Betagro PCL, through its venture fund subsidiary Betagro Ventures, has invested in Plantible, marking participation in 2024’s largest funding round for a functional ingredient startup to date.
The $30 million Series B round was co-led by Piva Capital and Siddhi Capital, with additional support from Betagro Ventures, Chipotle Mexican Grill, Griffith Foods, and Astanor Ventures.
This substantial investment underscores the growing interest in sustainable and alternative protein sources within the agri-food sector.
Founded in 2018 and operating facilities in California and Texas, Plantible utilizes its proprietary and vertically integrated lemna manufacturing platform to produce Rubi Protein®.
This versatile functional ingredient caters to plant-based, traditional meat, and bakery markets, offering flexibility and sustainability. The latest funding will enable Plantible to expand manufacturing capacity at its 100-acre commercial plant and aim to increase revenue tenfold over the next twelve months.
Chayadhorn Taepaisitphongse, Chief Strategy & Innovation Officer of Betagro Group, highlighted the strategic alignment between Betagro and Plantible.
“Plantible epitomizes the type of startup we look for: strong technology-driven platform, high strategic impact potential, and clear synergistic use cases. Tony and Maurits are at the forefront of bringing lemna-based functional ingredients to market, and we are excited about the potential of our ongoing collaborations to explore their technology within our core food and feed businesses,” Taepaisitphongse said.
Tony Martens Fekini, Chief Executive Officer of Plantible, expressed enthusiasm about the partnership.
“We’re thrilled to welcome Betagro as a strategic partner in Plantible’s journey to transform the global food system. Their investment underscores the incredible potential of bringing Rubi protein to the Southeast Asian market, a region where the demand for stable, resilient, and high-quality macronutrients is both urgent and significant,” Fekini said.
The investment in Plantible, alongside planned collaborations, will support Betagro’s food and feed businesses in partnering with innovative startups to create sustainable and clean-label products.
Additionally, Betagro Ventures plans to explore other specialized use cases within Betagro’s extensive product portfolio, further integrating Plantible’s technology into its operations.
This funding round reflects a broader trend in the agri-food industry, where investors are increasingly channeling resources into startups that offer sustainable and scalable solutions to meet global food security and quality demands.
Business News Asia
