Key Takeaways
- Plantible Foods has closed a $30 million Series B funding round co-led by Piva Capital and Siddhi Capital, with participation from Betagro Ventures, Cultivate Next (Chipotle Mexican Grill’s venture arm), Nourish Ventures (Griffith Foods’ venture arm), and returning investor Astanor Ventures.
- The funding will support the expansion of operations at Plantible’s 100-acre facility, “The Ranchito,” in West Texas.
- Plantible produces Rubi Protein, a plant-based protein derived from Lemna (duckweed), designed to provide a functional and allergen-friendly ingredient alternative.
- The company is focusing on addressing challenges in food supply chains by scaling production and offering alternatives to traditional ingredients.
Funding Supports Growth and Production Expansion
Plantible Foods, a food technology company, announced the completion of a $30 million Series B funding round. The round was co-led by Piva Capital and Siddhi Capital, with additional investment from Betagro Ventures, Cultivate Next, Nourish Ventures, and returning investor Astanor Ventures. The funds will support the company’s manufacturing operations and production of its proprietary plant-based protein, Rubi Protein.
The funding will be used to scale operations at Plantible’s first commercial facility, “The Ranchito,” a 100-acre plant located in West Texas. The facility is expected to help Plantible meet increasing demand from food companies for plant-based protein options.
Focus on Alternative Protein
Plantible’s proprietary Rubi Protein is derived from Lemna, commonly known as duckweed, and is intended to serve as a functional and allergen-friendly protein ingredient for the food industry. The company highlights the potential benefits of Rubi Protein, including its functionality and nutritional profile, as part of its aim to address challenges in food supply chains such as sustainability and supply chain risks.
Tony Martens Fekini, CEO of Plantible Foods, stated:
“This funding will enable us to expand our manufacturing capabilities and meet the growing demand for Rubi Protein. We are focused on delivering an ingredient that supports the needs of the food industry.”
Investor Insights
Investors in the round expressed interest in Plantible’s approach to alternative proteins and its potential to address broader challenges in the food industry.
Steven Finn, Partner at Siddhi Capital, noted:
“Plantible is addressing issues within the food supply chain through scalable manufacturing and a focus on clean-label ingredients.”
Issam Dairanieh, Venture Partner at Piva Capital, commented:
“The company’s focus on enhancing supply chains with sustainable and functional ingredients aligns with broader industry needs.”