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SK Inc. Accelerates Investments in the Global Alternative Food Market with Expanded Investment in Perfect Day, Inc.

October 4, 2021 GMT
South Korea’s SK Inc. has expanded its investment in Berkeley, Calif.,-based Perfect Day as part of SK Inc.’s focus on sustainability. In addition to a new round of funding, Perfect Day recently announced plans to expand product lines to a range of household dairy staples, including animal-free cream cheese spread, through The Urgent Company’s new brand, Modern Kitchen.
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South Korea’s SK Inc. has expanded its investment in Berkeley, Calif.,-based Perfect Day as part of SK Inc.’s focus on sustainability. In addition to a new round of funding, Perfect Day recently announced plans to expand product lines to a range of household dairy staples, including animal-free cream cheese spread, through The Urgent Company’s new brand, Modern Kitchen.
1 of 2
South Korea’s SK Inc. has expanded its investment in Berkeley, Calif.,-based Perfect Day as part of SK Inc.’s focus on sustainability. In addition to a new round of funding, Perfect Day recently announced plans to expand product lines to a range of household dairy staples, including animal-free cream cheese spread, through The Urgent Company’s new brand, Modern Kitchen.

SEOUL, South Korea, Oct. 4, 2021 /PRNewswire/ -- SK Inc., the strategic investment company of South Korea’s SK group, has accelerated its movement into the global alternative food market by making an additional investment in Perfect Day, Inc., a consumer biology leader based in Berkeley, Calif. In addition, SK Inc. has signed a memorandum of understanding (MOU) with SPC Samlip, a South Korean food company, to make joint investments and pursue business opportunities by introducing new food technologies, such as those from Perfect Day, into the Asia market.

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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.

SK Inc. made its foray into the alternative food industry by investing $45 million in Perfect Day in 2020. SK Inc. and its co-investor, Korean private equity firm STIC Investments, Inc., recently added $55 million of investment funds to Perfect Day to strengthen its strategic partnership with Perfect Day and secure a board seat. The most recent investment was part of Series D funding by Perfect Day that raised $350 million from major global investors, including SK Inc., Horizon Ventures, Temasek, CPP Investments and Bob Iger.

Perfect Day is a world-leading consumer biology company recognized for its technological edge and commercial success since inventing the world’s first animal-free milk protein using precision fermentation. Perfect Day’s proprietary protein is naturally lactose-free and touts significant sustainability benefits compared to bovine protein produced through conventional methods – up to 97% less greenhouse gas emissions, up to 99% less blue water consumption and up to 60% less energy consumption.

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Perfect Day successfully launched its ice cream brand, Brave Robot, through its consumer brands entity, The Urgent Company, in 2020. Available in more than 5,000 grocery stores across the U.S., Brave Robot has been favorably received for its low environmental impact, technology and taste. The company plans to expand product lines to a range of household dairy staples through The Urgent Company’s new brand, Modern Kitchen.

In addition, Perfect Day is expanding partnerships with major food and beverage companies starting with U.S. premium ice cream brands Graeter’s and N!ck’s and providing its technology development services for companies looking to harness the sustainability and scale via its enterprise biology business SBF, Inc.

Over the past year, SK Inc. has invested approximately $100 million in new food-focused companies in the U.S., Europe and Asia to begin addressing the global food chain and its impact on reaching long-term sustainability goals. As part of the MOU with SPC Samlip, SK and SPC Samlip plan to partner to bring new food technologies from its U.S. and European investments into Korea.

SK will continue developing investment opportunities for global leading alternative food companies, while SPC Samlip will conduct business feasibility based on its expertise in production, distribution and R&D. SPC Samlip also plans to make joint investments with SK.

SK Inc. has also invested in Chicago-based Nature’s Fynd, another food company in the alternative protein sector. SK plans to speed up its discovery of promising alternative food and food tech startups in China through a 100 billion won (approximately $85 million) investment fund created with China’s leading F&B company, Joyvio Group, in July.

“We will expand global business opportunities and strengthen our global presence as an ESG sustainable food investor,” said Moohwan Kim, executive vice president of SK Inc. “With our partnerships with SPC Samlip in Korea and Joyvio Group in China, SK will support global alternative food companies’ growth in the Asian market.”

About SK group
SK Inc. is a strategic investment holding company for SK group, a leading conglomerate in South Korea with major operating companies in energy, semiconductors, telecommunications and life sciences. SK companies have sites in more than 10 states in the U.S. with plans to invest billions of dollars over the next few years through its U.S. operations or in partnership with U.S. companies. Across its companies, SK is committed to building environmentally sustainable businesses that help reduce global greenhouse gas emissions and increase the use of renewable energy. SK companies combined have $106 billion in annual global revenue and more than 100,000 employees worldwide. For more information on SK, visit http://www.sk.com/.

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SOURCE SK Inc.