The first-cell based biotechnology company creating real milk from mammalian cells without the need for animals, TurtleTree Labs now has more than 20 full-time scientists and engineers.
KBW Ventures, founded by HRH Prince Khaled bin Alwaleed bin Talal, has announced its latest venture capital commitment in food tech startup TurtleTree Labs.
The first-cell based biotechnology company creating real milk from mammalian cells without the need for animals, TurtleTree Labs now has more than 20 full-time scientists and engineers.
In addition to KBW Ventures, investors taking part in TurtleTree Labs’ US$3.2 million seed round are Green Monday Ventures, CPT Capital, Artesian, and New Luna Ventures.
Prince Khaled has doubled down on his bet on the Singaporean startup, as KBW Ventures previously invested in the company’s pre-seed round led by Lever VC.
“We see the founding team commitment and the potential of this company and its technology as a winning combination,” said Prince Khaled. “Now more than ever, people are waking up to the benefits of food technology and the massive positive implications of innovations in cellular agriculture.”
TurtleTree Labs co-founders Fengru Lyn and Max Rye said that due to the support of the Singaporean government and Enterprise Singapore, the startup was able to further its work during the COVID-19 pandemic.
“Our teams are firing on all cylinders thanks to Enterprise Singapore and the support from our investors. We remain as focused as ever, and we aim to continue hitting milestones,” said Rye.
Bernice Tay, Director of Food Manufacturing Division at Enterprise Singapore called the startup’s solution “novel,” and emphasized that it had implications for sustainable dairy production globally as well as strengthening Singapore’s long-term food diversification efforts.
TurtleTree Labs is one of seven finalists in the Temasek Liveability Challenge, vying for the first prize of $1million undiluted funding. Presented by Temasek Foundation and organized by Eco-Business, the Liveability Challenge Grand Finale is scheduled for July 8 with a wider view of supporting the United Nations Sustainable Development Goal #11.
KBW Ventures is currently the only MENA VC investing in food tech and cellular agriculture, with four portfolio companies in the space including Memphis Meats and BlueNalu.
