TurtleTree edges toward cell-based lactoferrin and HMO production with US$30M funding

02 Nov 2021 --- In what is tipped as one of the largest investment rounds to date in Asia’s cell-based food sector, TurtleTree has landed US$30 million. This first tranche of series A funding will help the Singapore- and US-based company scale up its processes, with lactoferrin set to be its first commercial target.

“Lactoferrin has gained sizable traction from the industrial leaders as it could be applied to infant formulas, sports nutrition and F&B products,” Rita Huang, communications lead, tells NutritionInsight. 

“The timeline and location of our product launch will depend on the regulatory process. Our experts are currently working with regulatory agencies closely to expedite the process,” she continues. 

The company will also eventually introduce human milk oligosaccharides (HMOs), which can be used as blends in sports nutrition and infant formula, as well as everyday dairy products like cheese and yogurt.

These functional compounds in human milk offer proven benefits for immune system function, gut health and cognitive development.Lactoferrin is a bioactive protein slated for launch as TurtleTree’s first commercial product.

A world of possibility
TurtleTree’s chief strategy officer, Max Rye, says the funding has “opened up a new world of possibility.”

“We can now set our sights on turning ambitions to reality, starting with our US-based expansion plans and then moving on to the development and manufacture of our first consumer-ready products.”

For example, TurtleTree will now use the funds to continue expanding its portfolio of sustainable, better-for-you food items. Additionally, funds will also be set aside for technology development and talent acquisition.

Huang adds that the company aims to tap into the US market further by cultivating partnerships with renowned institutions, expanding its operations and research facilities, and “leading the conversation” about cellular agriculture and sustainable nutrition.

The company recently announced a partnership with Solar Biotech, as well as opening an R&D facility in West Sacramento, California, to achieve a commercially viable scale of production. 

Standing out from the crowd
The funding round, which brings TurtleTree to US$40 million of funding to date, included various global investors and was led by Verso Capital. 

“Verso Capital will share its wealth of knowledge in corporate finance and operations to help the company validate its unit economics and the overall business plan with its very first key accounts,” says Verso Capital’s managing partner, Julien Machot. The funds will help TurtleTree scale up its research and production of the highly functional ingredients found in human milk. 

Explaining why TurtleTree has attracted such a significant investment, Huang highlights that TurtleTree’s ethos for more ethical nutrition aligns with the investors’ commitment to alleviate the exacerbating climate crisis and innovate the current food system to benefit everyone.

“TurtleTree is more than a biotech company. Our proprietary cell-based technologies aim to create nutrition that extends beyond the dining table and into the heart of humanity. Our wide array of products, made for various groups of people, will be the key that enables us to do so.”

Singapore and US potential
Huang also weighs up different opportunities for cell-based nutrition in the US and Singapore, noting that Singapore is the first and only country in the world that permits the commercial sales of cell-based meat.

“Other factors, such as its diverse food culture and progressive policies, would also benefit the development of a cellular agriculture ecosystem. Therefore, we are optimistic that Singapore will be the next global hub of alternative protein.”

On the other hand, she notes that the US has already established itself as a significant alternative protein player in the global market. “The incomparable R&D resources in the US allows us to dedicate our efforts in product development, to create a new generation of nutrition.”

By Katherine Durrell