TurtleTree Raises US$30 Million in First Tranche of Series A Funding

SAN FRANCISCO,Calif.,and SINGAPORE,Nov. 1,2021 --TurtleTree has successfully raised US$30 million in the first tranche of their Series A funding,one of the largest investment rounds to date in Asia's cell-based food sector. Rapidly gaining prominence for its novel use of cell-based technology in milk production,the biotech company has now secured fresh funding from investors worldwide,including lead investor VERSO Capital.

TurtleTree has successfully raised US$30 million in the first tranche of their Series A funding,one of the largest investment rounds to date in Asia’s cell-based food sector.

Expressing her gratitude for the immense support received,TurtleTree CEO,Fengru Lin,said: "We are incredibly touched by the degree of faith all our investors have placed in TurtleTree and our unique vision of food. Amplified by the relentless backing of parties like VERSO Capital,the Series A funds will allow us to scale up our processes and come a huge step closer to creating a new era of sustainable nutrition."

TurtleTree's Chief Strategy Officer,Max Rye,also echoed these sentiments,adding: "The funding received has truly opened up a new world of possibility. We can now set our sights on turning ambitions to reality,starting with our U.S.-based expansion plans and then moving on to the development and manufacture of our first consumer-ready products."

Having just launched its Sacramento R&D facility in September,TurtleTree will now use the funds to continue expanding its portfolio of sustainable,better-for-you food items. Additionally,funds will also be set aside for technology development and talent acquisition,enabling TurtleTree to grow its world-class R&D team.

Together,these initiatives will help TurtleTree scale up its research and production of the highly functional ingredients found in human milk,which offer proven benefits for immune system function,gut health,and cognitive development. One particularly exciting example of these ingredients is lactoferrin,a bioactive protein slated for launch as TurtleTree's first commercial product.

Commenting on the bright prospects ahead,VERSO Capital's Managing Partner,Julien Machot,stated: "At VERSO,we highly value TurtleTree's unique positioning in the industry and its farsighted mission of creating a sustainable and cruelty-free food system. After developing a deep understanding of the company and its team,we are confident in TurtleTree's potential as a cell-based technology platform that will transform the food industry. VERSO Capital will share its wealth of knowledge in corporate finance and operations to help the company validate its unit economics and the overall business plan with its very first key accounts."

Following this round of funding,TurtleTree has now raised over US$40 million to date. Moving forward,the company will expand into a global biotechnology platform with a vision for transforming performance nutrition,food systems,and cellular agriculture. This will ultimately bring scalable solutions to the cell-based food industry,ensuring people everywhere will have access to the nourishing nutrients of mammalian milk in a uniquely sustainable and affordable way.

About TurtleTree

TurtleTree is a biotech company dedicated to producing a new generation of nutrition—one that's better for the planet,better for the animals,and better for people everywhere. Utilizing its proprietary,cell-based technology,the company is creating better-for-you milk ingredients sustainably and affordably,with benefits that extend beyond the dining table and into the heart of humanity.

For more information,please visit TurtleTree's website and follow them onInstagram,Twitter,and LinkedIn.

About VERSO Capital

VERSO Capital is a global Merchant Banking firm founded in 1958 and headquartered in Luxembourg. The firm focuses on alternative assets,including private equity,venture capital,real estate,and proprietary capital investments. The VERSO model is built on three pillars: equity partnership,off-market transactions,and technology. In their words: "We advise,we invest,we execute."

For more information,please visit VERSO Capital's website.

CONTACT:

Rita Huang

Communications Lead,TurtleTree

Phone: (530) 564-2403

rita@turtletree.co