Plantible Foods, a San Diego-based company extracting RuBisCO protein from duckweed, has raised $35 million in debt and equity financing. The package includes a $25 million USDA-backed loan and $10 million in equity. Rubi Protein serves as a functional, allergen-free ingredient replacing eggs, dairy, and synthetic binders in food manufacturing. The capital will increase production capacity fivefold to over 1,000 metric tons annually by building up to 50 new greenhouses at its Texas facility.
USDA Backing Accelerates Alternative Protein
The timing aligns with rising demand for egg and whey alternatives amid supply volatility. MycoTechnology raised $221M+ through its Series E in 2022, while Leaft Foods secured $15M Series A in 2022. Plantible's vertically integrated duckweed approach addresses gaps in scalability and regulatory clearance that competitors face.
Functional Protein Addresses Egg Volatility
Food manufacturers face egg price spikes and whey shortages. Plantible's Rubi Protein offers a complete amino acid profile with PDCAAS of 1.0, free from 20 allergens, and functions in emulsification, foaming, and binding. Current solutions often rely on synthetic additives or allergen-prone ingredients that limit clean-label options.
Duckweed Platform Enables Commercial Scale
Plantible grows lemna in controlled greenhouses, achieving 10x less water use than soybeans and zero arable land. A new proprietary strain boosted yields over 40 percent. This differs from alfalfa-based RuBisCO competitors like Leaft Foods, which require farmland, and fermentation players like MycoTechnology that enhance existing proteins rather than source novel ones.
"The basic unit economics are already profitable, and then it's just a matter of unlocking more capacity to become overall profitable as a company." — Tony Martens, CEO
Debt Structure Signals Strategic Validation
RA Capital led the equity portion alongside existing investors, while X-Caliber Rural Capital provided the USDA-guaranteed loan. This mix preserves equity while funding hard assets. The approach signals government support for alternative protein infrastructure and investor confidence in Plantible's path to profitability.
Plant-Based Protein Market Expands Rapidly
The global plant-based protein market stood at $24.3B–$31.4B in 2026 and is projected to reach $59.4B–$90.1B by 2034, according to Future Market Insights. Duckweed protein represents a smaller but fast-growing niche. Plantible's FDA GRAS approval in February 2026 positions it ahead of other RuBisCO developers in regulatory readiness.
Expansion Creates Rural Jobs and Capacity
With deployments underway at the Eldorado, Texas site, Plantible will expand from 20 to roughly 70 greenhouses. The buildout will add about 50 full-time jobs in Schleicher County and support multi-million-dollar offtake agreements already signed with customers including ICL Food Specialties.