TurtleTree raises $ 30 million to market cell-based breast milk – Wired PR Lifestyle Story
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Home biotechnology startup Turtle Tree reported yesterday (November 1) that it had successfully raised $ 30 million in the first half of its Serie A, making it one of the largest rounds of investment in the Asian cell-based food sector to date.
The financing round sees the participation of investors from all over the world, including VERSO Capital’s main investor. Following this round of funding, TurtleTree has raised more than $ 40 million so far.
Founded by Fengru Lin and Max Rye in 2019, TurtleTree uses stem cell technology to develop laboratory-grown human milk as an alternative to the infant formula.
“A series of funds will allow us to take a big step towards expanding our processes and creating a new era of sustainable food,” said CEO Fengru.
Max, who is also CEO of TurtleTree Strategy, added that finance has opened up a whole new world of opportunity.
“Now we can make ambitions a reality by developing and manufacturing our first products ready for consumption, starting with US-based expansion plans.”
He makes his attempt in the US
With the launch of its R&D facility in Sacramento in September, TurtleTree will now use the funds to continue to expand its portfolio of sustainable and better food for you.
He hopes to launch his first product in the U.S. soon using cell-based dairy ingredients through multiple B2B partnerships, and to fully commercialize its grown milk for the next four to five years.
It will also provide funding for technology development and talent acquisition, enabling TurtleTree to grow its global R&D team.
Together with these initiatives, TurtleTree will help increase research and production of highly functional ingredients found in human milk, providing proven benefits for immune system function, intestinal health, and cognitive development.
A particularly exciting example of these ingredients is lactoferrin, a bioactive protein expected to be launched as TurtleTree’s first commercial product.
For the first phase of product development, the company will provide ingredients for use by other companies in food and nutrition products. After all, TurtleTree is working to reproduce whole cow’s milk in a laboratory without the environmental impact associated with animal farming.
Going forward, the company will expand into a global biotechnology platform with a focus on transforming performance nutrition, feeding systems and cellular agriculture.
This will ultimately lead to scalable solutions for the cell-based food industry, ensuring that people everywhere have access to food nutrients from mammalian milk that are particularly sustainable and affordable.
Going forward, TurtleTree expects to achieve a significant share of the traditional dairy market, between five and 10 percent, and expects to be “one of the biggest players” in the sustainable food industry.
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Featured Image Credit: Asia Tech Daily / Nutra Ingredients
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