Perfect Day

Perfect Day produces animal-free dairy products using fermentation techniques. The startup uses microflora (microorganisms such as bacteria, yeast, or in this case, fungi) to create the protein blocks of milk-casein and whey via fermentation, which is later combined with fat and water to produce genetically identical substitutes to animal milk. Perfect Day has developed the microflora to produce milk proteins with a similar genetic blueprint corresponding to casein and whey. The startup launched its first product in 2019, a limited line of animal-free ice cream. Perfect Day has also developed animal-free substitutes for cream cheese, feta, and cheese spreads, in addition to milk. Since its first funding round in December 2019, Perfect Day reported a doubling of production capacity while significantly reducing costs. In November 2022, the company launched its Very Dairy animal-free milk in Singapore which is claimed to be the first precision fermented milk to enter the Asian market. Following this, Perfect Day acquired India’s Sterling Biotech Limited at a value of 638 crore rupees (~USD 78 million). In August 2024, 50% of Perfect Day’s stake in Sterling Biotech was acquired by Indian pharmaceutical company Zydus Lifesciences.

In July 2023, Perfect Day exited its consumer-facing business, The Urgent Company (TUC), due to investor pressure and to shift its focus towards R&D innovation, B2B partnerships, and its nth Bio precision fermentation consulting business. 15% of the workforce at TUC was laid off as a part of this move.

Key customers and partnerships

The company entered into partnerships with Tomorrow Farms in May 2022 and Strive Nutrition in June 2022 to supply fermented animal-free whey protein for the production of alternative milk. In July 2022, the company partnered with sports nutrition brand, Myprotein to launch a precision fermented Whey protein powder. The company partnered with global food and beverage leader, Nestle in September 2022 to develop and trial an unnamed alternative milk beverage. Further, during the same month, the company unveiled its enterprise biology business, “nth Bio”, offering precision fermentation expertise and technology to companies worldwide and announced Onego Bio as its first partner in this new venture.

In February 2024, Perfect Day partnered with Unilever-owned ice cream company Breyers, to supply precision-fermented whey protein for developing a lactose-free ice cream product.

Funding and financials

In its latest funding round in January 2024, Perfect Day raised up to USD 90 million in pre-Series E funding led by its internal investors. The funding was earmarked for supporting Perfect Day's shift toward manufacturing on a larger scale and paving the path for the commercial release of its fermented whey protein product.