Foodtech start-up, Planted has secured a £61 million funding to build on its natural biostructured meat range and expand its business.
Currently the fastest growing alternative protein company in Europe, Planted closed its Series B financing round today, led by private equity firm, L Catterton.
The funding is set to be invested into expanding the business internationally, increasing the start-up’s production capacity and introducing its ‘Whole Cuts’ product range, the first larger cuts of plant-based meat on the market without additives.
Including chicken tenders, patties and chicken breast, the new products will be rolled out across the foodservice industry to begin with and shortly after, available within the retail industry.
Its current range of meat alternatives include chicken, schnitzel, pulled pork and kebab meat which are made from proteins such as peas, oats and sunflower.
Planted, which is already available in the UK and across several other European countries is also looking to expand further internationally in 2023 with the use of this funding.
It also looks to invest into opening another production facility due to its production capacity having doubled to over one tonne of plant meat per hour.
Its products are currently produced at its glass house facility in Kemptthal, Switzerland which Planted says is the first transparent production of meat open to the public.
“We look forward to using the current funding to further strengthen our international presence and expand our network of partners who share our passion for making a positive impact on this planet,” Planted co-founder, Christoph Jenny said.
“Current plant-based meat technologies and solutions are not capable of replacing more than one to three percent of meat consumption and therefore do not have the necessary impact on our food system.
“It is crucial that we produce ‘better meat than animal meat’ – that is, offer a better taste experience and a lower price with less environmental impact and good ingredients.”
L Catterton Growth Fund managing partner, Michael Farello added: “We are honored to partner with Planted to revolutionize the way meat and protein-rich foods are consumed around the world.
“As food is a powerful lever to promote human health and ecological stability, Planted directly contributes to a healthier and more sustainable food system.”
