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December 18, 2020

TurtleTree Labs in new funding round ahead of cell-based milk debut

TurtleTree Labs, a Singapore company developing cell-based milk, has secured another round of funding from an investor consortium.

By Dean Best

TurtleTree Labs, a Singapore company developing cell-based milk, has secured another round of funding from an investor consortium ahead of its first product launch.

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The start-up has received US$6.2m in a pre-Series A financing round from existing and new investors, adding to a previous $3.2m seed injection in June this year and an undisclosed pre-seed investment in January.

Taking part in the latest financing exercise were existing investors Eat Beyond Global Holdings, set up in Canada earlier this year, US asset management firm KBW Ventures, and Green Monday Ventures, the investment arm of plant-based food supplier Green Monday Group in Hong Kong.

Verso Capital, a Helsinki-based buyout fund, also took part as a new investor.

TurtleTree claims to be the world’s first company using technology to create cell-cultured milk from animal cells and was founded by chief executive Fengru Lin, chief scientific officer Rabail Toor, and chief strategist Max Rye. 

Rye said in a statement: “The vision of TurtleTree Labs is to create a truly sustainable and cruelty-free food system. We are grateful to have the support of leading investors from every corner of the world.”  

TurtleTree plans to use the new funds for R&D and to expand its team as the company works with regulators to bring its debut product to market next year.

KBW Ventures was set up by Saudi Arabia entrepreneur Prince Khaled bin Alwaleed bin Talal Al Saud. He will now become an official advisor to TurtleTree, which has offices in San Francisco and Singapore. 

"Prince Khaled will shape new market growth plans, lend his expertise in the alternative-protein and food-tech spheres, and liaise closely with the founding team on other areas of the business," TurtleTree said.

just-food analysis: Can cell-based dairy muscle way into crowded dairy-alts market?

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
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