TurtleTree raises fresh capital from Novonesis, Mitsui to scale animal-free lactoferrin

What's the deal? TurtleTree, a California-based biotech startup that makes an animal-free version of the milk protein lactoferrin, has raised an undisclosed late-stage round from global biotech firm NovonesisDealroom has a profile for this one. Try Dealroom → and Japan's Mitsui ChemicalsDealroom has a profile for this one. Try Dealroom →. Existing investor Steve MelhuishDealroom has a profile for this one. Try Dealroom → of 100×100 also "doubled down in this round," founder and chief executive officer Fengru Lin told Tech in Asia.

What's the endgame? The startup will use the capital to speed up commercialisation, improve manufacturing efficiency, and expand globally. Founded in Singapore in 2019, it later expanded into the US and secured an FDA license to sell its ingredient there.

The strategic fit: Novonesis will support TurtleTree with manufacturing and its entry into dietary supplement markets. Mitsui Chemicals aims to help the startup break into Japan.

Why lactoferrin? The protein benefits gut health, immunity, and iron regulation, but its rarity makes it costly. "You just need 250 milligrams to get the benefit," Lin said, noting it trades at US$800 per kilogram.

TurtleTree sells IronKind, a vegan dietary supplement brand, and supplies lactoferrin to other brands through partnerships. It previously raised US$30 million in a series A in November 2021 and a US$3.2 million seed round in June 2020.

The signal: The backing of two large chemicals and biotech players points to growing industrial interest in animal-free proteins as a route into high-value, low-volume ingredient markets.

Read more: Tech in Asia