Swiss foodtech startup Planted raises €70m Series B funding to accelerate international growth

Swiss foodtech startup Planted, known for its natural biostructured meat made from alternative proteins, announced it has successfully closed its Series B financing round of €70 million. The round was led by L Catterton, the largest global private equity firm in the consumer goods sector. Planted will use the funding to launch a new line of products for so-called Whole Cuts, such as a plant-based chicken breast, as well as further international expansion and increased production capacity.

Founded in July 2019, the ETH Zurich spin-off Planted uses its novel biostructuring approach to produce meat from alternative proteins such as peas, oats and sunflower, focusing on the perfect bite with exclusively natural ingredients. Biostructuring combines protein structuringand 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.

Christoph Jenny, Co-founder, Planted: "We are proud to be the fastest growing alternative protein company in Europe, with a strong track record in our established yet young markets in Switzerland, Germany, Austria and France and good early development in new markets such as the UK and Italy. With the additional capital, we will further accelerate our international growth, expand our product range with a newline of Whole Cut products and build another production facility. 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. Consumers justify this with a lack of taste, an unattractive price and questionable ingredients. In order to convince meat eaters as well, 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. We always focus on these parameters."

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

Michael Farello, Managing Partner, L Catterton Growth Fund: "We are honored to partner with Planted to revolutionize the way meat and protein-rich foods are consumed around the world. Their products are not only inspired by nature, but also free of artificial ingredients. Moreover, they are scalable and can be easily integrated into consumers' daily lives. As food is a powerful lever to promote human health and ecological stability, Planted directly contributes to a healthier and more sustainable food system. We firmly believe the company will continue to grow as more and more people around the world turn to alternative proteins in their daily lives."

Planted is available in restaurants and retail outlets in Switzerland, Germany, Austria, France, Italy and, more recently, the UK, as well as via the company's own pan-European web store. 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 open to the public. In May 2022, the company announced that the production capacity has been doubled to over one ton of plant meat per hour. In the near future, Planted plans to open another production facility.

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