Planted closes Series B financing round of CHF 70 million

Kemptthal, Switzerland,1. September 2022 – Swiss foodtech start-up Planted, known for its natural biostructured meat made from alternative proteins, has successfully completed its Series B financing round of 70 million Swiss francs. The round was led by L Catterton, the largest global private equity firm in the consumer goods sector. Planted will use the financing to launch a new product line for so-called whole cuts, such as a plant-based chicken breast, as well as further international expansion and increasing production capacity.

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Planted today announced the successful completion of its 70 million Swiss franc Series B financing round from the world's largest private equity firm in the consumer goods sector L Catterton was led. The ETH Zurich spin-off Planted, founded in July 2019, uses its novel biostructuring approach to produce meat from alternative proteins such as peas, oats and sunflowers, relying on the perfect bite using exclusively natural ingredients. Biostructuring combines protein structuring and fermentation. L Catterton is supported by existing investors such as Vorwerk Ventures, Gullspång Re:food, Movendo, Be8 Ventures, ACE, ETH Zurich Foundation, Joyance, Yann Sommer and new investor Tengelmann Ventures.

For Christoph Jenny, co-founder of Planted, the quick follow-up round to the 36 million Swiss francs they raised in 2021 reflects the company's attractiveness in the market and among investors. “We are proud to be the fastest growing alternative protein company in Europe, with a strong track record in our established yet emerging markets in Switzerland, Germany, Austria and France, and good early development in new markets such as the UK and Italy,” says Christoph Jenny. “With the additional capital, we will further accelerate our international growth, expand our product range to include a new line of whole-cut products and build an additional production facility.”

Jenny adds: “Current plant-based meat technologies and solutions are unable to replace more than one to three percent of meat consumption and therefore do not have the required impact on our food system. Consumers justify this with a lack of taste, an unattractive price and questionable ingredients. In order to convince meat eaters, it is crucial that we produce 'better meat than animal meat' - that is, offer a better taste experience and a cheaper price with a lower environmental impact and good ingredients. These parameters are always our focus.”

Investors see rapid growth

“It is an honor to work with Planted to revolutionize the way meat and protein-rich foods are consumed worldwide,” said Michael Farello, managing partner L Catterton Growth Fund. “Their products are not only inspired by nature, but also free of artificial ingredients. They are also scalable and can be easily integrated into the daily lives of consumers. Because food is a powerful lever for promoting human health and ecological stability, Planted directly contributes to a healthier and more sustainable food system. We firmly believe that the company will continue to grow as more and more people around the world turn to alternative proteins in their everyday lives.”

Introducing Whole Cuts

Backed by its biostructuring process, which combines protein structuring and biotechnology, Planted launches its whole meat range. This proprietary technology allows Planted to develop larger cuts of meat with complex structure, texture, juiciness and tenderness. Planted believes that biostructured proteins will surpass animal meat in the future in terms of taste, sustainability, health, efficiency and price.

“We are currently in the final stages of launching various whole-cut products such as our chicken tenders, patties and chicken breast. These are the first larger cuts of meat on the market without additives. These products will first be available to the catering industry, with retail following shortly thereafter. Our chicken breast will be introduced in collaboration with star chef Tim Raue and will be on the menu in his restaurant in Berlin from September 15, 2022. This will be followed by further introductions in the food service sector,” says Jenny.

In addition, the more than 65 employees working in research, technology and product development at Planted have developed further promising prototypes. “We now have to test, optimize and scale these with consumers. The strong support from investors gives us the opportunity to accelerate the testing phases and invest significant resources in scaling to successfully bring the new products to market across our various sales channels in the coming months,” continued Jenny.

Further international expansion and increased production capacity

Planted is available in restaurants and retailers in Switzerland, Germany, Austria, France, Italy and recently in the UK, as well as via its own pan-European webshop. The company plans to enter several new European markets in 2023.

Planted produces all products in the Kemptthal production facility, which is located in a glass house - the first transparent production of meat that is open to the public. In May 2022, the company announced that it had doubled production capacity to over one ton of plant meat per hour. In the near future, Planted plans to open another production facility.

“It makes us very proud to see how our products delight so many consumers across Europe. Unique aspects such as our natural healthy and non-artificial ingredients, the incredible technology that provides the fibrous structure and the taste make the difference. “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 having a positive impact on this planet,” concludes Jenny.

Consulting companies

HoulihanLokey acted as financial advisor and Walder Wyss acted as legal advisor.

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Further information

For further information about the company, products and photos, please contact press@eatplanted.com