SK Inc. joins Perfect Day dairy-free ice cream funding round

Perfect Day's ice cream made with animal-free protein [SK INC.]

SK Inc. joined a $350 million investment in Perfect Day, a Berkeley, California-based food-tech start-up.

The investment is led by Singapore’s Temasek and the Canada Pension Plan Investment Board. Hong Kong’s Horizon Ventures and Bob Iger, executive chairman of The Walt Disney Company, also joined the funding round.

SK Inc.’s participation is indirect. It is investing $55 million together with STIC Investments, a local private equity firm, in the fund that is investing in Perfect Day. Its exact commitment was not disclosed.

Founded in 2014, Perfect Day produces animal-free dairy proteins through a process that involves bioengineering techniques and fermentation. It has focused on supplying raw materials to manufactures rather than producing its own product.

The name of the company is taken from Lou Reed’s Perfect Day.

SK Inc. committed 54 billion won ($45 million) to the start-up last year, betting that alternative protein companies will benefit from concern about animal welfare and the environment.

“SK Inc. has been expanding its investments in global alternative food companies with new technologies by leveraging its relationships with major Asian food companies and investors with a goal of leading the rising Asian alternative food market,” the company said in a statement.

Perfect Day recently gained traction as Brave Robot, an ice cream brand in which it has invested, captured significant market share in the United States.

In a separate event on Friday, SK Inc. signed a memorandum of understanding with SPC Samlip, a food company headquartered in Siheung, Gyeonggi, to seek out investment opportunities in the alternative food sector.

The two partners are already considering the importation food products of Perfect Day and Meatless Farm, a British plant-based meat producer, to the Korean market.

SK Inc. invested 8.3 billion won earlier this year into the British start-up.

Founded in 2016, Meatless Farm is well positioned in Europe with its plant-based meat products made with pea protein.

SK Inc also invested 29 billion won in Chicago-based Nature’s Fynd and created a 100 billion won worth of fund with Beijing’s Joyvio Group.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]