The Vision – Reinventing dairy for a more sustainable future
Better Dairy is at the forefront of sustainable food innovation. Its mission is to revolutionise the dairy industry by developing animal-free dairy products that offer the same taste, texture, and nutritional benefits as traditional dairy.
By leveraging precision fermentation and cutting-edge biotechnologies, it is pioneering a new generation of food. This research and development brands them disruptors in the dairy industry.
Better Dairy was founded in 2020 and is currently pre-revenue but has since raised over $20 million in funding. The company has 30 employees at present.
The Challenge – Navigating startup hurdles & the complex R&D landscape
Better Dairy’s CFO was keen to explore R&D tax credits and was happy to learn about Ayming’s expertise in the sector, and the depth of knowledge of our food & beverage consulting team.
Innovation is capital-intensive, and for a company like Better Dairy – where research is not just a function but a core tenet of the business – accessing financial support is crucial. The R&D tax relief scheme presents a valuable opportunity, yet navigating its complexities and utilising benefits can be challenging.
As a rapidly growing company focused on deep scientific research, Better Dairy needed expert guidance to ensure its activities were fully recognised under the scheme – optimising R&D tax benefit whilst limiting its employee’s time spent away from BAU business activity.
The Process – Qualifying Projects
Better Dairy’s initial project focused on creating a proprietary system capable of producing multiple key proteins simultaneously in precise ratios, leveraging advanced analytical techniques. Despite early uncertainties about the system’s feasibility, extensive experimentation led to a successful outcome. In a subsequent project, the team worked on scaling up the production of a novel animal-free hard cheese prototype. They addressed challenges related to ingredient stability and process control, ultimately developing a robust bioprocess to achieve their goals.
The Results – Looking to the future
Ayming’s expert food and beverage team helped translate these scientific advancements into financial benefit and delivered the R&D tax claims for both 2023 and 2024 within two weeks. This was a fantastic turnaround on a complex claim and greatly appreciated by Better Dairy.
Our dual-qualified tax and industry experts worked closely with Better Dairy’s scientific teams to deeply understand their processes, identify qualifying activities, and articulate them effectively in claims to HMRC. Ayming ensured Better Dairy’s pioneering work was fully recognised by bridging the gap between scientific innovation and tax strategy. The resulting claim saw a considerable uplift in their previous benefit, and our team efficiently delivered their claims in a four-week turnaround period.
With Ayming’s strategic guidance, Better Dairy optimised its recent R&D tax relief claims and gained a strong framework for the future. This frees up financial resource within the team, accelerating competitiveness and supercharging its journey towards bringing sustainable dairy alternatives to market.
We’re pleased to have assisted Better Dairy on its route to commercialisation and viability, and to have furthered its position as a pioneer in the alternative protein space.
Patrick Timoney, CFO at Better Dairy
