USDA-Backed Loan Helps Plantible Foods Raise $35M to Scale Up Rubisco Protein Fivefold

Plantible Foods, a Californian startup, has secured $35 million in USDA-backed loan and equity funding to expand the manufacturing capacity of its duckweed-derived Rubisco protein by fivefold. The funding includes $25 million in debt financing from X-Caliber Rural Capital and $10 million in equity funding from RA Capital and existing investors. This investment will allow Plantible Foods to build 50 new greenhouses at its aquafarm facility in Texas, increase its production capacity, fulfill existing orders, and enter new markets.

Duckweed, the source of Rubisco protein, is a sustainable and highly nutritious plant that has gained popularity for its environmental and nutritional benefits. Rubisco protein, derived from duckweed, offers a high nutritional yield and functionality similar to egg whites, making it a desirable ingredient for food manufacturers. Plantible Foods has already received approval from the FDA to sell its Rubisco protein ingredient to food manufacturers and is poised to meet the increasing demand for sustainable protein alternatives in the market.