California-based Plantible Foods has raised $35 million in combined debt and equity financing to expand production of Rubi Protein, its Lemna-derived ingredient, at the company’s facility in Eldorado, Texas. The package pairs a $25 million loan from USDA-licensed lender X-Caliber Rural Capital with a $10 million equity investment from RA Capital and existing backers.
The funding will support the construction of up to 50 new greenhouses and lift annual production capacity to more than 1,000 metric tons. Plantible said the expansion will allow it to enter new markets and fulfill its existing customer pipeline.
“We now have the means to build capacity and meet the industry’s demand”
Tony Martens, Co-Founder and CEO of Plantible, noted, “This funding and expansion is about delivering value for our customers, for Eldorado and Schleicher County, and for society who deserve high-quality nutritional functional food ingredients. We now have the means to build capacity and meet the industry’s demand.”
Rubi Protein is derived from Lemna, an aquatic plant also known as water lentils or duckweed, grown in enclosed greenhouses at the company’s 100-acre aquafarm in Eldorado. The protein contains all nine essential amino acids and vitamin B12, carries a neutral taste, and has no known allergens. Plantible has said the ingredient is roughly 85% protein by weight and is composed primarily of RuBisCO, the enzyme responsible for photosynthesis in green plants.
The raise follows FDA acknowledgment in February of Rubi Protein’s Generally Recognized as Safe status, and Plantible’s $30 million Series B round in late 2024, capital earmarked at the time for scaling production.
Rural manufacturing as an investment case
The debt portion was provided through X-Caliber’s USDA OneRD Business & Industry program, representing the maximum financing available under the initiative. Plantible framed the expansion around economic development in Schleicher County, where it established its first commercial site in 2022.
Investors pointed to supply constraints as central to the commercial rationale. “The customer response to Plantible’s industry-leading tech and superior products has been phenomenal. We’re excited to help Plantible rapidly scale its modular production facilities at this critical moment in the company’s growth,” said Kyle Teamey, Managing Partner with the Planetary Health team at RA Capital Management.
