Investments & Acquisitions

ICL Increases Investment in Plantible Foods, Strengthening Partnership on Innovative Protein Ingredients

ICL, a global leader in specialty minerals, has announced an additional investment in Plantible Foods as part of the company’s ongoing Series B funding round. This investment builds on ICL’s initial involvement in Plantible’s Series A, further strengthening their strategic collaboration.

The follow-up investment is part of ICL’s broader strategy to support the growth of Plantible Foods, a company specializing in plant-based protein technology leveraging Lemna, also known as duckweed. The partnership between the two companies has gained momentum following the launch of Rovitaris Binding Solution in October 2023, an innovative ingredient powered by Rubi Protein, a plant-based protein derived from lemna, which was developed by Plantible.

“Our work with ICL is critical to our ability to scale Rubi Protein and transform the food industry”

Rovitaris was recently recognized for its innovation at the SupplySide West (SSW) conference in November 2024, where it was awarded the Ingredient Idol award for the most innovative food ingredient of the year. 

Tony Martens Fekini, CEO of Plantible Foods, praised the ongoing collaboration with ICL: “Our work with ICL is critical to our ability to scale Rubi Protein and transform the food industry with functional, sustainable ingredients. The recognition from SupplySide West further validates the potential of our joint efforts.”

ICL X Plantible
© ICL

Strengthening manufacturing and market reach

In conjunction with this investment, Plantible Foods raised $30 million in Series B funding in November 2024. The capital is earmarked to expand the company’s production capabilities to meet increasing demand for its Rubi Protein, designed to cater to the clean-label food market. Plantible is targeting a tenfold increase in revenue within the next 12 months.

The development of Rovitaris was made possible through a multi-year commercial agreement between ICL and Plantible Foods, which was originally announced in 2023. The ingredient is expected to play a pivotal role in meeting the surging consumer demand for clean-label, plant-based ingredients.

Rado Sporka, ICL’s Vice President of Food Specialties, also highlighted the growing importance of clean-label ingredients: “Winning the Ingredient Idol award is a testament to the hard work behind Rovitaris. As consumer preferences shift toward natural, sustainable food options, we expect demand for this ingredient to increase significantly in 2025.”

Aquatic plant Lemma
Image courtesy of Plantible

Growing demand for clean-label ingredients

The global market for clean-label ingredients is projected to continue expanding rapidly. In 2024, the market was valued at $53 billion and is expected to reach $99 billion by 2034, growing at a compound annual growth rate (CAGR) of more than 6.4%.

This growth reflects an increasing consumer demand for transparency and natural products, a trend that both ICL and Plantible Foods are positioned to capitalize on through their innovative ingredient solutions. By supporting the development of products like Rovitaris, ICL is well-positioned to meet the evolving demands of consumers seeking more sustainable, plant-based food options.

ICL’s Vice President of Corporate Investments, Hadar Sutovsky, noted, “Our continued investment in Plantible Foods demonstrates ICL’s dedication to advancing innovations in the food industry. We are excited to help accelerate Plantible’s growth as they develop plant-based proteins that meet the evolving needs of consumers.”

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