ICL Planet Startup Hub Continues to Invest in Plant-Based Proteins
ICL recently announced that its innovation platform, ICL Planet Startup Hub, has invested in – and will be partnering with – Plantible Foods, a vertically integrated agricultural platform producing a functional protein derived from lemna, one of the most sustainable and nutrient-dense plants in the world.
The two companies will collaborate to expand the potential of Plantible’s products across key food categories. Through this partnership, Plantible will participate in joint food applications development and be joined by ICL’s world class food scientists.
“We are excited to be partnering with Plantible on the creation, development and marketing of new alternative protein products, an area where ICL is a becoming a leading player, as demonstrated by its recently launched new alternative protein facility in the U.S.,” said Hadar Sutovsky, vice president of External Innovation and general manager of ICL Planet. “The global alternative protein market has been boosted by continued consumer demand and is estimated to reach at least $290 billion by 2035, according to a report by Boston Consulting Group and Blue Horizon Corporation.”
This is the second investment for ICL Planet Startup Hub, which is the platform ICL uses to invest in and collaborate with innovative companies in the foodTech and agriTech domains. Last July, ICL Planet invested in Protera – an AI-driven start-up that is designing and developing new proteins – and both investments align with the platform’s focus on clean label functional food ingredients, which is also an integral part of ICL’s global food strategy.
“The key growth drivers for the alternative protein market are healthy lifestyle changes, shifting consumer perceptions, and more effective sustainable production capabilities,” said Rado Sporka, vice president of the Food Specialties Commercial Business for ICL. “Our collaboration with Plantible Foods is a part of our Impacting Better Food strategy, bringing next generation protein technology to market faster.”