ingredients to food companies, developing consumer-facing products through The Urgent Company (TUC) brands like Brave Robot ice cream and upcoming Modern Kitchen cream cheese, and offering enterprise biology services via SBF for technology development to other innovators. On September 30, 2021, Perfect Day closed a $350 million Series D funding round co-led by Temasek Holdings and CPP Investments (Canada Pension Plan Investment Board), with participation from Horizons Ventures, Bob Iger (Walt Disney Co. Executive Chairman), SK Inc., and existing investors including SOSV. This round brought total funding to $750 million and valued the company at approximately $1.5 billion post-money, positioning it for a potential initial public offering. The funds were intended to expand biological engineering, ingredient innovation, consumer products, and enterprise biology platforms, building on prior successes like scaling production and entering markets. At the time, Perfect Day had achieved commercial traction with Brave Robot available in over 5,000 U.S. grocery stores including Kroger, Sprouts, and Stop & Shop, and its SBF enterprise biology unit was already profitable with a strong customer roster. The company had Leonardo DiCaprio as an adviser and had made inroads in B2B ingredients and consumer alt-dairy spaces, positioning it as the most well-funded player in precision fermentation. This Series D followed earlier raises including $160 million in July 2020 and $140 million in December 2019 (both Series C), with motivations across rounds focusing on R&D, scaling production, global expansion, and profitability pushes. Subsequent developments included a $90 million pre-Series E in January 2024 led by Horizons Ventures and SOSV, amid leadership changes where co-founders stepped back. |
| Jul 2020 | Series C | CPP Investments (lead); Temasek; Volta Circle; Synthesis Capital; Horizons Ventures | $160M | - | Perfect Day is a Berkeley-based food technology company developing animal-free dairy proteins using precision fermentation with proprietary flora-made technology to produce proteins like whey and casein without animals. The company focuses on sustainable dairy alternatives amid global food supply challenges, achieving production breakthroughs by doubling capacity and reducing costs ahead of schedule, alongside FDA GRAS approval for its proteins as of July 2020. In July 2020, Perfect Day expanded its Series C funding round to a total of $300 million, following an initial $140 million tranche in December 2019 led by Temasek Holdings and Horizons Ventures. The expansion included a new $160 million tranche led by CPP Investments with a $50 million investment from its Thematic Investing group, plus participation from Temasek and Horizons Ventures, bringing total funding to over $360 million by October 2020. Other investors in prior rounds included Horizons Ventures as a primary backer since 2014. The funding supported further development, market expansion, global scaling, production infrastructure enhancements, and commercial momentum with partners, positioning Perfect Day as a leader in animal-free dairy amid COVID-19 exposed vulnerabilities in traditional food systems. Perfect Day continued raising capital post-2020, including a $350 million Series D in September 2021 co-led by CPP Investments and Temasek with participants like Horizons Ventures, Bob Iger, and SK Inc., totaling $750 million raised by then, followed by additional rounds up to $801.5 million as of 2024. The company aimed to expand biological engineering, ingredient innovation, consumer products, manufacturing efficiency, and profitability. |
| Dec 2019 | Series C | Temasek (lead); Horizons Ventures | $140M | $440M | Perfect Day is a biotech company producing animal-free dairy proteins through precision fermentation using microflora, enabling dairy products without cows. In December 2019, it closed a $140 million Series C funding round led by Temasek Holdings, with participation from existing investors including Horizons Ventures, bringing total funding to around $200 million. The funds were allocated to scale production capacity, deepen partnerships with food companies like Archer Daniels Midland, expand the product portfolio, and support business growth following a successful limited ice cream launch that sold out in a day. The company demonstrated commercial-scale manufacturing in 2019, transitioning toward B2B partnerships to maximize impact by supplying ingredients to large food manufacturers rather than building its own consumer brand. At the time, Perfect Day had a team of about 75 employees, planning to nearly double in 2020, primarily in California, with growing interest from Asia due to its investors. A Financial Times report cited a $440 million valuation for this round. Subsequent rounds included expansions and later funding, such as a $350 million Series D in 2021 valuing the company at $1.5 billion, but these post-date the specified round. |
| Feb 2019 | Series B | Horizons Ventures (lead); Temasek (lead); Archer-Daniels-Midland | $35M | - | Perfect Day is a food-technology company specializing in precision fermentation to produce animal-free dairy proteins, such as milk proteins made in microflora instead of cows, enabling dairy products like ice cream without animals. Founded in 2014 by Ryan Pandya, Perumal Gandhi, and Isha Datar, the company launched its first product, dairy-free ice cream, in July 2019. It supplies proteins to other businesses, develops consumer goods through The Urgent Company (TUC), and offers enterprise biology services for technology development. The targeted Series B round occurred in February 2019, raising $34.75 million led by Horizons Ventures and Temasek Holdings, with Archer Daniels Midland Company as a participant, aimed at expanding research and development efforts. This followed a Series A of $24.7 million in February 2018 also led by Temasek. Subsequent rounds included a Series C starting with $140 million in December 2019 led by Temasek, expanded to $300 million by July 2020, a $90 million pre-Series E in 2023, and a $350 million Series D in September 2021 co-led by Temasek and Canada Pension Plan Investment Board, bringing total funding over $750 million by 2021. Perfect Day became the most well-funded startup in precision fermentation, positioning against vegan dairy brands like Beyond Meat and Oatly. |
| Feb 2018 | Series A | Temasek (lead); ICONIQ Capital; Verus International; Continental Grain Company; Lion Ventures; Horizons Ventures | $25M | - | Perfect Day is a biotech company founded in 2014 (originally as Muufri) that produces animal-free dairy proteins using precision fermentation technology with microflora sugar, enabling sustainable, vegan-friendly dairy ingredients compatible with industry standards for functionality and nutrition. The company secured a $24.7 million Series A funding round on February 27, 2018, led by Temasek Holdings, with participation from Continental Grain Company, Horizons Ventures, ICONIQ Capital, Lion Ventures, Verus International, and others, marking one of the largest food tech Series A rounds at the time. This funding aimed to support team growth, scale-up efforts, commercialization of dairy ingredients with food and beverage partners, and patent advancements, following $2 million in seed funding from Horizons Ventures. The 2018 round positioned Perfect Day for market entry and product development amid thorough due diligence from investors like Temasek, who took a long-term view given the time required for food scaling. Subsequent funding included a $300 million Series D in 2020-2021 at $1.5 billion valuation, bringing total funding over $750 million, and further raises like $90 million in 2024, reaching cumulative funding around $800 million. Perfect Day has obtained Generally Recognized as Safe (GRAS) designation from the FDA and focuses on partnering with major food companies via relationships from investors like Continental Grain and Temasek. The company targets commercialization at affordable prices to gain a head start in the animal-free dairy market. |
| Sep 2014 | Seed | Horizons Ventures | $2M | - | - |
Who has invested in Perfect Day?
