The big news of the week is a $ 350 million D-Series boost thanks to the Perfect Day Precision Fermentation Unicorn. There’s a lot going on in this ad, so let’s go:
First, the funding brings Perfect Day’s total to $ 750 million and puts the company on track for a possible IPO. The timing couldn’t be better, as tech startups continue to see their valuations rise and the market is hungry for more food tech (see Oatly). And while Ginkgo Bioworks was the first company with significant precision fermentation (PF) capabilities to go public, Perfect Day will be the first true future food PF game to go public.
In the news, the company announced the expansion of its consumer products business, Urgent Company (TUC). TUC, Perfect Day’s wholly owned CPG company behind the Brave Robot ice cream brand, will add new “home staples” to its portfolio with Modern Kitchen, the second consumer brand under the TUC umbrella. Modern Kitchen’s first product will be dairy-free cream cheese, which the company will make with its animal whey. As part of the announcement, TUC revealed that Brave Robot is now in 5,000 stores and that they have moved a million pints of ice cream.
Speaking of Brave Robot, it always struck me as a risky choice for a product name. Sure, that stands out, but Brave Robot doesn’t exactly make you think of tasty ice cream either, which I think is the biggest challenge for a product that also wants to communicate in some way. to the consumer that it is made differently from traditional ice cream. With Modern Kitchen, I have to wonder if Perfect Day has been deliberately conservative, this time choosing a brand that doesn’t create extra work for itself.
Perfect Day also announced its third line of business (the other two being Ingredient Innovation and Consumer Products) in Enterprise Biology Scaling Services. This move is a formalization of its corporate biology efforts that began with the company’s acquisition in 2020 of the SBF bioprocess scale-up facility. With its new line of business, Perfect Day hopes to help other food businesses with technology transfer and scale-up consulting services.
“We first entered the ingredients business because food companies large and small were eager to work with the ingredients that we had successfully adapted,” said Perumal Gandhi, co-founder of Perfect Day, in the press release. “Today, something similar is happening on the technology side. There are innovators all over the world with ideas and ambitions similar to our Animal Free Milk Protein, but who need help to make it happen. We champion business models so that we can share our demonstrated capabilities in a way that maximizes benefits for all, while ensuring Perfect Day remains at the forefront of our new industry.
What struck me about the series of announcements is that they illustrate how Perfect Day has matured both in her business and in the way she speaks for herself. The addition of commercial services not only adds a new line of revenue to the business, but is a strategically wise move that will put Perfect Day in place with a long-term IP licensing pipeline and opportunities for ingredient suppliers.
On the corporate messaging front, it wasn’t that long ago that Perfect Day struggled to describe its technology and the resulting animal-free dairy products. That has changed, however, as this announcement is brimming with confidence. The company clearly understood how to communicate the benefits of their product while giving just the right touch of detail about the technology behind it.
And now for the rest of this week’s fundraising news:
New Age Meats – $ 25 million: California-based New Age Meats has raised a $ 25 million Series A to help fund product development and ramp up production of its pork sausages. Founded in 2018, the company hopes to bring its products to market next year using the funds to double its workforce and build a first pilot production plant.
Ghost kitchens / virtual restaurants
All day kitchens – $ 65 million: Ghost kitchen startup All Day Kitchens announced last week that it has raised a $ 65 million Series D to expand its distributed network of satellite kitchens. The company, which was launched in 2018, aims to help small independent restaurants expand their reach through a single model; Unlike traditional ghost kitchens which often treat restaurants like an owner, All Day Kitchens helps launch its new dining partners across its network of kitchens in a given metro area.
Ripple – $ 60 million: Ripple, specialist in dairy alternatives to pea protein, has raised a Series E of $ 60 million. Ripple, which is essentially pea milk what Oatly is to oat-based dairy products, has continued to develop its products since its inception in 2015 and plans to use the Xvideos Red funding to expand to even more new ones. products and markets. While not all of Ripple’s pea protein products have been successful – check out our review of the pretty bad and now abandoned Ripple yogurt here – I’m intrigued to see what new products they’re bringing to market (well, of course) , except maybe yogurt).
Avo – $ 45 million: The Israel-based food delivery startup has raised a $ 45 million Series B round. Avo, which offers white-label food and consumer product delivery to owners and employers, says it plans to use the funding to expand into 10 new metro markets over the next year. From the exit: Avo’s mission is to deliver everything from groceries and alcohol to electronics and personal care items to millions of people every day. The company’s customizable amenity platform allows residential and commercial customers to get everyday items, same day, without any minimum order size or incurring any delivery charges of any kind. . The platform also excludes tip fees, as Avo has a full-time, salaried team. In the wake of the COVID-19 pandemic, Avo is currently adding a major new market every month – a dramatic increase in growth that has helped generate 1,000% revenue over the past two years..
HUNGER – $ 21 million: Chef-run catering delivery company HUNGRY has raised a $ 21 million Series C from a mix of athletes, reality singers and the usual mix of corporate venture capital funds. The company, which allows companies to cook dishes from chefs, works with a variety of renowned chefs such as Tom Colicchi and has claimed that it allows chefs to make up to half a million a year on the platform. HUNGRY shape.
Swiggy – Half a dollar?: Indian food delivery start-up Swiggy is said to be in talks to raise $ 500 million to $ 600 million in funding that would value the company at one Oatly ($ 10 billion). Invesco will likely lead, while others like Softbank will also provide capital.
Grocery delivery in 10 minutes
Gorillas – $ 950 million: Gorillas, the fast-growing grocery delivery company, has raised an impressive $ 950 billion in funding. The news comes even as the company has reportedly decided to stop messing around with an expansion in the United States, at least for now. According to Business Insider Germany, Gorillas has decided to scale back its US expansion plans outside New York and is laying off employees beyond the Big Apple. Much of this funding comes from Delivery Hero as Gorillas continues to expand into Germany, UK, Spain and France.
Plant based fish
Addicted – 3.8 million euros: Swedish Hooked has raised 3.8 million euros for its plant-based fishery products. Like many new alternative protein fundraising rounds these days, Hooked is with news from a famous sponsor, Swedish music star Danny Saucedo. The company launched its brand of plant-based tuna Toonish in retail last month in the Swedish market.
Piestro – $ 4.7 million: Piestro, a maker of robotic pizza-making kiosks, raised just under $ 4.7 million through equity crowdfunding. The campaign, which holding company Wavemaker Labs led using StartEngine, will be used to fund the second-generation Piestro, which will be the company’s first pizza robot to be deployed in consumer-friendly locations and to accept payments. The company hopes its new prototype will be deployed by December of this year. Wavemaker Labs, which describes itself as a ‘corporate innovation studio in robotics and automation’, has shown a preference for using platforms such as StartEngine and SeedInvest to raise funds with its portfolio companies like Piestro, Miso Robotics, Future Acres and Bobacino.