SK additionally invests $55 million in U.S. alternative milk maker

SK Inc., the holding firm of South Korean conglomerate SK Group, said Friday it has additionally invested 65 billion won (US$55 million) in Perfect Day, a U.S. alternative milk maker, following 54 billion won of funds last year, Trend reports citing Yonhap.

SK said it joined the latest round of funding for Perfect Day, which drew $350 million from several global investors, including Horizon Ventures, Temasek, CPP Investments and Bob Iger.

Perfect Day, known for its animal-free dairy products, launched an ice cream brand “Brave Robot” in the United States last year and is preparing to expand its product lines to a range of household dairy staples.

SK said the latest investment is aimed at tapping deeper into the growing alternative food market by leveraging its partnership with major industry players.

In July, SK and Chinese food company Joyvio Group created a 100 billion won fund focused on food tech startups to make their foray into the Asian food market.

At home, SK recently signed a memorandum of understanding with Korean food company SPC Samlip Co. to jointly invest in sustainable food products and develop customized products for the domestic market.