SK Inc. has joined a $ 350 million investment in Perfect Day, a food technology start-up based in Berkeley, California.
The investment is led by Temasek of Singapore and the Canada Pension Plan Investment Board. Horizon Ventures of Hong Kong and Bob Iger, executive chairman of The Walt Disney Company, also joined the round.
SK Inc.’s participation is indirect. He’s investing $ 55 million with STIC Investments, a local private equity firm, in the fund that invests in Perfect Day. His exact commitment was not disclosed.
Founded in 2014, Perfect Day produces animal-free dairy proteins through a process that involves bioengineering and fermentation techniques. It focused on supplying raw materials to manufacturers rather than producing its own product.
The name of the company is taken from Perfect Day by Lou Reed.
SK Inc. committed 54 billion won ($ 45 million) to the startup last year, betting that alternative protein companies will benefit from concerns about animal welfare and the environment.
âSK Inc. has expanded its investments in global alternative food companies with new technologies by leveraging its relationships with leading Asian food companies and investors with the goal of dominating the growing Asian alternative food market,â the company said. in a press release.
Perfect Day has recently gained ground as Brave Robot, an ice cream brand in which it has invested, has captured a significant market share in the United States.
At a separate event on Friday, SK Inc. signed a memorandum of understanding with SPC Samlip, a food company based in Siheung, Gyeonggi, to seek investment opportunities in the alternative food sector.
The two partners are already considering importing food products from Perfect Day and Meatless Farm, a British vegetable meat producer, into the Korean market.
SK Inc. invested 8.3 billion won earlier this year in the British start-up.
Founded in 2016, Meatless Farm is well positioned in Europe with its vegetable meat products based on pea protein.
SK Inc also invested 29 billion won in Chicago-based Nature’s Fynd and established a fund worth 100 billion won with Beijing-based Joyvio Group.
BY THE EUN-JEE PARK [[email protected]]