The funds will accelerate research and production of functional, bioactive proteins and complex sugars found in human milk
Fengru Li and Max Rye
From left: Fengru Lin and Max Rye, founders of TurtleTree Labs

TurtleTree Labs, a biotech company producing milk using cell-based technology, has closed 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.

The company, which has offices in San Francisco and Singapore, announced that Prince Khaled bin Alwaleed bin Talal Al Saud, a global investor in the alternative protein sector through KBW Ventures, will join TurtleTree Labs as an advisor. KBW Ventures first invested in TurtleTree Labs seed round announced in June and has committed additional capital to the latest round.

In his role as advisor, Prince Khaled will shape new market growth plans, lend his experience in the alternative protein and food tech spheres, and liaise closely with the founding team on other areas of the business.

TurtleTree Labs said it will use the new 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.

Max Rye, chief strategist of TurtleTree Labs, said: “The vision of TurtleTree Labs is to create a truly sustainable and cruelty-free food system. We are grateful to have the support of leading investors from every corner of the world.”

Fengru Lin, chief executive of TurtleTree Labs, added: “TurtleTree Labs’ groundbreaking technology has certainly attracted interest from a global and diverse panel of investors and customers.”

Lim Hock Chuan, chief executive of Temasek Foundation Ecosperity, commented: “TurtleTree Labs’ technology is able to significantly reduce carbon footprint and address food resilience in the long term. This is a win-win for planet and for communities.”

Date published: 22 December 2020

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