A pre-series E fundraising round of $90 million is raised by Perfect Day.
Pre-series E funding round for Perfect Day, formerly known as Muufri, an animal-free dairy protein manufacturer, has received $90 million. Internal investors lead the fundraising round.
Co-founders Ryan Pandya and Perumal Gandhi will resign from their operational management positions in order to concentrate on future prospects, the firm announced following the investment announcement. According to the company, Pandya and Gandhi created Perfect Day in 2014, and in 2019 they introduced their first dairy-free ice cream product. Rather than using cows to manufacture dairy proteins, Perfect Day uses fermentation in microflora.
President of Perfect Day TM Narayan will assume the role of acting CEO in the interim. As chief business operations officer when he first joined the company in September 2021, Narayan was promoted to president in October 2022. The business announced that Narayan will receive assistance from Aftab Mathur and Patrick Zhang, the recently appointed co-chairmen of the board from Temasek and Horizons Ventures, as he moves into an interim CEO role.
“When we first started this company in April of 2014, this has been a journey we could only dream of,” Pandya remarked. We’ve de-risked game-changing technology and brought it to life globally across more than a dozen categories thanks to the amazing individuals behind our company. Perfect Day is now at a good place for us under TM’s temporary leadership.
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In September 2021, the firm completed a $350 million series D fundraising round. This was its most recent investment round. The business raised $140 million in a Series C fundraising round in December 2019 and an additional $160 million in a Series C round through a second tranche in June 2020.
“Leading Perfect Day into its next chapter of impact and continuing to build a kinder, greener tomorrow with this mission-driven team is an honor,” Narayan remarked. “Since Ryan and Perumal founded Perfect Day in 2014, they have accomplished far more than anyone could have ever dreamed possible. Now, we are completely focused on securing a resilient future for both the company and the planet by scaling that vision.”