Swiss food tech company planetary has raised $8 million in a seed funding round, to construct production-scale capacity for the food fermentation industry.
The round was led by impact investor Astanor Ventures, with participation from XAnge, Blue Horizon, Nucleus Capital, and more. As a contract development and manufacturing partner (CDMO), planetary will use the funding to increase production capacity for both microbial precision and mycelial biomass fermentation players.
Switzerland base to offer solution
While demand for fermented products is rapidly growing, the bioprocessing capacity to meet this demand currently does not exist, according to the company. Planetary‘s intention is to “de-bottleneck” the industry, ultimately operating a global network of automated production plants. This will begin with the construction of the company’s flagship plant in Switzerland.
The food fermentation industry in Europe
European fermentation companies almost doubled their investments in 2021, with €111 million in disclosed funding. This included a record-breaking €45 million Series A round for Berlin-based alt-dairy company Formo.
According to research conducted by Formo, European consumer attitudes to fermented products are highly positive, with 71% saying they would buy fermented dairy products. Study participants readily grasped the benefits of fermentation, including improved sustainability and animal welfare.
“By building an interconnected fermentation capacity network, we aim to open global and local market access to fermentation partners whilst reducing their operational risk and capital exposure,” said David Brandes, co-founder and CEO of planetary.