Plantible, a San Diego-based startup, has successfully closed a $30 million Series B funding round, co-led by Piva Capital and Siddhi Capital. This significant investment, which also saw participation from new investors such as Betagro Ventures and Cultivate Next (the venture arm of Chipotle), as well as existing investor Astanor Ventures, is set to propel the company’s mission to scale production of RuBisCO, or ‘Rubi protein’, extracted from the fast-growing aquatic plant lemna, commonly known as duckweed.
The funding comes at a pivotal time for Plantible as it aims to enhance its manufacturing capabilities at its lemna farm in Eldorado, Texas. With the establishment of new facilities, the company is poised to fulfill multi-million-dollar offtake agreements with several major food corporations. CEO Tony Martens Fekini emphasized the importance of this funding round, stating, “We have a lot of commercial contracts already in place and we also need additional room [manufacturing capability] to attract additional agreements.” He expressed confidence in the potential to increase revenue tenfold over the next year, indicating a strong demand for their innovative protein solution.
Plantible’s RuBi protein offers a unique proposition to the food industry, boasting a complete amino acid profile and a protein digestibility score equivalent to that of animal proteins. The lemna plant, which can double in mass every 48 hours without the use of pesticides, presents a sustainable and efficient source of protein. The extraction process at Plantible’s facility is designed to yield a product that is neutral in taste, odor, and color, making it versatile for various food applications. In the U.S., it is recognized as Generally Recognized as Safe (GRAS), allowing it to be marketed as ‘lemna leaf protein’ on ingredient labels.
The appeal of Rubi protein extends beyond its plant-based credentials; it possesses functional properties similar to those found in animal proteins, such as emulsifying, gelation, and binding capabilities. This has attracted interest from food companies looking to enhance their products without compromising on taste or quality. Martens Fekini noted that the demand for allergen-friendly ingredients and alternatives to eggs is particularly pressing, driven by fluctuating egg prices and availability due to avian flu outbreaks. “Rubisco often outperforms the animal, synthetic, or plant-based ingredients being used today, so our customers can actually realize an optimization in their cost in use,” he explained.
The investment landscape for food technology and agritech has been challenging, with many investors hesitant to commit due to previous experiences in the sector. Martens Fekini acknowledged this sentiment, stating, “There is quite some paralysis in the venture capital space when it comes to deploying anything in foodtech or agtech at the moment.” However, Plantible’s ability to secure long-term agreements and scale its operations in a modular fashion has helped build investor confidence.
The implications of this funding round extend beyond just Plantible’s growth; they signal a larger trend in the food industry towards sustainable, functional protein sources that meet consumer demands for health, taste, and transparency. As the company ramps up production, it may not only reshape ingredient supply chains but also contribute to a more resilient food system capable of addressing pressing global challenges. With a focus on enhancing existing ingredients rather than merely replacing them, Plantible is well-positioned to play a significant role in the evolution of the food landscape.