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December 21, 2020updated 09 Apr 2021 6:51am

Animal-free start-up Better Dairy secures seed funding

Better Dairy, a London-based start-up developing animal-free dairy products, has secured seed funding from a group of investors.

By Dean Best

Better Dairy, a London-based start-up developing animal-free dairy products, has secured GBP1.6m (US$2.1m) in seed financing toward R&D costs ahead of its commercial launch early in 2022.

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Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
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  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
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Happiness Capital, a venture fund in Hong Kong, led the round with participation from CPT Capital, a London-based fund that counts US meat-free companies Beyond Meat and Impossible Foods as investment targets. US private-equity firm Stray Dog Capital and UK-based Veg Capital also took part, along with a “consortium of high profile angel investors”, according to a statement from Better Dairy.

The business was founded in January by Jevan Nagarajah (CEO) and Dr. Christopher Reynolds (CTO). “Better Dairy is relying on the fact that its technologies will allow its products to have the same flavours, textures and nutritional profile of traditional dairy products, whilst also having the environmental and animal-welfare benefits of plant-based products,” the statement read.

Better Dairy’s founders took part in the incubator programme run by London-headquartered Entrepreneur First through which they picked up their pre-seed investment. Entrepreneur First was established in 2011 by Alice Bentinck and Matt Clifford and has offices in Singapore, Bangalore, Paris, Berlin and Toronto.  

“We’re hugely excited by what we’re building, and the promise that our technology has to radically improve dairy production,” said Nagarajah. “What is even more exciting for us are the high-quality investors that we have on board to help realise our vision, alongside the great advisors and team that we continue to attract to the company.”

Happiness Capital is the investment arm of LKK Health Products Group, a unit of the Asian sauces manufacturer Lee Kum Kee. It has invested in but since exited Beyond Meat, an alternative-protein business in California, and Hong Kong-based plant food company Green Monday.

Its managing director Eric Ng added: “We are very excited by the positive impact that Better Dairy can have on the world. We were  impressed by the team and the amount they’ve achieved in a short period of time and look forward to working with them in ushering in this new era for dairy.”   

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Free Whitepaper
img

Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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