Copyright : Noppadon Sakulsom // 123RF

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.

Read: OMERS investing in agri-food venture capital fund

“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.”

Read: CPPIB posts 2.3% return in Q2, reaching $409.5 billion in assets

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required