Plantible Foods secures US$30 million Series B to scale Rubi Protein production

Plantible Foods, a company specializing in innovative plant-based ingredients, has raised US$30 million in Series B funding. The round, co-led by Piva Capital and Siddhi Capital, also included new investors such as Betagro Ventures, Cultivate Next (Chipotle’s venture arm), and Nourish Ventures (Griffith Foods’ venture arm), along with returning investor Astanor Ventures.

Founded in 2018 by Tony Martens Fekini and Maurits van de Ven, Plantible is tackling global food supply chain challenges with its proprietary vertically integrated platform to produce Rubi Protein, a functional protein derived from lemna, commonly known as duckweed.

Plantible’s approach is driven by the need to address inefficiencies in the food system. Traditional supply chains, largely unchanged since the late 18th century, face mounting threats from climate change, geopolitical instability, and health concerns linked to unsustainable and unhealthy ingredients.

Rubi Protein is positioned as a versatile alternative to traditional proteins. It offers superior functional and nutritional properties, including better taste, texture, and environmental benefits. The protein also caters to consumer demand for allergen-friendly, clean-label food products.

"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," commented Tony Martens Fekini, CEO of Plantible. "This funding will enable us to significantly expand our manufacturing capabilities and meet the rapidly growing demand for Rubi Protein."

With the new funding, Plantible will expand production at "The Ranchito," its 100-acre commercial facility in West Texas. This facility will help the company fulfill multi-million-dollar supply agreements with major food companies and aims to scale revenue significantly over the next year.

The Ranchito is central to Plantible’s modular, scalable manufacturing model, enabling the company to enhance supply chain resilience while maintaining sustainable production practices.

Steven Finn of Siddhi Capital noted, “Plantible's highly functional protein is solving urgent food industry problems today. Their focus on superior functionality, scalable manufacturing, and clean-label nutrition convinced us that they have the right team, product, and approach to revolutionize the global food system."

Unlike many plant-based proteins that seek to replace traditional ingredients, Plantible’s Rubi Protein is designed to enhance existing supply chains. Its adaptability to food industry needs and its environmentally sustainable profile are attracting significant attention from customers and investors alike.

Issam Dairanieh, Venture Partner at Piva Capital, added, “The food and agriculture industry is in need of innovative solutions. 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."

Plantible plans to use the funding to expand its market reach and increase its production capacity, meeting the growing demand for sustainable food solutions. By focusing on improving the taste, functionality, and sustainability of its products, the company is setting a new benchmark for plant-based proteins.

As global challenges to the food system intensify, Plantible Foods’ advancements in protein production offer a pathway to a more resilient and sustainable food supply chain.