Mitihoon – Betagro PCL has invested in Plantible through its venture fund subsidiary, Betagro Ventures, joining other industry-leading strategic and financial investors in 2024’s largest functional ingredient startup funding round to date.
- This 30m USD Series B round was co-led by Piva Capital and Siddhi Capital, with support from Betagro Ventures, Chipotle Mexican Grill, Griffith Foods, and Astanor Ventures.
- Founded in 2018, with facilities in California and Texas, Plantible leverages its proprietary and vertically integrated lemna manufacturing platform to produce Rubi Protein®, a versatile and flexible functional ingredient with applications across plant-based, traditional meats and bakery markets. This funding round will be used to expand its manufacturing volume at their 100-acre commercial plant and increase its revenue 10-fold over the next 12 months.
- This investment in Plantible, along with in-the-pipeline collaborations, will support Betagro’s food and feed businesses’ partnership with innovative startups in creating sustainable and clean-label products – coupled with exploration of other specialized use-cases within Betagro’s product portfolio.
Chayadhorn Taepaisitphongse, Chief Strategy & Innovation Officer of Betagro Group said, “Plantible epitomizes the type of startup we look for: strong technology-driven platform, high strategic impact potential, and clear synergistic use cases. Tony (CEO) and Maurits (COO) 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.”
Tony Martens Fekini, Chief Executive Officer of Plantible said, “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. With Betagro’s deep expertise and leadership in the agri-food space, we are confident in our ability to scale quickly and make a meaningful impact in a region hungry for sustainable solutions. We couldn’t ask for a better partner to help us realize our mission of building a more sustainable and secure global food system.”
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