The Canada Pension Plan Investment Board is leading a new tranche of financing for animal-free dairy maker Perfect Day Inc.
The financing marks an expansion of Perfect Day’s series C financing to $300 million, to which the CPPIB’s thematic investing group is set to contribute $50 million.
The California-based company uses fermentation in microflora to create proprietary protein that can be used to add texture to foods like non-dairy ice cream and butter.
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“This marks the first investment into thematic investing’s new climate change opportunities strategy, which will focus on innovative companies that are well-positioned to respond to the challenges posed by climate change,” said Leon Pedersen, managing director and head of thematic investing at the CPPIB, in a press release.
“Sustainable technologies like Perfect Day are poised to capture structural shifts in industrial practices, physical resources and consumer preferences for environmentally conscious options, which are well-suited to our long-term investing approach. We look forward to building our partnership with the company and its management team.”
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