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.
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.
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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.