Plantible Foods, the food technology company based out of San Marcos in California has announced picking up $4.6 million in seed financing. The latest round was co-led by Hong Kong’s early-stage investors Vectr Ventures and Lerer Hippeau in New York.
eighteen94 Capital, Kellogg Company’s venture capital fund, and FTW Ventures are the other backers who participated in the round. Notably, the firm had fetched $500K in earlier seed funding in September 2018.
Plantible Foods was founded in 2018 as a B2B food tech company that creates high-protein powder called Rubi Protein which sells to B2B partners. It uses lemna which helps them create neutral-tasting protein powder which has similar functionality as egg white, dairy proteins, and even myosin and the meat protein.
The firm says that they will utilize the freshly raised capital to increase production. To do so, the firm wants to invest in a larger processing facility.
Martens, the co-founder of the firm talking about the funding said that “At Plantible, we are accelerating the food revolution by creating the next generation of plant-based food ingredients that don’t force consumers to make compromises on taste, nutrition, or price when shifting to a plant-based diet. We are extremely excited to welcome this stellar group of investors aboard our journey.”
Vectr Ventures' managing partner Alan Chan talking about Plantible and the financing said that “As momentum in the plant-based protein space continues to grow, there is a massive opportunity to produce a truly distinct and high performing ingredient that addresses the evolving consumer needs. We are very excited to work alongside the Plantible team and a group of likeminded investors to create a new market standard in the plant-based ingredient space.”
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