Cell-based breast milk: TurtleTree Labs scores US$3.2m to accelerate production
Products are expected to reach market within 18 to 24 months
25 Jun 2020 --- Singapore-based TurtleTree Labs has completed a fresh round of funding from global investors, raising US$3.2 million. The biotechnology company can create real milk from any mammal, without the need for animals. While its current focus is on high-value breast milk, it is also eyeing the cow milk space. “Our new round of funding will help our team on accelerating the commercialization and scale up side of our business,” Max Rye, Co-Founder and Chief Strategist at TurtleTree Labs, tells NutritionInsight.
He continues that using its proprietary technology, the company is able to isolate mammary cells. These are induced with a special food-grade media in bioreactors to create the end-result of milk. “What is amazing about this, is that the cells are like a factory that will continuously produce milk,” Rye explains.
The cell-based milk space is heating up and many start-ups are looking to tap into this market. TurtleTree Labs pledged in February that it will be creating the world’s first lab-produced breast milk and since then others have come forward. US-based start-up Biomilq announced recently that it is one step closer to offering mammary cell-cultured human breast milk to families thanks to US$3.5 million in funding. The company is ultimately aiming to have a product that is accessible to a broad consumer market, citing the challenges surrounding this in cell-based products, especially amid COVID-19.
“As market leaders we always expect new players to come on to the scene. As a team we need to focus on firing on all cylinders and working with partners to get to market. Overall, we believe it’s not a winner takes all market and there is plenty of room for more players,” Rye affirms.
Co-Founders Max Rye and Fengru Lin.The company’s regulatory team is working hard, he says and the first products could reach the market as early as in 18 to 24 months. “In parallel, our bioprocessing team is also aiming for a similar timeline. Asia is one of the fastest growing markets in infant nutrition and may be where you see the first products while we work in parallel with US regulatory bodies,” Rye highlights.
Accumulating talent and inspiring innovation
Over the past year TurtleTree Labs has accumulated a team of trained professionals and now boasts more than 20 full-time scientists and engineers. With support from the Singaporean government, the start-up has been able to access an array of resources that provided TurtleTree Labs with an important financial boost, enabling it to continue working during the COVID-19 pandemic.
“We have had significant support from several arms of the government including Enterprise Singapore and the regulatory body. Working closely with them, we are a part of the discussions for novel food regulations and connecting with potential multinational corporations that we can partner with. Additionally, there has been quite a bit of financial support during the COVID-19 period,” Rye says.
“TurtleTree Labs’ goal of creating milk from animal cells provides a novel solution toward sustainable dairy production globally and would also help to strengthen Singapore’s long-term food diversification efforts. We are encouraged that Singapore’s foodtech infrastructure has enabled homegrown start-ups like TurtleTree Labs to push technological boundaries and obtain quick access to capital. We will continue our efforts to develop a vibrant agri-food tech ecosystem in the country to encourage the creation of more innovative solutions,” notes Bernice Tay, Director of Food Manufacturing Division at Enterprise Singapore – a statutory board under the Ministry of Trade and Industry.
“Food tech innovation in Asia is way overdue. If the rapidly deteriorating climate change situation isn’t enough to convince the world, the pandemic surely hammers home the urgency that we need to overhaul the food system for the sake of public health, food safety, and food security. That explains why Green Monday Ventures is so keen to invest in and collaborate with TurtleTree Labs. We see immense possibilities in their biotech innovation platform, as well as enormous impact we can drive together,” says David Yeung, Founder of Green Monday Group, which is in the newest list of investors.
Other investors taking part in the latest TurtleTree Labs seed round include KBW Ventures, CPT Capital, Artesian and New Luna Ventures. The company raised its initial investment, which was led by New York-Hong Kong based Lever Venture Capital, in 2019, with investors from various geographies.
By Kristiana Lalou
