The Continental Grain-backed animal-free dairy protein producer’s latest round valued it at $1.5bn and lifted its overall funding to $750m.

Perfect Day, the US-based vegan dairy protein product manufacturer backed by agribusiness Continental Grain, has received $350m in series D funding, the Wall Street Journal reported yesterday.

Singaporean government-owned investment firm Temasek and asset manager Canada Pension Plan Investment Board co-led the round, which included private investor Robert Iger, co-founders Ryan Pandya and Perumal Gandhi told WSJ.

The round was secured at a $1.5bn valuation and came ahead of a possible initial public offering in the next 12 months, according to sources privy to the matter. The company has raised $750m in total since it was founded in 2014.

Originally called Muufri, Perfect Day has developed microflora sugar fermentation technology that facilitates the production of animal-free dairy proteins. It has obtained Generally Recognised As Safe designation from the US Food and Drug Administration.

Perfect Day had closed a $300m series C round in July 2020 when it completed a $160m second tranche led by Canada Pension Plan Investment Board’s Thematic Investing vehicle, after Temasek, Horizons Ventures and undisclosed existing backers provided $140m seven months before at a $440m valuation.

The company collected $34.8m in an early 2019 series B round co-led by Temasek, Horizons Ventures and ADM Capital.

Temasek had already led a $24.7m series A round for Perfect Day in 2018, investing alongside Continental Grain, Iconiq Capital, Lion Ventures, Verus International and unnamed other participants. Horizons Ventures had supplied it with $2m in seed funding soon after it was founded.