Swiss foodtech startup Planted has closed one of the biggest-ever funding rounds in the meat alternatives category to boost production capacity and expand its range.
The CHF 70m (£61m) series B round was led by US private equity firm L Catterton, alongside a line-up of new and existing investors.
Planted will use the funds to launch its new whole-cut line of products, including a chicken breast alternative, as well as continuing international expansion.
The clean label brand is available at restaurants and retailers across Switzerland, Germany, Austria, France, Italy and, most recently, the UK, where it is known as Eatplanted, with several new markets earmarked for this year.
Founded in 2019, Planted makes its products using alternative proteins, such as peas, oat, and sunflower, through a novel biostructuring approach using proprietary technologies.
The current range of chicken, pulled, kebab and schnitzel are manufactured using natural ingredients and no additives at a glass-house factory in Switzerland, which it claims is the first transparent meat production facility open to the public.
Co-founder Christoph Jenny said the brand had gained “fantastic early traction” in the UK.
“It makes us very proud to see how our products excite so many consumers in the UK,” he said.
“With the additional capital, we will further accelerate our international growth, expand our product range with a line of whole-cut products and build an additional production site.
“For meat-eaters to make a switch, it is crucial that we create ‘better meat than animals’ – meaning better taste, price, lower environmental impact, good ingredients, and healthiness. It is these parameters that are always at our focus.”
Liz Gordon of L Catterton said: “We have strong conviction in the company’s continued growth, as more people across the globe continue to adopt alternative proteins into their lives.”
In the UK, Eatplanted is listed at Planet Organic, David Lloyd Leisure and London-based vegan restaurant chain Mildreds.
“We are currently in the final phase of launching various whole-cut products such as our chicken tenders and patties, as well as chicken breast,” Jenny added.
“These are the first larger cuts of meat on the market without additives. We aim to launch in foodservice with these products with retail following shortly thereafter.”
Houlihan Lokey acted as financial advisor on the series B fundraising and Walder Wyss legal advice.
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