Planted Raises $21M to Expand Plant-Based Meat Line

Planted Secures CHF 19 Million to Expand Plant-Based Offerings

Planted, a Swiss company specializing in alternative proteins, has successfully completed a CHF 19 million (approximately $21 million) pre-B funding round. This investment will be utilized to fuel continued expansion and facilitate the introduction of innovative products.

While a future launch in the United States is being considered, Planted will initially focus on its existing European customer base, offering them the opportunity to sample its latest creation: a plant-based schnitzel.

Origins and Technological Advancements

Founded in 2019 as a spin-off from ETH Zurich, a leading Swiss research university, Planted pioneered a unique technique. This involves extruding plant proteins and water to create fibrous structures that closely mimic the texture of conventional meat.

The company has since broadened its protein sources, incorporating oat and sunflower alongside its original ingredients. This diversification has led to the development of alternative products such as pulled pork and kebab-style options.

Significant improvements have been made to the production process over time. According to CEO and co-founder Christoph Jenny, the integration of fermentation and biotechnology has been key. “These technologies allow us to both create structures without limitations in form and to develop a wider range of flavor profiles,” he explained.

Introducing the New Schnitzel

The latest innovation is the plant-based schnitzel, a globally popular dish consisting of a breaded and fried, thinly pounded piece of meat. It is particularly favored in Germany, Austria, and Switzerland – Planted’s primary markets.

Jenny emphasized that Planted’s schnitzel is manufactured as a single piece, rather than being assembled from smaller fragments. “The fermentation approach enhances both the taste and texture, resulting in a remarkably juicy and flavorful product,” he stated.

The schnitzel is scheduled for release in the third quarter of the year.

Future Product Development: “Whole” Cuts

This schnitzel represents the first in a series of planned “whole” or “prime” cuts. These larger pieces are designed to be prepared and cooked like traditional meat cuts.

Planted asserts that its products require no specialized preparation or additional ingredients. They can be seamlessly substituted into most recipes as a direct 1:1 replacement.

Currently, these larger cuts are undergoing consumer testing to refine their taste and prepare for large-scale production.

Investment Details and Market Expansion

The funding round included participation from several investors: “Vorwerk Ventures, Gullspång Re:food, Movendo Capital, Good Seed Ventures, Joyance, ACE & Company (SFG strategy) and Be8 Ventures.”

This investment follows a CHF 17 million Series A funding round secured in March, indicating investor confidence in Planted’s growth potential.

The increasing demand for alternative proteins and the intensifying competition within the sector have likely motivated investors to support Planted’s ambitious growth and development plans.

The company intends to expand into several new European markets during the third and fourth quarters of the year.

However, a U.S. launch remains uncertain due to ongoing COVID-19 related travel restrictions. Planted is actively preparing for this expansion, but its immediate focus remains on the European market.

(Update): A previous version of this article incorrectly stated the funding amount as CHF 17 million. This has been corrected.