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Plantible Foods Closes $30 Million Series B to Meet Growing Demand for Rubi Protein™

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Nov 15, 2024, 7:00 AM ET

Company to Expand Manufacturing Operations at First Commercial Plant to Deliver Innovative Product Enhancement Options to the Food Industry

SAN DIEGO, Nov. 15, 2024 /PRNewswire/ -- Plantible Foods, a technology company unlocking the power of plants to promote the health and longevity of people and the planet, today announced the closing of a $30 million Series B funding round. 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.

Pragmatically Revolutionizing the Food Supply Chain
Founded in 2018 by Tony Martens Fekini and Maurits van de Ven, Plantible is on a mission to revolutionize the global food supply chain. The company has pioneered a proprietary and vertically integrated agricultural manufacturing platform to produce Rubi Protein, a remarkably 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 insatiable demand for its products driven by global agri-food supply chain issues and the need for a cleaner, healthier, and allergen-friendly food system currently polluted by unhealthy and unsustainable ingredients. Plantible's 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."

Expanding Production Capacity: "The Ranchito" Powers Plantible's Future
This 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.

Plantible's highly functional protein is solving urgent food industry problems today. Their focus on superior functionality, modular scaled manufacturing, nutritional value and consumer-friendly clean labels convinced us that they have the right team, product, and approach to revolutionize the global food system," said Steven Finn with Siddhi Capital. "Their technology and vertically integrated manufacturing are already serving customers at scale and will improve supply chain resilience in a sustainable way with impacts reaching far beyond the plant-based alternatives market."

"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, said Issam Dairanieh, Venture Partner at Piva Capital. "The ability to deliver all of that and keep a 'clean label' is highly attractive to clients and important to customers. We are excited to continue to support Tony, Maurits, and the team in this next phase of growth as they scale their manufacturing and bring their clean and sustainable protein to a wider market."

About Plantible Foods

Plantible Foods is a business-to-business food technology company with the goal of developing the most functional and applicable plant-based protein in the world by harnessing Lemna, one of the most sustainable and nutrient-dense plants in the world.

About Piva Capital

Piva Capital is a San Francisco-based venture capital firm investing in visionary entrepreneurs solving the world's critical industrial challenges with breakthrough technologies and innovative business models. For more information, visit Piva.vc, or the company's LinkedIn and Medium profiles.

About Siddhi Capital

Siddhi Capital is a growth equity firm blending it's in-house operations team's expertise with growth capital to accelerate fast growing CPG and foodtech companies. For more information, visit siddhicapital.co.