DUBAI: KBW Ventures, the company founded by Prince Khaled bin Alwaleed bin Talal Al-Saud, has increased its investment in a Singapore-based biotech company aiming to produce lab-grown dairy products.
TurtleTree Labs raised $6.2 million as part of its latest round of funding. Besides KBW Ventures, other investors included Green Monday Ventures, Eat Beyond Global, and Verso Capital.
Founded in 2019, TurtleTree Labs, which has offices in San Francisco and Singapore, will use the funds to accelerate research and production of functional, bioactive proteins and complex sugars found in human milk.
The company hopes these will have potential benefits in gut and brain health, which can be applied to both infant and senior nutrition and offer a viable alternative to animal-based dairy products.
Max Rye, chief strategist at TurtleTree Labs, said: “The vision of TurtleTree Labs is to create a truly sustainable and cruelty-free food system. We are grateful to have the support of leading investors from every corner of the world.”
The investment is the second this year by Prince Khaled in TurtleTree Labs. As part of its latest funding round, it was announced that the prince will join the company as an official adviser.
KBW Ventures invests in companies with transformative technologies and business models and its other investments include the Colorado animal-based pet food firm Bond Pet Foods, California’s Beyond Meat, and San Diego-based aquaculture company BlueNalu.