Perfect Day accelerates next chapter of impact with Pre-Series E of up to US$90 million and leadership updates

Perfect Day has announced that it has raised a pre-series E financing round of up to US$90 million, led by internal investors, to support the company’s evolved strategic goals. The company has successfully de-risked its technology and is now moving to focus on executing scaled manufacturing of dairy protein from fermentation, giving it a clear path to profitability and proving unit economics for its first-of-its-kind whey protein from fermentation.

After a deep focus on securing this round of funding, this inflection point allows the company’s founders, Ryan Pandya and Perumal Gandhi, to transition away from their operational management roles to focus on future opportunities. They now hand the reigns to a team poised to continue their work into a period of scaling production volumes and creating a profitable and future-focused business.

Perfect Day’s current President TM Narayan, a leader with a strong track record scaling businesses both with Perfect Day and in his career, will assume the role of interim CEO. He has been integral in guiding this strategic pivot and, based on his background scaling and managing businesses across retail, CPG and similar industries, is the right person to continue in guiding the company’s continued execution of its vision. He will be supported by newly-appointed co-Chairmans of the Board, Aftab Mathur and Patrick Zhang, of Temasek and Horizons Ventures respectively.

“This has been a journey we could have only dreamed of when we first started this company in April of 2014," said Ryan Pandya, Perfect Day Co-founder and former CEO. "Because of the incredible people behind this business, we’ve de-risked world-changing technology, and we’ve brought it to life globally across over a dozen categories. Under TM’s interim leadership, Perfect Day is now in the right position for us to let the next chapter of leadership drive its path forward.”

“It is an honor to be a part of leading Perfect Day into its next chapter of impact, and to continue building a kinder, greener tomorrow with this mission-driven team,” added TM Narayan, Perfect Day interim CEO. “Ryan and Perumal achieved well beyond what anyone could have imagined possible when they founded Perfect Day in 2014, and we are now laser-focused on scaling that vision and securing a resilient future for the business and our planet.”

“It has been an incredible journey with Perfect Day to date, and I’m excited to work even more closely with the company as it grows into its next chapter of impact,” stated Patrick Zhang, Perfect Day co-Chairman of the Board and Investor, Horizons Ventures.  

The company has entered 2024 with these strong tailwinds. It plans to announce a major CPG partner launch with its whey from fermentation in the weeks ahead, as well as new molecules which will bring the impact of precision fermentation to more products and markets.