TurtleTree Labs lands US$6.2M for cell-based breast milk ingredients for gut and brain health
17 Dec 2020 --- Cell-based breast milk company TurtleTree Labs has scored US$6.2 million in an oversubscribed pre series-A funding round from new and existing global investors. The funding will accelerate its research efforts into functional, bioactive proteins and complex sugars found in milk.
Fengru Lin, co-founder and CEO, speaks to NutritionInsight about the booming cell-based ingredients market and their potential in supporting gut and brain health.
Amid a thriving milk alternatives market, the company is pioneering a method to produce milk using cell-based technology. Among the investors of this new financing round are Green Monday Ventures, Eat Beyond Global, KBW Ventures and Verso Capital.
“These high-value cell-based milk components have potential benefits in gut and brain health, which can be applied to both infant and senior nutrition,” Lin explains.
“We’re always working on new things with our partners, such as developing functional nutritional products such as beverages or infant milk formulas.”
These cell-based milk ingredients have potential benefits in gut and brain health, which can be applied to both infant and senior nutrition.On the cell-based growth track
The company is on a business growth trajectory as it raised US$3.2 million in a previous funding round. While its current focus is on high-value breast milk, it is also eyeing opportunities within the cow milk space.
“There is definitely more space to play in this industry, and you can see investor sentiments reflecting that. APAC alt-protein start-ups have raised more than US$230 million in the last 12 months,” Lin notes.
“Milk is a US$700 billion industry and most of that is made up of the high-value dairy by-products like cheese, butter, yogurt and infant nutrition. Cell-based milk allows us to produce the components in milk that are crucial for the production of these high-value dairy by-products. This is difficult to replicate using other methods.”
“We’re watching this space closely to take advantage of the other innovations in the ecosystem,” she adds.
A cruelty-free food system
The vision of TurtleTree Labs is to create a truly sustainable and cruelty-free food system, according to Max Rye, chief strategist of TurtleTree Labs.
The company aims to transform the US$45 billion infant nutrition market, which the company expects to grow to US$103 billion by 2026.
Part of TurtleTree Lab’s strategies includes robust plans for driving the business across product, strategy and operations. The team has recruited regulatory and intellectual property attorneys in the cell-based food industry.
APAC alt-protein start-ups have raised more than US$230 million in the last 12 months.Attracting global investors
Lin says that TurtleTree Labs’ technology, which allowed the company to win The Liveability Challenge and Entrepreneurship World Cup, has attracted interest from global investors and customers.
The company also announced that HRH Prince Khaled bin Alwaleed bin Talal Al Saud of Saudi Arabia, a prominent global investor in the alternative protein sector through KBW Ventures, will join TurtleTree Labs as an advisor.
KBW Ventures first invested in the TurtleTree Labs seed round announced in June 2020 and has committed additional capital to the latest round.
In his role, 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 Labs’ technology is able to significantly reduce our carbon footprint and address food resilience in the long term. This is a win-win for our planet and for communities,” notes Lim Hock Chuan, chief executive at Temasek Foundation Ecosperity, which is also an investor in the round.
In the same space, US-based start-up Biomilq recently revealed it is one step closer to offering mammary cell-cultured human breast milk to families around the globe thanks to US$3.5 million in funding. The company is 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.
By Kristiana Lalou
