Singapore biotech firm TurtleTree Labs bags $6.2m round

Singapore cell-based milk producer TurtleTree Labs announced that it has raised US$6.2 million in pre-series A funding from Green Monday Ventures, Eat Beyond Global, KBW Ventures, and Verso Capital.

TurtleTree Labs co-founders Max Rye and Fengru Lin / Photo credit: TurtleTree Labs

Founded in 2019, the biotech startup uses a cell-based method to produce milk and milk components that can be used for dairy milk and infant nutrition production.

With the fresh funds, TurtleTree will accelerate the research and production of functional and bioactive proteins as well as complex sugars found in human milk. The firm said these components have benefits for gut and brain health, and can be applied to both infant and senior nutrition.

The company currently has offices in San Francisco and Singapore.

Additionally, KBW Ventures CEO Khaled bin Alwaleed bin Talal will join TurtleTree Labs as an advisor. In his role, he will help shape new market growth plans, lend his expertise in the alternative protein and food tech spheres, and liaise closely with the founding team on other areas of the business.

“TurtleTree Labs’ technology is able to significantly reduce our carbon footprint and address food resilience in the long term. This is a win-win for our planet and for communities,” said Lim Hock Chuan, CEO of Temasek Foundation Ecosperity.

The latest investment comes after the biotech startup closed US$3.2 million in a seed round from Green Monday Ventures, KBW Ventures, CPT Capital, Artesian, and New Luna Ventures in June 2020. Prior to that, it received an undisclosed amount of pre-seed funding in a round led by Lever VC in January this year.