New and returning investors have chipped into the ETH Zurich plant-based meat spinout’s pre-series B round, five months after it completed a series A.
Planted, a Switzerland-based vegetarian meat developer with research from ETH Zurich and University of St Gallen, secured CHF19m ($21m) in pre-series B funding today.
Vorwerk Ventures, a corporate venturing subsidiary of consumer product producer Vorwerk, as well as Gullspång Re:food, Movendo Capital, Good Seed Ventures, Joyance Partners, Ace & Company and Be8 Ventures all took part in the round, which included debt supplied by Credit Suisse.
Founded in 2019, Planted produces imitation meat based on plants including peas, oat and sunflowers to mimic the flavour and texture of chicken, pork and other animal-derived products. It is set to launch meatless schnitzels later this year.
Lukas Böni, co-founder of Planted, said: “Strong backing by investors gives us the ability to fast-track testing and put substantial resources behind the scale-up.”
Vorwerk Ventures had co-led a $18.3m series A round together with Blue Horizon Ventures in March 2021, investing alongside ETH Zurich’s endowment, ETH Foundation, in addition to luxury goods vendor Gaydoul , Good Seed Ventures, Joyance and various individuals. Credit Suisse provided debt financing.
ETH Foundation had joined vegetarian eatery Hitl to back a late 2019 $7m round that included Blue Horizon, Good Seed Ventures, Mica Ventures and Joyance.
– Feature image courtesy of Planted
