TurtleTree Labs raises US$6.2 million in Pre-A funding round
December 17, 2020 - 4 min read
- Investment from Green Monday Ventures, Eat Beyond Global, KBW Ventures, and Verso Capital will allow TurtleTree Labs to expand focus into functional components in milk
- TurtleTree Labs builds on early successes of winning highly competitive startup competitions in 2020: The Liveability Challenge presented by Temasek Foundation and the Entrepreneurship World Cup
- Existing TurtleTree Labs investor Prince Khaled bin Alwaleed bin Talal Al Saud to join as Advisor
San Francisco, CA, December 17, 2020 — TurtleTree Labs, the biotech company pioneering the method to produce milk using cell-based technology, has just announced the close of an oversubscribed $6.2 million Pre-A funding round from new and existing global investors including Green Monday Ventures, Eat Beyond Global, KBW Ventures, and Verso Capital.
TurtleTree Labs, which has offices in San Francisco and Singapore, will use the funds to accelerate research and production of functional, bioactive proteins and complex sugars found in human milk. These high-value components have potential benefits in gut and brain health, which can be applied to both infant and senior nutrition.
“The vision of TurtleTree Labs is to create a truly sustainable and cruelty-free food system,” adds Max Rye, Chief Strategist of TurtleTree Labs. “We are grateful to have the support of leading investors from every corner of the world.”
The company also announced that HRH Prince Khaled bin Alwaleed bin Talal Al Saud, 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, the Pre-A raise.
In his role as Advisor, 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’ groundbreaking technology, which allowed our company to win The Liveability Challenge and Entrepreneurship World Cup, has certainly attracted interest from a global and diverse panel of investors and customers,” says Fengru Lin, CEO of TurtleTree Labs.
“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. We are happy that The Liveability Challenge is able to showcase sustainable ideas and innovations from around the world, and support winners like TurtleTree Labs and other innovators to secure funding and opportunities to further develop their solutions,” said Mr Lim Hock Chuan, Chief Executive, Temasek Foundation Ecosperity.
“TurtleTree Labs represents the spirit and impact of the Entrepreneurship World Cup where they emerged from a pool of 175,000 registrants from 200 countries,” adds Ana Maria Torres, Director for the Entrepreneurship World Cup. “This investment — and the continued support it will receive from a global network of ecosystem leaders — provides them with an opportunity to scale in a rapidly-changing industry while addressing an extensive global need.”
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About TurtleTree Labs — TurtleTree Labs is shaping the future for dairy milk and infant nutrition production with its proprietary, cell-based technology method to produce milk and milk components sustainably. Together with its valued partners, TurtleTree Labs is able to achieve resource efficiency and increase access to healthier, safer, reliable, and higher quality dairy products for consumers. Learn more: https://turtletreelabs.com/
About KBW Ventures - KBW Ventures, founded by Chief Executive Officer HRH Prince Khaled bin Alwaleed bin Talal Al Saud, invests in companies with transformative technologies and business models and the potential for significant financial returns while also delivering positive social impact. The KBW Ventures portfolio spans the venture capital spectrum from earlier stage ventures, to more established companies looking to expand into the Middle East. www.kbw-ventures.com
About Green Monday Ventures - Green Monday Group has an overall mission to “Make Change Happen, Make Green Common” since its establishment in 2012. It is achieved by promoting plant-based eating and environmental protection through its multifaceted social venture model, in hopes of tackling climate change, global food insecurity and promoting public health. Green Monday Ventures is the impact investment arm aimed at accelerating the growth of mission-aligned entrepreneurs and startups globally.
About Eat Beyond Global - Eat Beyond Global Holdings Inc. (“Eat Beyond”) (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Learn more: https://eatbeyondglobal.com/
About Verso Capital - Established in 2017 and founded by Julien Machot, a former ultra-high net worth Private Banker and venture capital investor, VERSO Capital is a Merchant Banking boutique that specializes in alternative assets and advises over USD 4 billion of its clients' assets. VERSO Fund, have managed and invested over USD 245 million in food technology companies including Impossible Foods Inc and Eat Just Inc. More about VERSO Capital on www.versocapital.co and VERSO Fund on www.versofund.com.