The Leaf Protein Co., an Australian agritech startup extracting Rubisco proteins from green leaves, has raised $850,000 in a pre-seed round to accelerate its growth and propel the commercialization of its sustainable protein solutions for the F&B industry.
The University of Melbourne Genesis Pre-seed Fund led the raise. LaunchVic’s Hugh Victor McKay Fund (supporting local agtech startups) and Loyal VC participated.
With the new capital, the startup will expand its staff, optimize its pilot plant, and enhance its protein extraction methods to bring its leaf proteins to market.
Hun Gan, CEO of Genesis Pre-Seed Fund, expressed pride and support on behalf of the University of Melbourne, acknowledging the significant progress the startup has made and highlighting the potential of innovations to improve people’s lives, tackle major global issues such as food sustainability, and deliver wide-reaching positive impacts.
Earth’s most abundant protein source
The Leaf Protein Co. was founded by Fern Ho and Connor Balfany in 2020 to unlock the earth’s most abundant and sustainable resource: leaves.
This innovative startup has developed a unique thermomechanical extraction process that preserves the nutrition of the protein, offering a high-quality and palatable sustainable source for multiple applications, including beverages and plant-based meat. They are said to boast a well-balanced amino acid profile, and, at the same time, they offer functionality as binders, gelling agents, emulsifiers, and foaming agents while remaining highly soluble.
Committed to sustainability, The Leaf Protein Co. focuses on collecting saltbush and other halophytes. These plants thrive in harsh conditions like droughts while improving soil health. The startup says that using crops like saltbush, which flourish where traditional crops falter, offers farmers a valuable alternative in the face of climate challenges.
In addition to these plants, the startup extracts proteins from other leaves, including alfalfa, to provide farmers with additional revenue streams. Moreover, going beyond protein, the leftover materials from the extraction process are transformed into packaging, animal feed, or even new ingredients.
Tackling global food security
Other agritech companies developing extraction methods to unlock the potential of leaves to feed humans include the US startup Plantible, which uses duckweed, and the Israeli firm Day 8, which upcycles green leaves waste from commercial crops. The Mexican company microTERRA also extracts rubisco from duckweed to make plant-based functional ingredients for the food industry.
“With conventional food systems reducing the biodiversity of our agriculture, 75% of plant genetic diversity has been lost since the 1900s. This loss of biodiversity significantly impacts our global food security, as the demand for protein increases with the world’s population growth,” Ho told Startup Daily.
