SWITZERLAND, Kempthal. Swiss maker of meat alternatives Planted will expand and diversify with $ 18 mill. Series A.
Planted has announced the successful completion of its Series A round and has raised an $18 mill. (CHF 17 mill.). The Series A funding round is led by Vorwerk Ventures and Blue Horizon Ventures. It is joined by soccer star Yann Sommer as well as existing investors Stephan Schmidheiny, Good Seed Ventures, the Gaydoul Group, the ETH Zurich Foundation and Joyance Partners. In addition to equity, the financing round is supplemented by debt financing from Credit Suisse.
“The funding will be used to expand our tech stack, to commercialize our prime cuts that are currently produced at lab scale,” said co-founder Christoph Jenny. “On the manufacturing side we look to significantly increase our current capacity of half a ton per hour to serve the increasing demand coming from international markets, first in neighboring countries and then further into Europe and overseas.”
The company was a spinout from ETH Zurich and made its debut in 2019, but has not rested on the success of its plain chicken recipe. Its approach, which relied on using pea protein and pea fiber extruded to recreate the fibrous structure of chicken for nearly 1:1 replacement in recipes, has proven to be adaptable for different styles and ingredients as well.
Currently, Planted sells its products in over 3,000 retail stores in Switzerland (Coop and Migros), Germany (Edeka) and Austria (Spar). In addition, the start-up supplies hundreds of foodservice partners and also appeals to consumers via its online store.
The success to date in the DACH region shows that the products are in line with the trend and that the consumption of meat substitute products has experienced an enormous upswing in recent months, according to the media release.
“We will further invest in our structuring and fermentation platforms. Combining structuring technologies with the biochemical toolboxes of natural microorganisms will allow us to create ultimately new products with transformative character – all clean, natural, healthy and tasty,” said co-founder Lukas Böni in a press release.