There’s exciting news in the plant-based world this week, with three companies eyeing expansion and booming investments. With established brands Plantible Foods Inc. and Allbirds, here’s all you need to know in the vegan business space.
Plant-based food-tech firm Plantible Foods Inc. secures staggering $21.5 million in series A funding round
San-Diego-based Plantible Foods Inc. has raised a staggering multi-million investment following a successful series A funding round.
This was led by Astanor Ventures and brings Plantible’s total investments to $27 million.
Since being founded in 2018, the company’s developed a vertical agriculture system to produce Rubi Protein, made from lemna, also known as duckweed. The perennial plant is dubbed to be one of the most protein ‘effective’ in the world.
CEO Tony Martens says the brand isn’t competing with other plant proteins: “Our goal is to remove chickens and cows from the food supply system.
“We are cultivating a new plant to change the broken food supply chain that was exposed during the pandemic. Currently available plant proteins don’t pull their weight when it comes to competing with animal-based products on taste and nutrition.
“By combining plant science, biochemistry, and engineering, we are able to create drop-in replacements for these widely used animal-derived proteins. Without forcing consumers to sacrifice on either taste or nutrition, paving the way for an accelerated transition towards a healthier planet.”
Allbirds takes sustainable shoe brand onto stock market
Footwear brand Allbirds has announced it will launch an Initial Public Offering (IPO) on the New York City-based Nasdaq Stock Market.
It comes just months after the brand launched a $2 million investment. This is into the ‘world’s first’ 100 percent natural plant-based leather.
Moreover, the brand will reportedly choose banks and investors based on Environmental, Social, and Governance (ESG)credentials.
According to Reuters, its revenue could hit $300 million in the coming year in line with its 27 percent growth rate.