Plantible Foods Secures $30 Million in Series B to Scale Production of Rubi Protein

Plantible Foods, a food technology company, has closed 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 backer Astanor Ventures.

Founded in 2018 by Tony Martens Fekini and Maurits van de Ven, Plantible aims to revolutionize the food supply chain with its vertically integrated agricultural manufacturing platform. At the heart of this innovation is Rubi Protein, a highly functional, sustainable protein derived from Lemna (commonly known as duckweed).

Rubi Protein stands out for its superior functional and nutritional properties, outperforming animal- and plant-based proteins. It enables food companies to innovate, optimize costs, and create products with enhanced taste, texture, and health benefits while reducing their environmental footprint.

For centuries, the food and agriculture supply chain has remained largely stagnant despite technological advancements in mechanization and optimization. This stagnation has led to declining food health, while climate change, geopolitical risks, and global supply chain disruptions have exposed vulnerabilities.

Plantible’s mission addresses these systemic issues. As the demand for cleaner, allergen-friendly, and sustainable food options grows, the company's innovations offer a much-needed solution to reduce reliance on unhealthy, unsustainable ingredients polluting the current food system.

"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."

With the new funding, Plantible plans to expand operations at its first commercial manufacturing plant, "The Ranchito," a 100-acre facility in West Texas. This facility will allow Plantible to fulfill its multi-million dollar offtake agreements with major food companies while scaling revenue tenfold in 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 sustainably improve supply chain resilience 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:

A San Francisco-based venture capital firm investing in breakthrough technologies addressing critical industrial challenges. Plantible Foods is a business-to-business food technology company focused on developing the world’s most functional and sustainable plant-based protein using Lemna, one of the most nutrient-dense plants on Earth.