September 9, 2021

By Lynda Kiernan-Stone, Global AgInvesting Media

Launched in 2018 by co-founders Tony Martens and Maurits van de Ven, Plantible is developing what it calls the “next generation of plant-based food ingredients” by processing the aquatic plant lemna, or what is more commonly known as duckweed.

A significant risk associated with our existing food supply is that the vast majority of plant-based proteins are derived from annual crops that are vulnerable to a myriad of factors, not the least of which is climate change. One of the most sustainable and nutrient-dense plants in the world, yielding ten times the protein per acre of soy while requiring ten times less water, lemna is grown in a controlled environment, doubling its biomass every 48 hours with the ability to be harvested daily on a year-round basis.

Through its process, Plantible creates a neutral-tasting, organic, and allergen-free protein powder called Rubi Protein(™) that emulates the functional characteristics of widely used animal-based proteins – giving food producers the ability to match the taste and texture of animal-based products through plant-based alternatives.

This ability represents massive potential for disruption, and has rapidly gained traction with investors. In May 2020 the company raised $4.6 million in Seed funding through a round co-led by Hong-Kong-based Vectr Ventures and New York-based Lerer Hippeau. Additional investors participating in the round included FTW Ventures, and eighteen94 Capital, the venture arm of Kellogg’s.

Just over a year later, Astanor Ventures has now led a $21.5 million Series A for Plantible, bringing total funding for the company to $27 million. Others participating in this round include Piva Capital, CJ CheilJedang, Good Friends, Bradley Horowitz – senior vice president of product at Google, Trevor Martin – founder of Mammoth Biosciences, and Chris Bryson – founder of Unata.

This group was also joined by return investors Vectr Ventures, Lerer Hippeau, and eighteen94 Capital – the venture capital arm of Kellogg’s, FTW Ventures, and Unshackled Ventures. 

“Tony and Maurits have tenaciously pursued a unique approach to Lemna cultivation and RuBisCO extraction, producing a plant-based protein that is more affordable, better functioning and more planet-positive than any other protein source,” said Bennett Cohen, partner, Piva Capital.

Over the course of the year between its Seed round and Series A, Plantible experienced rapid growth, scaling production capacity by 150X, constructing a small pilot plant, and hiring 11 more people to bring their team to 16.

“Beyond the transition away from animal-based protein, the diversification of plant-based protein sources is fundamental to ensuring that the agri-food system will not depend on a set of monocultures,” said Christina Ulardic, partner, Astanor Ventures. “From camping on the farm to the speed at which they have met each milestone since the last funding round, we are continuously impressed by Maurits and Tony’s exceptional personal dedication to their mission.”

With the capital raised through this round, Plantible intends to build its first commercial facility to support its strategic plan to launch and commercialize its product in 2022.

“The market for plant-based protein alternatives will grow to $290 Billion by 2035, as consumers continue to seek the health and environmental benefits of plant-based foods that taste delicious,” noted Bennett Cohen. “We look forward to partnering with this exceptional team as they scale commercially.”

Tony Martens, co-founder and CEO of Plantible, said that the company’s goal is to remove chickens and cows from the food supply system – which itself showed how broken it is during the global pandemic.

“Currently available plant proteins don’t pull their weight when it comes to competing with animal-based products on taste and nutrition,” said Martens. “By combining plant science, biochemistry and engineering, we are able to create drop-in replacements for these widely used animal-derived proteins without forcing consumers to sacrifice on either taste or nutrition, paving the way for an accelerated transition towards a healthier planet.”

– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan-stone@globalaginvesting.com.