Plantible Foods Secures Funding to Expand Rubi Protein Production
US food-tech company Plantible Foods has announced the acquisition of a $35 million funding package to enhance the production capacity of its plant-based Rubi Protein. The funding consists of a $25 million loan from X-Caliber Rural Capital, backed by the US Department of Agriculture (USDA), and an additional $10 million equity investment from RA Capital and existing investors.
The financial boost is set to quintuple the annual production capacity of Rubi Protein at Plantible's 'Ranchito' facility located in Eldorado, Texas. This expansion will enable the construction of up to 50 new greenhouses, significantly increasing the production to over 1,000 metric tons annually.
Rubi Protein is derived from RuBisCO protein, sourced from Lemna, commonly known as duckweed or water lentils. The production takes place at Plantible's 100-acre enclosed aquafarm, utilizing a controlled aquatic crop cycle. This method is designed to mitigate exposure to seasonal changes and adverse weather conditions, ensuring consistent harvests and stable income for local communities.
In February, the US Food and Drug Administration (FDA) issued a 'No Questions' letter, affirming the Generally Recognized as Safe (GRAS) status of Rubi Protein, marking the first approval for isolated RuBisCO protein in food applications in the US. The product is utilized by customers such as ICL Food Specialties as a binding agent in various formulations.
The funding is expected to support Plantible's market expansion and aid in fulfilling existing customer demands. Maria Buitron, a principal at Piva Capital, highlighted the significance of Plantible's scientific advancements in achieving scalable production, emphasizing the importance of reducing water usage and expanding protein production in the industry.
X-Caliber Rural Capital's president, Anna West, mentioned the challenges innovative companies face in securing financing as they grow. She noted that the USDA Business & Industry Loan Guarantee Program plays a crucial role in bridging this gap, facilitating Plantible Foods' ongoing development and investment in rural America.
