The Continental Grain-backed vegan dairy product developer has captured $140m at a $440m valuation, with Temasek leading the round.

Perfect Day, a US-based animal-free dairy protein manufacturer backed by agribusiness Continental Grain, closed a $140m series C round yesterday that was led by Singaporean state-owned investment firm Temasek.

Venture capital firm Horizons Ventures and several unnamed, existing shareholders also contributed to the round, which valued Perfect Day at $440m according to the Financial Times.

Founded in 2014 as Muufri, Perfect Day has developed a plant-based, animal-free dairy protein it claims can offer the same nutritional benefits and taste as cow’s milk. It launched an ice cream (pictured) this year and sold out of its initial stock within a day.

The company has raised more than $200m in funding altogether. It traces its origins to RebelBio, the life sciences accelerator operated by VC firm SOSV in Cork, Ireland.

Perfect Day will put the series C capital toward increasing its production capacity, broadening its product portfolio and pursuing more partnership opportunities. It hopes to announce its first commercial agreements early next year.

Temasek, Horizons Ventures and ADM Capital co-led a $34.8m series B round for the company in February this year, after Temasek had led a $24.7m series A round in March 2018 that included Continental Grain, Iconiq Capital, Lion Ventures, Verus International and undisclosed other backers.

Perfect Day had previously received approximately $2m in funding in 2014, according to a securities document. Horizons Ventures was subsequently identified as a seed-stage investor as was RebelBio, which provided $50,000 in seed capital as part of its program.

Image courtesy of Perfect Day.