Swiss meat alternatives maker Planted has closed a Series B financing round of CHF 70 million ($71.5 million approx).
Founded in 2019, Planted is a spin-off from ETH Zurich. The food tech start-up produces meat alternatives from plant proteins, such as pea, oat and sunflower, through its novel biostructuring approach, which combines protein structuring and fermentation.
Led by private equity firm L Catterton, the round also received participation from existing backers, including Vorwerk Ventures, Gullspång Re:food and ETH Zürich Foundation, as well as new investor Tengelmann Ventures.
“Not only are…[Planted’s] products inspired by nature, but they are also free of unnatural ingredients, scalable, and able to be easily incorporated into consumers’ daily lives as well as traditional meat supply chains,” said Liz Gordon of L Catterton.
“With food as a strong lever to promote human health and environmental stability, Planted directly contributes to creating a healthier and more sustainable food system. We have strong conviction in the company’s continued growth, as more people across the globe continue to adopt alternative proteins into their lives.”
Planted will use the funds to launch its new whole-cut product line, accelerate its international expansion and build an additional production site.
The company’s proprietary technology allows it to design and structure larger pieces of plant-based meat with “complex structure, texture, juiciness and tenderness”.
© FoodBev Media Ltd 2024
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