In a strategic bet on the clean-label food ingredients market, ICL Group has deepened its investment in Plantible Foods, participating in the startup’s Series B funding round.
The investment builds on ICL’s initial stake in Plantible and comes on the heels of a breakthrough product launch that’s already turning heads in the food technology sector. In October, the companies unveiled Rovitaris Binding Solution, a plant-based protein ingredient that recently snagged the prestigious Ingredient Idol award at the SupplySide West conference.
Market data underscores the potential of this strategic move. The global clean label ingredients market, currently valued at USD53bn, is projected to reach USD99bn by 2034, growing at a robust 6.4% annual rate, according to Global Market Research.
“We’re seeing a fundamental shift in consumer preferences toward transparent, sustainable food solutions,” said Hadar Sutovsky, ICL’s vice president of Corporate Investments. “Our continued investment in Plantible Foods is a direct response to this market transformation.”
The partnership between ICL and Plantible represents more than just a financial play. Their Rovitaris Binding Solution—powered by Rubi Protein—exemplifies the kind of innovative ingredient that’s reshaping the food industry’s approach to sustainability and nutrition.
Plantible’s CEO Tony Martens Fekini sees the collaboration as a game-changer. “Our partnership with ICL is critical in bringing cutting-edge, clean-label solutions to market,” he said.
ICL, a global specialty minerals company with dual listings on the New York and Tel Aviv stock exchanges, reported 2023 revenues of approximately USD7.5bn. The company employs over 12,000 people worldwide and has positioned itself at the intersection of sustainability and food innovation.
As consumer demand for natural, transparent food ingredients continues to accelerate, investments like ICL’s in Plantible Foods could signal a broader industry trend of tech-driven, sustainability-focused food solutions.
Find out more at: https://www.icl-group.com/