US-based Animal-free dairy protein-make Perfect Day has secured $50m in additional funding to extend its Series C funding round to $300m.

The second tranche of funding in Series C round was led by Canada Pension Plan Investment Board (CPP Investments).

Perfect Day co-founder and CEO Ryan Pandya said: “We never doubted we’d reach this point, we just didn’t expect to get here so quickly.

“And, thanks to our world-class team and investors, we’re not planning to take our foot off the pedal anytime soon. The coronavirus pandemic has shown just how fragile our food system is. We’re committed to building real change that prioritises diversity, agility and resilience.”

Established in 2014, Perfect Day produces dairy proteins such as cheese, which are claimed to be completely animal-free.

The company further added that it has doubled its production capacity of its hallmark protein over the past several months.

CPP Investments Thematic Investing managing director and head Leon Pedersen said: “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.