TurtleTree is working to produce immune-boosting human milk protein lactoferrin as its first commercial product

Cell-based dairy start-up TurtleTree has raised $30 million in Series A funding, with investment bank and PE vehicle Verso Capital contributing to the round.

The capital will be used to scale the company’s recently established R&D facility in Sacramento, California, as well as expanding its product portfolio, technology development and talent acquisition.

Founded in Singapore, TurtleTree is a biotechnology start-up focused on producing milk and its naturally occurring components through cell-based technology.

TurtleTree is working towards releasing bioactive protein lactoferrin as its first commercial product.

The protein is present in human milk and is thought to provide benefits for the immune system.

Fengru Lin, the company’s CEO, said: “Amplified by the relentless backing of parties like VERSO Capital, the Series A funds will allow us to scale up our processes and come a huge step closer to creating a new era of sustainable nutrition.”

Verso Capital managing partner Julian Machot said: “We highly value TurtleTree’s unique positioning in the industry and its farsighted mission of creating a sustainable and cruelty-free food system.

“After developing a deep understanding of the company and its team, we are confident in TurtleTree’s potential as a cell-based technology platform that will transform the food industry,” Machot said.

TurtleTree has raised over $40 million to date, including $6.2 million in a pre-series A round in December 2020.

Back in March, the company’s growth-factor arm TurtleTree Labs signed a letter of intent to collaborate with cell media supplier JSBiosciences. Both companies sought to create cell culture media on a commercial scale.

Date published: 2 November 2021

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