The Canada Pension Plan Investment Board (CPPIB) has invested $50 million in a California company that makes fake milk by fermenting microbes.
Perfect Day raised $140 million late last year and this time is raising $300 million.
The Canada Pension Plan Investment Board said this investment is part of its strategy to invest in ventures that mitigate climate change.
Perfect Day says its methods use less energy and water and produce fewer greenhouse gas emissions than dairy products sourced from animals.
Perfect Day uses fermentation in microflora to create a vegan and lactose-free dairy protein that looks and tastes like milk but doesn’t use any animals in the process.
The six-year-old San Francisco Bay Area startup recently doubled its ability to produce its flora-made protein and gained Generally Recognized As Safe (GRAS) status by the U.S. Food and Drug Administration.
