US start-up Plantible Foods has closed a $30 million Series B funding round to scale up production of its duckweed-based ‘Rubi Protein’ ingredient.
The 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.
Plantible was founded in 2018 by Tony Martens Fekini and Maurits van de Ven, aiming to transform the global food supply chain. It has developed a vertically integrated manufacturing platform to produce the functional Rubi Protein, designed to provide a sustainable protein ingredient for food manufacturers.
According to the food-tech company, Rubi Protein ‘outperforms the functional and nutritional properties of traditional proteins’ (both animal-derived and plant-based), enabling optimised costs and improved taste, texture, health and environmental footprint for food companies.
The investment round will enable Plantible to expand its manufacturing operations at its first commercial plant, ‘The Ranchito’ – a 100-acre facility in West Texas, US. The company said the new facilities will allow it to deliver on its multi-million dollar offtake agreements with several large food companies, with an aim of increasing its revenue tenfold over the next 12 months.
Co-founder Martens Fekini commented: “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”.
“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.”
Siddhi Capital’s Steven Finn said that Plantible’s focus on functionality, modular scaled manufacturing, nutritional value and consumer-friendly clean labels convinced investors that the company has the right team, product and approach to revolutonise the food system.
Issam Dairanieh, venture partner at Piva Capital, added: “The food and agriculture industry is in need of innovative solutions, and Plantible's product enhances existing ingredients and supply chains rather than simply replacing them”.
“The ability to deliver all of that and keep a 'clean label' is highly attractive to clients and important to customers.”
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