Continental Grain-backed vegan food producer Perfect Day has raised $160m, increasing its series C round to $300m.
The US-based vegan dairy protein producer had raised $140m from Singaporean state-owned investment firm Temasek, venture capital firm Horizons Ventures and several unnamed existing investors in the first tranche. The second tranche came from Canada Pension Plan Investment Board’s Thematic Investing group (leading with $50m) and unnamed investors. This latest round came after the company doubled its production capacity in recent months, while cutting costs.
The company is part of an emerging segment, alternative proteins, in the food and beverages space. The number of corporate-backed deals in food and beverages reached an all-time high last year at 94 rounds, while the total estimated dollars suggests there may be some downward pressure on valuations, as they have gone from $10.44bn in 2018 to $4.72bn.
Vegan food producers have been backed on the public markets, with Beyond Meat’s stock rising from $66.79 to $234.90 in the two months after its initial public offering.
