Switzerland-based alt-protein startup Planted has raised $18 million in Series A funding, according to TechCrunch. The round was co-led by Vorwerk Ventures and Blue Horizon Ventures, with participation from soccer player Yann Sommer as well as previous investors.
Zurich-based Planted makes meat alternatives from pea protein and other plant-based ingredients, such as sunflower and oats. Currently, the company’s lineup includes chicken, kebab, and pulled-pork products. A steak analog is also on the way.
The company sells to around 3,000 food retail locations across Switzerland, Germany, and Austria, in addition to having a direct-to-consumer e-commerce site for those markets. Additionally, Planted has numerous restaurant and foodservice partnerships.
Part of the company’s new funding will be used to expand into other markets. Planted told TC that said expansion will first be into neighboring countries before moving further into Europe and then overseas. At this time, the company hasn’t named any specific countries.
Worldwide, the plant-based protein segment is expected to reach $85 billion by 2030. While Europe doesn’t yet get the same attention the U.S. or Asia do, its market for plant-based meat is growing rapidly and expected to reach €7.5 billion (~$8.9 billion USD) in the next five years. The number of startups in the space is growing, too, and now includes The Meatless Farm Company, THIS, and Vivera, among many others. International giant Beyond Meat also has a sizable presence in that region, recently boosted even more by a partnership with QSR giant McDonald’s.
Planted said today that in addition to expansion, its new funding will also be used to further build out the company’s tech stack and increase the manufacturing capacity of its products to half a ton per hour.