UAE-based KBW Ventures, a venture capital (VC) firm established by Saudi Arabia’s Prince Khaled bin Alwaleed took part in a $3.2 million seed investment round in Singapore-based biotech company TurtleTree Labs.
Founded in 2019, TurtleTree Labs is the first-cell based biotechnology company creating real milk from mammalian cells without the need for animals, TurtleTree Labs now has more than 20 full-time scientists and engineers with various cross-functional teams working in parallel.
Other than KBW Ventures, investors Green Monday Ventures, CPT Capital, Artesian, and New Luna Ventures contribute to the TurtleTree Labs’ US$3.2 million seed round. This is the second time KBW Ventures has funded the Singaporean biotech startup, as KBW Ventures previously participated in the company’s pre-seed round led by Lever VC.
Fengru Lyn and Max Rye, TurtleTree Labs co-founders
“This fresh round of funding will enhance our scale-up development, bringing us one step closer to commercialization,” stated Max Rye, Co-founder at TurtleTree.
Prince Khaled bin Alwaleed bin Talal Al Saud, Founder and CEO – KBW Ventures
“KBW Ventures has invested in the seed round building on our initial commitment during TurtleTree’s pre-seed raise. We see the founding team commitment and the potential of this company and its technology as a winning combination. Now more than ever, people are waking up to the benefits of food technology and the massive positive implications of innovations in cellular agriculture.”
TurtleTree Labs co-founders Fengru Lyn and Max Rye remembered that due to the support of the Singaporean government and Enterprise Singapore, the startup was able to continue its work during the COVID-19 pandemic.
One of seven finalists in the Temasek Liveability Challenge, TurtleTree Labs is vying for the first prize of $1million undiluted funding. Sponsored by Temasek Foundation and organized by Eco-Business, the Liveability Challenge Grand Finale is scheduled for July 8 with a wider view of supporting the United Nations Sustainable Development Goal #11.
KBW Ventures is the only MENA Venture Capital Firm currently investing in food tech and cellular agriculture, with four portfolio companies in the space including Memphis Meats and BlueNalu.
Earlier, KBW Ventures funded in a $5.8 million Series A raise by UAE-based live streaming and video mobile app 360VUZ alongside Media Visions, Vision Ventures, Shorooq Partners, Hala Ventures, 500 Startups, and other global investment firms.
