Plantible Foods raises US$35 million to expand Rubi Protein production with USDA-backed financing

Plantible Foods has secured US$35 million in debt and equity financing to accelerate the expansion of its commercial production platform for Rubi Protein, with the company planning to significantly increase manufacturing capacity at its facility in Eldorado, Texas.

• Plantible Foods secured US$25 million in USDA-backed debt financing and US$10 million in equity from RA Capital and existing investors.
• The expansion is expected to increase annual Rubi Protein production capacity fivefold to more than 1,000 metric tons, according to AgFunderNews.
• The financing followed Plantible's FDA 'no questions' letter for Rubi Protein earlier this year and brought the company's total funding to US$92 million, according to Green Queen.

The financing package included a US$25 million loan from X-Caliber Rural Capital through the US Department of Agriculture's Business & Industry Loan Guarantee Program, alongside US$10 million in equity from RA Capital and existing investors, including Piva Capital.

According to AgFunderNews, the investment will fund the construction of additional greenhouses at Plantible's enclosed aquafarm operation in Eldorado, Texas, increasing annual Rubi Protein production capacity fivefold to more than 1,000 metric tons. The publication reported that new greenhouses were already being brought online, with construction expected to be completed in early 2027.

Green Queen reported that the latest financing brought Plantible's total funding to approximately US$92 million.

Plantible produces Rubi Protein from lemna, also known as duckweed or water lentils, using a vertically integrated production platform that combines controlled greenhouse cultivation with proprietary protein extraction technology.

RuBisCO, the protein extracted from the plant, is the most abundant protein found in nature and contains all nine essential amino acids. Plantible has developed Rubi Protein as a highly functional food ingredient that can provide emulsifying, gelling, binding and foaming properties while maintaining a neutral taste, color and aroma.

The ingredient has attracted interest across a wide range of food applications, including baked goods, confectionery, sauces, dressings, dairy products and plant-based foods. Combined with other ingredients, it can also serve as a clean-label alternative to methylcellulose in meat and seafood alternatives.

According to AgFunderNews, Plantible has also improved the efficiency of its production platform by introducing a proprietary lemna strain that increased protein yield by more than 40%, alongside upgrades to its protein filtration system.

The publication further reported that customer demand was continuing to outpace the company's planned capacity expansion, highlighting growing commercial interest in functional plant-derived proteins as manufacturers seek alternatives to volatile egg and dairy ingredients.

The financing followed several milestones for Plantible over the past two years.

In February, Protein Production Technology International reported that the company received an FDA 'no questions' letter for Rubi Protein, becoming the first business to receive FDA acknowledgment for the use of isolated RuBisCO protein in food applications. The regulatory milestone cleared the way for broader commercialization of the ingredient across multiple food categories.

That announcement came several months after Plantible officially opened its first US commercial production facility, known as the Ranchito, in Eldorado, Texas. As previously reported by Protein Production Technology International, the site marked the company's transition from research and development into commercial-scale manufacturing, with proprietary lemna strains, upgraded filtration technology and modular greenhouse production designed to support future expansion.

Plantible has also continued to strengthen both its financial backing and commercial partnerships. In November 2024, Protein Production Technology International reported that the company raised a US$30 million Series B round co-led by Piva Capital and Siddhi Capital, with participation from Betagro Ventures, Chipotle's Cultivate Next fund, Nourish Ventures and Astanor Ventures. The funding was intended to support expansion of the Ranchito facility and fulfil supply agreements with major food companies.

The following month, ICL announced a follow-on investment in Plantible while strengthening its commercial collaboration around Rovitaris Binding Solution, a clean-label ingredient powered by Rubi Protein. The product, developed by ICL Food Specialties in partnership with Plantible, was designed to provide food manufacturers with an alternative to chemically derived binders such as methylcellulose.

Chipotle also selected Plantible as one of the investments made through its Cultivate Next venture fund, citing the company's vertically integrated production system and potential to support more sustainable ingredient supply chains.

Maria Buitron, Principal at Piva Capital, said: "Plantible has translated breakthrough science into consistent, scalable production, and this expansion is the next proof point."

Anna West, President of X-Caliber Rural Capital, added: "Innovative companies often face financing challenges as they scale, even when their long-term potential is clear. USDA's Business & Industry Loan Guarantee Program helps bridge that gap, and we're proud to provide the maximum financing available under the program to support Plantible Foods' continued growth and investment in rural America."

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