Duckweed Protein Pioneer Plantible Foods Grows Budget with $30M Investment

California’s Plantible Foods has closed a $30M Series B round to expand production of its duckweed-derived Rubi Protein.

Among the constantly evolving search for nutritionally sound, climate-friendly, palate-appealing foods, a wave of startups is banking on weed.

Specifically, pondweed. Lemna – the free-floating, naturally occurring freshwater aquatic plants also known as duckweed, which combine to form a green carpet on the surface of water – is host to Rubisco, described for decades as the most abundant protein on Earth.

Having been consumed in Southeast Asia for centuries, duckweed has witnessed a rise in popularity in the last decade thanks to the fact that its immense environmental and nutritional benefits. Being aquatic, it doesn’t occupy any farmland or contribute to deforestation, uses 98% less water than soy, contains more micronutrients than many vegetables, has high protein digestibility, and is the fastest-growing plant in the world.

One of the most well-known companies that have commercialised duckweed protein is Plantible Foods, which has just raised $30M in a Series B funding round led by Piva Capital and Siddhi Capital. Additionally, new backers included Betagro Ventures, Cultivate Next (the VC arm of Chipotle Mexican Grill), Nourish Ventures, while Astanor Ventures made a repeat investment.

It takes the Californian startup’s total financing to $57M, and will help it scale up production of its Rubi Protein, which can be used across a breadth of applications, including plant-based meat and baked goods.

Rubi Protein can enhance meat alternatives and baked goods

Plantible Foods grows its lemna on controlled aquafarms that allow freshwater to be constantly recycled and refreshed, contributing to a water footprint 10 times lower than soybeans. Once the plants are harvested, they are milled, filtered and dried so that the pure protein in the duckweed’s leaves can be extracted.

The final product is an off-white and odourless protein that can grow anywhere in the world and contains all nine essential amino acids. The ingredient is free from 20 allergens and comprises 85% protein, with a protein digestibility score of 1 (similar to that of beef or eggs).

According to the company, Rubi Protein has a nutritional yield of 70%, much higher than the 27% for beef, with a fraction of the climate footprint. Its aquafarms can be built on non-arable land and prevent fertiliser runoff in freshwater streams, moving water quality and access in surrounding communities.

“At Plantible, we are not simply competing with other proteins; we are setting a new standard for the industry by providing a product that offers superior functional and nutritional properties,” said CEO Tony Martens Fekini, who founded the startup with Maurits van de Ven in 2016.

Rubi Protein has fat-binding properties that reduce the need for saturated fats, can be whipped to stiff peaks in three minutes while outperforming egg whites, acts as an emulsifier for plant-based foods, and boasts thermo-irreversible gelling properties to replace ingredients like methylcellulose.

The company has developed two ingredient blends leveraging the duckweed protein to enhance the texture and functionality of eggless and gluten-free baked goods and meat and dairy alternatives. These products use a combination of Rubi Protein and other commonly used allergen-free ingredients.

Rubi Whisk provides structural integrity, moisture and oil retention properties for foods like lemon tarts, macarons, cookies, pound cakes and breads. Rubi Prime, meanwhile, provide the emulsification and binding benefits of methylcellulose in a way that plant-based meat products like burgers, chicken, sausages, and even whole cuts can be served hot or cold, and with cleaner labels.

Plantible Foods targets tenfold revenue

“This funding will enable us to significantly expand our manufacturing capabilities and meet the rapidly growing demand for our Rubi Protein,” said Martens Fekini. The company aims to increase its revenue tenfold over the next year.

Plantible Foods has a 100-acre commercial plant called The Ranchito in West Texas, and has new manufacturing facilities in place to deliver on several multimillion-dollar offtake agreements with large companies. Last year, it partnered with functional ingredients provider ICL Food Specialties to produce the Rovitiras Binding Solution for vegan meat and seafood.

“Plantible’s highly functional protein is solving urgent food industry problems today. Their focus on superior functionality, modular scaled manufacturing, nutritional value and consumer-friendly clean labels convinced us that they have the right team, product, and approach to revolutionize the global food system,” said Steven Finn, co-founder of Siddhi Capital.

He added: “Their technology and vertically integrated manufacturing are already serving customers at scale and will improve supply chain resilience in a sustainable way with impacts reaching far beyond the plant-based alternatives market.”

Duckweed was namechecked as a ‘plant-based aquatic ingredient’ to watch in Whole Foods Market’s food trends predictions for 2025, with the retailer underlining how lemna is in the “early stages of emerging on the scene and boasts a higher protein content than other leafy greens”.

Several other startups are working with duckweed protein too, including Sustainable Planet (UK), GreenOnyx (Israel), MicroTerra (Mexico), DryGro (Kenya), Ful Foods (Pakistan), Rubisco Foods, Rinus & Hans (both Dutch), and Fyto (US).