Plantible is an agricultural startup that has developed and is producing a type of protein-rich supplement from plants that is very efficient compared to traditional food sources. The company recently raised new Series A funds to support the expansion of business operations and increase production capacity as the startup expands.
Plantible’s plant-based protein and what makes it unique
Agricultural startup Plantible has created the Rubi protein, which is its own plant-based protein largely based on Lemna, commonly known as duckweed. The company’s goal is to use a newly formed protein, Rubi, to replace the plant-based protein options currently used on the market. The company also plans to use Rubi protein to fuel the slow transition from animal protein.
The agriculture startup uses indoor aquatic farms to grow and harvest Lemna at scale year-round without the need to factor in the weather. Lemna also doubles in size in just 48 hours, which means the business can harvest daily, allowing for incredibly large annual returns. Plantible has also shown that Lemna is a more efficient crop than soy, a traditional plant protein, offering 10 times more protein per acre while using 10 times less water to grow.
In addition to being a more efficient business model due to the incredible harvest rate, the agriculture startup has also focused on environmental sustainability. By using a controlled aquatic farm, the company does not need to use pesticides. Additionally, Plantible recycles up to 95% of the water it uses, enabling long-term operation with minimal environmental impact.
As a result of Lemna’s efficiency in cost and environmental impact, the company has seen the business grow rapidly in a short period of time. In fact, the agricultural startup has already seen production capacity increase 150 times in the last year. Plantible projects that this growth will continue as business demand continues to increase.
Plantable funding round and future plans
In its Series A funding round, Plantible raised $ 21.5 million in venture capital. The funding round was led by Astantor Ventures with participation from Piva Capital, Good Friends, Vectr Ventures, eighteen94 capital, FTW Ventures, Unshackled Ventures and several individual investors.
The new funding will allow the agricultural startup to dramatically expand current business operations by building a business facility with company headquarters and increased production capacities. The company expects to launch this facility by 2022. Plantible expects to continue to see increased application of Rubi protein in widely available foods in the coming years.
Commenting on the latest funding for Plantible, Piva Capital partner Bennett Cohen said: “Tony and Maurits have doggedly pursued a unique approach to growing Lemna and extracting RuBisCO, producing a plant-based protein that is more affordable, better performing, and more positive for the planet than any other protein source. The market for plant-based protein alternatives will grow to $ 290 billion by 2035, as consumers continue to seek the health and environmental benefits plant-based food environment that tastes great. We look forward to partnering with this exceptional team as they scale commercially. “