Plantible Foods has secured $35 million in combined debt and equity funding to expand production of Rubi Protein, its plant-derived protein made from Lemna, also known as water lentils. The package includes a loan from X-Caliber Rural Capital, a licensed USDA lender, alongside a $10 million equity investment from RA Capital and existing investors.
The funding will let Plantible quintuple annual production capacity at its Ranchito facility in Eldorado, Texas. The company’s proprietary process extracts protein from Lemna grown at a 100-acre enclosed aquafarm nearby. Because the crop is cultivated in controlled, aquatic conditions, production is largely insulated from seasonal shifts and extreme weather, allowing for steady harvests year-round.
Rubi Protein contains all nine essential amino acids and vitamin B12, has a neutral taste, and carries no known allergens. Customers including ICL Food Specialties already use it as a binding agent in ingredient formulations. In February 2026, the FDA issued a “No Questions” letter confirming the protein’s status as Generally Recognized as Safe, marking the first government approval for isolated RuBisCO protein in food applications.
Tony Martens, co-founder and CEO of Plantible, said the funding would let the company meet growing industry demand while continuing to invest in Eldorado and Schleicher County. X-Caliber Rural Capital provided $25 million in debt financing through the USDA’s OneRD Business & Industry program, the maximum available under that scheme.
Investors pointed to Plantible’s ability to translate lab-scale science into consistent output. Maria Buitron, a principal at Piva Capital, described reduced water use paired with expanded protein production as a long-sought goal for an industry facing persistent constraints on healthy protein alternatives.
Since opening its first commercial site in Schleicher County in 2022, Plantible has added roles across operations, engineering and research, and invested in local workforce training. Census data cited by the company shows county median household income rose 60% year-over-year over that period.
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