TurtleTree Labs raises US$3.2 million seed round as it accelerates cell-based milk development

TurtleTree Labs raises US$3.2 million seed round as it accelerates cell-based milk development

SINGAPORE, June 25, 2020 /PRNewswire/ — Singapore-based biotech firm TurtleTree Labs at present introduced the completion of a recent spherical of funding from world buyers. TurtleTree Labs is the world’s first-cell primarily based biotechnology firm creating actual milk from mammalian cells, with out the necessity for animals. As a platform, the corporate’s focus is on excessive worth human breast milk adopted by cow milk.

TurtleTree Labs Founders Max Rye and Fengru Lin
TurtleTree Labs Founders Max Rye and Fengru Lin

Over the previous 12 months TurtleTree Labs has attracted world class expertise, at the moment boasting a workforce of greater than 20 full-time scientists and engineers. With a number of cross-functional groups working in parallel, co-founder and CEO Fengru Lin says, “Our workforce is hungry, passionate and is aware of what it takes to speed up to market. I’m so impressed when even essentially the most junior scientists are sharing concepts of slicing prices or figuring out higher suppliers.”

With assist from the Singaporean authorities, the startup has been aware about an array of assets that offered TurtleTree Labs with an amazing monetary enhance, enabling it to proceed working through the COVID-19 pandemic. Co-founder Max Rye, initially from the San Francisco Bay space explains, “Our groups are firing on all cylinders because of Enterprise Singapore and the assist from our buyers. We stay as targeted as ever, and we purpose to proceed hitting milestones.”

“TurtleTree Labs’ aim of making milk from animal cells gives a novel answer in the direction of sustainable dairy manufacturing globally, and would additionally assist to strengthen Singapore’s long-term meals diversification efforts. We’re inspired that Singapore’s foodtech infrastructure has enabled homegrown startups like TurtleTree Labs to push technological boundaries and acquire fast entry to capital. We’ll proceed our efforts to develop a vibrant agri-food tech ecosystem in Singapore to encourage the creation of extra progressive options,” mentioned Ms Bernice Tay, Director, Meals Manufacturing Division, Enterprise Singapore.

Buyers participating within the TurtleTree Labs seed spherical are Inexperienced Monday Ventures, KBW Ventures, CPT Capital, Artesian, and New Luna Ventures.

“Meals tech innovation in Asia is means overdue. If the quickly deteriorating local weather change scenario isn’t sufficient to persuade the world, the pandemic absolutely hammers house the urgency that we have to overhaul the meals system for the sake of public well being, meals security, and meals safety. That explains why Inexperienced Monday Ventures is so excited to put money into and collaborate with TurtleTree Labs.  We see immense prospects of their biotech innovation platform, in addition to huge influence we will drive collectively,” says David Yeung, founder, Inexperienced Monday Group

“KBW Ventures has invested within the seed spherical constructing on our preliminary dedication throughout TurtleTree’s pre-seed increase. We see the founding workforce dedication and the potential of this firm and its expertise as a successful mixture. Now greater than ever, individuals are waking as much as the advantages of meals expertise and the huge optimistic implications of improvements in mobile agriculture,” mentioned Prince Khaled bin Alwaleed bin Talal Al Saud, Founder and Chief Govt Officer of KBW Ventures.

TurtleTree Labs raised its preliminary funding which was led by New YorkHong Kong primarily based Lever VC in 2019, with buyers from varied geographies. “This recent spherical of funding will improve our scale up growth, bringing us one step nearer to commercialization,” mentioned Max Rye.

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TurtleTree Labs – TurtleTree Labs is the primary biotech firm on the planet with the flexibility to create milk from all mammals. Utilizing their proprietary cell-based strategies, they are going to form the way forward for not simply how we get dairy milk however how people will feed their infants. To maximise influence, the workforce will work with trade leaders to undertake their sustainable and secure strategies to create milk.  Their deal with influence will disrupt this multi-billion greenback trade whereas lowering the carbon footprint on this planet, whereas creating milk freed from contaminants. Their innovation will present thousands and thousands entry to safer, dependable and better high quality dairy merchandise.

Inexperienced Monday Ventures – Inexperienced Monday Group has an total mission to “Make Change Occur, Make Inexperienced Frequent” since its institution in 2012. It’s achieved by selling plant-based consuming and environmental safety via its multifaceted social enterprise mannequin, in hopes of tackling local weather change, world meals in safety and selling public well being. Inexperienced Monday Basis, Inexperienced Monday Holdings and Inexperienced Monday Ventures are the three principal branches of Inexperienced Monday Group. Inexperienced Monday Ventures is the influence funding arm geared toward accelerating the expansion of mission-aligned entrepreneurs and startups globally.

KBW Ventures – KBW Ventures, based by Chief Govt Officer HRH Prince Khaled bin Alwaleed bin Talal Al Saud, invests in firms with transformative applied sciences and enterprise fashions and the potential for important monetary returns whereas additionally delivering optimistic social influence. The KBW Ventures portfolio spans the enterprise capital spectrum from earlier stage ventures, to extra established firms trying to broaden into the Center East. 

CPT Capital – CPT Capital is the enterprise arm of a number one non-public household workplace. As a long-standing devoted investor within the different protein area, CPT Capital has unmatched expertise and experience investing in firms disrupting the meals system.

Artesian – Artesian is a full-stack VC agency investing from seed stage via to exit. The Artesian portfolio contains over 400 investments throughout Australia, China, South East Asia, South Asia and the Americas.

New Luna Ventures – New Luna Ventures is a number one influence enterprise capital advisor and investor within the meals 2.0, agriculture, power, neighborhood enrichment, and enabling software program industries. We assist entrepreneurs construct sustainable ventures and join disruptive concepts with buyers and companions. Collectively, we offer actionable plans, enhanced communications, and expanded entry to markets.

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