Plantible Foods has closed a $30m Series B funding round.
Founded in 2018 by Tony Martens Fekini and Maurits van de Ven, Plantible has pioneered a vertically integrated agricultural manufacturing platform to produce Rubi Protein, a functional protein derived from Lemna (commonly known as duckweed).
Since the late 18th century, the ingredient and supply chain in food and agriculture has remained relatively unchanged despite progress in mechanization and optimization, leaving the majority of ingredients and underlying supply chains largely the same. This has resulted in a consistent decline in food health while diseases, geopolitical risks, and climate change are threatening underlying supply chains.
Since its founding, the company has seen demand for its products driven by global agri-food supply chain issues and the need for a cleaner, healthier, and allergen-friendly food system. Plantible said its Rubi Protein outperforms the functional and nutritional properties of traditional proteins (both animal and plant), enabling food companies to innovate while optimizing costs and delivering products with improved taste, texture, health and environmental footprint.
“We are thrilled to partner with like-minded investors who align with our mission of transforming the global food supply chain and creating a healthier planet for all,” said Tony Martens Fekini, CEO of Plantible.
“This funding will enable us to significantly expand our manufacturing capabilities and meet the rapidly growing demand for our Rubi Protein. At Plantible, we are not simply competing with other proteins; we are setting a new standard for the industry by providing a product that offers superior functional and nutritional properties.”
The new investment will enable Plantible to expand its manufacturing operations at its first commercial plant, aka “The Ranchito,” a 100-acre facility located in West Texas. With new manufacturing facilities in place, the company is positioned to deliver on its multi-million-dollar offtake agreements with several large food companies and aims to increase its revenue tenfold over the next 12 months.
The funding round was co-led by Piva Capital and Siddhi Capital, with participation from new investors Betagro Ventures, Cultivate Next (the venture arm of Chipotle Mexican Grill), Nourish Ventures (the venture arm of Griffith Foods), and existing investor Astanor Ventures.
Jim Cornall is editor of Future Food Today and publisher at Ayr Coastal Media. He is an award-winning writer, editor, photographer, broadcaster, designer and author. Contact Jim here.
