UAE-based KBW Ventures, the venture capital (VC) firm founded by Saudi Arabia’s Prince Khaled bin Alwaleed, has participated in a $3.2 million seed investment round in Singapore-based biotech company TurtleTree Labs. This is the second time KBW Ventures has invested in the biotech startup.

Founded in 2019, TurtleTree Labs uses cell-based technology to produce lab-grown dairy and breast milk. It currently has a team of more than 20 scientists and engineers, with multiple cross-functional teams working in parallel.

“This fresh round of funding will enhance our scale up development, bringing us one step closer to commercialization,” said Max Rye, founder at TurtleTree.

Other investors in this round included Green Monday Ventures, CPT Capital, Artesian, and New Luna 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,” said Prince Khaled bin Alwaleed bin Talal Al Saud, founder and chief executive officer atKBW Ventures. “Now more than ever, people are waking up to the benefits of food technology and the massive positive implications of innovations in cellular agriculture.”