(L-R) TurtleTree co-founders Fengru Lin and Max Rye
TurtleTree, which produces cell-based milk, has raised US$30 million in the first tranche of its Series A funding from a group of investors, led by existing investor and Finnish growth-stage VC firm Verso Capital.
Having just launched its Sacramento R&D facility in September, TurtleTree will now use the new capital to continue expanding its portfolio of sustainable, better-for-you food items.
It will also set aside funds for technology development and talent acquisition, enabling the firm to grow its world-class R&D team.
Together, these initiatives will help TurtleTree scale up its research and production of the highly functional ingredients in human milk, which offer proven benefits for immune system function, gut health, and cognitive development. One example of these ingredients is lactoferrin, a bioactive protein slated for launch as TurtleTree’s first commercial product.
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“The funding received has truly opened up a new world of possibility. We can now set our sights on turning ambitions into reality. We will start with our US-based expansion plans and then move on to the development and manufacture of our first consumer-ready products,” TurtleTree’s chief strategy officer Max Rye said.
This will ultimately bring scalable solutions to the cell-based food industry, ensuring people everywhere will have access to the nourishing nutrients of mammalian milk in a uniquely sustainable and affordable way.
Founded in 2019, TurtleTree uses its proprietary technology to produce whole milk in clean production facilities from mammary cells. Moving forward, the company will expand into a global biotechnology platform with a vision for transforming performance nutrition, food systems, and cellular agriculture.
To date, TurtleTree has raised over US$40 million.
In December 2020, TurtleTree closed a US$6.2 million in an oversubscribed pre-Series A round from investors such as Green Monday Ventures, Eat Beyond Global, KBW Ventures, and Verso. A few months prior, it raised pre-seed funding round from investors such as KBW Ventures, Lever VC and K2 Global.
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