Planted has raised CHF 70 million (approximately €72M/£62M) in its latest Series B funding round.
The Zurich-based start-up’s total capital raised now stands at more than CHF 100 million (€102M/£88.5M).
First established in 2019 as a spin-off project with the university ETH Zürich, Planted develops meat alternatives using clean-label proteins and fibres taken from sunflowers, peas and oats, using a unique biostructuring process that uses both protein structuring and fermentation.
Planted hopes to use the secured funds to continue its growth into international markets in 2023, expand its product range to include whole-cuts, and build a new production facility.
Investment was led by global consumer-focused private equity firm L Catterton, with additional funding provided by existing investors Vorwerk Ventures, Gullspång Re:food, Be8 Ventures, Movendo, ACE, ETH Zürich Foundation, Swiss footballer Yann Sommer, Joyance Partners, and new investor Tengelmann Ventures.
“It is an honour to partner with Planted in its mission to revolutionise the way meat and protein-rich foods are consumed globally,” said Michael Farello, Managing Partner in the Growth Fund 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.”
The company is in the final stage of launching its whole-cuts range, which will include plant-based chicken tenders, chicken patties and breasts. It says it will be the first range of larger vegan meat cuts on the market to be additive-free.
The plant-based chicken breast will be launched first in collaboration with Michelin star chef Tim Raue at his Berlin restaurant on 15 September 2022, and will be available elsewhere in the foodservice sector thereafter.
The whole cuts range will be an addition to the company’s planted.schnitzel, planted.kebab, planted.pulled and planted.chicken products, which are already on offer in several restaurants, retailers, and the Planted online shop in Switzerland, Austria, France, Germany, Italy, and most recently, the UK.
On top of this new selection, funds will be used to support employees from the start-up’s science, engineering and product development departments to continue developing other potential prototypes, according to the company.
Christoph Jenny, Co-Founder of Planted said: “It makes us very proud to see how our products excite so many consumers all over Europe. Unique aspects such as our natural, healthy, and non-artificial ingredients, the incredible technology bringing animal meat like fibre-structure, and taste make all the difference.
“We are excited to further strengthen our international footprint with the current funding and extend our network of partners that share our passion for making a positive impact on this planet.”
Learn everything you need to know about where the plant-based sector is headed in 2023 at this upcoming Trends Panel: