Plantible, a San Diego CA-based food-tech/biotech company, raised $21.5M in Series A funding.
The round was led by Astanor Ventures with participation from Piva Capital, CJ CheilJedang, Good Friends, Bradley Horowitz (SVP of Product at Google), Trevor Martin (Founder of Mammoth Biosciences) and Chris Bryson (Founder of Unata), Vectr Ventures, Lerer Hippeau, eighteen94 capital (Kellogg Company’s venture capital fund), FTW Ventures and Unshackled Ventures.
The company intends to use the funds to build its first commercial facility to launch and commercialize its product in 2022.
Founded in 2018 by Tony Martens and Maurits van de Ven, Plantible has developed a vertically integrated agricultural platform to produce Rubi Protein(™) from Lemna, more commonly known as duckweed. The natural, plant-based protein emulates the functional characteristics of widely used animal-based proteins and enables food companies to match the taste and texture of animal-based products with more sustainable plant-based ingredients.
Over the past year, the company has scaled its production capacity by 150x by building out a small pilot plant and hired 11 more people, bringing the team to a total of 16.