TurtleTree Labs Co-founders Max Rye (L) and Fengru Lin
Singapore-headquartered TurtleTree Labs, a biotech startup producing milk using cell-based technology, announced today it has closed an US$6.2 million in an oversubscribed pre-Series A round of funding.
Both existing and new investors, including Green Monday Ventures, Eat Beyond Global, KBW Ventures, and Verso Capital, joined the round.
As per a press note, the startup will use the 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.
The company has also announced that Prince Khaled bin Alwaleed bin Talal Al Saud, a prominent global investor in the alternative protein sector through KBW Ventures, will join TurtleTree as an Advisor.
In this role, Prince Khaled will shape new market growth plans, lend his expertise in the alternative protein and food tech spheres, and liaise closely with the founding team on other areas of the business.
Also Read: Startup of the Month, January: Singapore-based biotech startup TurtleTree
Founded in 2019, TurtleTree, which also has an office in San Francisco, uses its proprietary technology to produce full milk in clean production facilities from mammary cells.
“The vision of TurtleTree Labs is to create a truly sustainable and cruelty-free food system,” said Max Rye, Chief Strategist of TurtleTree Labs.
“TurtleTree’s technology is able to significantly reduce our carbon footprint and address food resilience in the long term. This is a win-win for our planet and for communities,” said Lim Hock Chuan, CEO, Temasek Foundation Ecosperity.
The funding news comes fresh off TurtleTree’s win at the Entrepreneurship World Cup, where it secured US$500,000 in cash prize.
Earlier this year, the startup had raised pre-seed funding round from investors such as KBW Ventures, Lever VC and K2 Global.
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Image Credit: TurtleTree Labs
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