We have big news coming next week, but first, we want to update you on where we’ve been for the last year.
A year ago, we shared with you our vision for enabling people to enjoy their favorite dairy foods while making the world a kinder, greener place. Since then, we’ve been pretty quiet, but we’ve heard you loud and clear: you’re hungry for an update!
Early this year we announced our Series A funding round, which raised a total of $24.7 million — the largest Series A in the emerging food tech space, ever! This was incredibly exciting for us, as it showed that investors share our sense of urgency in creating a sustainable source of nutrition and delicious dairy for people across the globe.
This funding set us up for an amazing 2018. Here’s some of what we’ve accomplished…
1. Building a great company
Perumal and I will be the first to tell you that achieving our vision would be impossible without an incredible team. Since you last heard from us, we’ve doubled in size, from 25 employees to nearly 50 today. We’re lucky that people from all walks of life, from all over the world, are eager to join us and lend their expertise to the cause.
As we grew, one of our challenges was figuring out how to install processes and policies at the company without becoming, you know, too corporate. We learned that a certain amount of organizational process is actually critical to keeping things moving smoothly between teams — which will be key as we grow further in 2019 and beyond.
2. Making a lot of protein
It’s not actually all that hard to make animal-free dairy protein. We use a type of fermentation that has been around for decades and today is a routine part of the food industry – it’s how vitamins, probiotics, enzymes and more are made.
The hard part is making huge amounts at a comparable cost to dairy from cows. We’ve made great leaps this year; the cost has come down about 99% from where we started. We’re now working on moving our process to full-scale production. Look out for more on this next week.
3. Connecting with the world
This year, we started forging partnerships with some of the largest food and dairy companies in the world. We began to look into how we can use our protein to prevent stunted growth and malnutrition in the developing world. We’ve taken the initiative to come up with terminology and educational materials that will benefit our whole industry. And, along the way, we shared our story with thought leaders, stakeholders, and celebrities who are eager to help.
We’re so grateful for your patience as we’ve been working behind the scenes. Your continued support for Perfect Day, our team and our mission keeps us going every day.
Moving forward, we are excited to tell our story and share more frequent updates. Sign up for our newsletter and stay tuned for our biggest announcement yet next week!
Ryan & Perumal
Cofounders, Perfect Day