TurtleTree Raises $30 Million In Series A To Expedite Full Commercialization Of Cell-Based Milk
Summary
TurtleTree expects to launch its first products in the U.S. soon using its cell-based dairy ingredients through multiple B2B partnerships, and fully commercialize its cultured milk within the next four to five years, according to the Singaporean biotech startup. Machot believes TurtleTree will become his merchant banking and financial services firm’s “most significant investment” in cell milk, and expects an exit in the next five to seven years. “It is a tech platform with a number of verticals — embracing the scientific advancement they are capable of, and developing commercial capabilities to support their large B2B partners and client accounts based on their particular requirements.” TurtleTree argues its advantages lie in its ability to produce naturally occurring ingredients found in human breast milk, including HMOs Lactoferrin, and Alpha-Lactalbumin; source a variety of mammalian cells; and its unique “B2B2C” business model that will allow it to scale faster than competitors in the same space. “The cells then convert this lactation media into milk.” Rye noted how their upcoming B2B collaborations using its key ingredients and functional blends will span across infant formulas, sports performance, and nutraceuticals, and these product launches will be enabled by TurtleTree’s in-house microbial expression system. “We are also working with contract manufacturing partners to help us on this front.” Moving forward, TurtleTree expects to carve out a significant share of the traditional dairy market, between 5-10%, and it plans to become “one of the biggest players” in the sustainable food industry, the company noted.