16 investors have backed Perfect Day across its funding rounds, including Horizons Ventures, Temasek, SOSV, CPP Investments, GERBER-RAUTH and ICONIQ Capital.
Lead investors include CPP Investments, Temasek and Horizons Ventures.
Perfect Day Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 7 | Lead | Sep 2014 | ||
| 5 | Lead | Feb 2018 | ||
| 2 | Participant | Sep 2021 | ||
| 2 | Lead | Jul 2020 | ||
| 2 | Participant | Sep 2021 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Jul 2020 | ||
| 1 | Participant | Feb 2018 | ||
| 1 | Participant | Feb 2018 | ||
| 1 | Participant | Jul 2020 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Feb 2018 | ||
| 1 | Participant | Sep 2021 | ||
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Start Free TrialAcquisitions by Perfect Day
Perfect Day has acquired 1 company to date.
Last acquisition by Perfect Day was on November 30th 2022. Perfect Day acquired Sterling Biotech for $78M.
Latest Acquisitions by Perfect Day
| Description | Sterling Biotech is a Vadodara, India-headquartered manufacturer of pharmaceutical-grade gelatin capsules, empty hard gelatin shells, and bovine collagen casings for soft gelatin encapsulation. Established in 1986, its USFDA-inspected facility produces over four billion capsules annually for global nutraceutical and pharmaceutical markets. |
| HQ Country | |
| HQ City | Mumbai |
| Deal Date | 30 Nov 2022 |
| Valuation | $78M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Perfect Day acquisitions and their M&A valuation multiples. Start Free Trial | |
Perfect Day Competitors
Perfect Day competitors include listed companies like Oatly and Lesieur Cristal, and private ones like v2food, Oatside, Eat Just and Believer Meats.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $559M | - | ||
| Private | $37M | - | $705M | - | ||
| Private | - | - | $750M | - | ||
| Private | - | - | $900M | - | ||
| Publicly listed | $862M | ($39M) | $395M | 1.0x | ||
| Publicly listed | $582M | $24M | $603M | 0.9x |
Perfect Day Public Comps
Perfect Day is still privately-owned, but its public comps include Lesieur Cristal, Cem Zeytin, ForFarmers, Modern Mills, Mama's Creations, SunRice, Rogers Sugar, Fourth Milling, Nichols and Kasapreko.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $582M | $24M | 0.9x | 0.9x | 22.7x | 18.3x | |||
| $58M | ($3M) | 10.5x | - | (232.3x) | - | |||
| $3.6B | $158M | 0.2x | 0.2x | 5.1x | 4.6x | |||
| $279M | $85M | 2.8x | 2.6x | 9.2x | 8.8x | |||
| $172M | $12M | 2.9x | 2.4x | 41.0x | 24.3x | |||
| $1.3B | $101M | 0.6x | 0.6x | 7.4x | 8.0x | |||
| $941M | $99M | 1.0x | 1.1x | 9.5x | 8.2x | |||
| $176M | $72M | 3.4x | 3.4x | 8.5x | 8.5x | |||
This data is available for Pro users. Sign up to see all Perfect Day competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Perfect Day
| When was Perfect Day founded? | Perfect Day was founded in 2014. |
| Where is Perfect Day headquartered? | Perfect Day is headquartered in San Francisco, CA, United States. |
| Is Perfect Day publicly listed? | No, Perfect Day is a private, VC-backed company. |
| What is Perfect Day's valuation? | Perfect Day was last valued at $600M in its Series E in January 2024. |
| How much funding has Perfect Day raised? | Perfect Day has raised $802M across 7 funding rounds. |
| What was Perfect Day's last funding round? | Perfect Day's last funding round was a $90M Series E in January 2024. |
| Who are Perfect Day's investors? | Perfect Day's investors include Horizons Ventures, Temasek, GERBER-RAUTH, CPP Investments, SOSV, K5 Global, Volta Circle, ICONIQ Capital, Verus International, Synthesis Capital and 6 others. |
| Which companies are comparable to Perfect Day? | Companies comparable to Perfect Day include v2food, Oatside, Eat Just, Believer Meats, Oatly and Lesieur Cristal. |
| How many companies has Perfect Day acquired? | Perfect Day has acquired 1 company, including Sterling Biotech. |
| What was the largest acquisition by Perfect Day? | The $78M acquisition of Sterling Biotech in November 2022 is the largest acquisition Perfect Day has made to date. |
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