Duckweed Protein Developer Plantible Raises $30M to Scale Operations Amid ‘Insatiable’ Demand for Functional Ingredients

Plantible Foods, a San Diego-based startup, has raised $30 million in a Series B funding round to scale its operations in response to the growing demand for its duckweed protein, RuBisCo. The funding, co-led by Piva Capital and Siddhi Capital, will allow Plantible to expand its manufacturing capabilities and meet the demand for sustainable and highly functional proteins for use in various food products.

With a new 100-acre commercial plant in Texas and an R&D facility in California, Plantible aims to increase its revenue tenfold over the next 12 months by fulfilling multi-million dollar offtake agreements with large food companies. Their Rubi Protein, extracted from duckweed, is said to outperform plant and animal proteins in terms of nutrition, digestibility, and functionalities like gelling and solubility. The company's focus on superior functionality, modular scaled manufacturing, and consumer-friendly clean labels has attracted investment and positioned them to revolutionize the global food system.