In its seed round, Planetarians raises $6 million.
San Francisco-based venture capital firm Mindrock spearheaded a second round of seed funding for Planetarians, an alternative meat producer, raising $6 million.
Mindrock was joined in the round by organisations like Traction Fund, Techstars, SOSV, and ZX Ventures, AB InBev’s corporate venturing division. The money raised will be used to establish a large-scale production facility in order to fulfil the company’s first contracts.
Ulvi Rashid, head of investments at Mindrock, stated, “Planetarians acted from first principles to re-purpose already existing ingredients to create affordable and sustainable meat, while the protein industry was developing new ways of manufacturing that poured money into expensive infrastructure.”
Whole cut vegan meat from Planetarians is manufactured with native plant proteins like soy flakes and wasted yeast from industrial fermentation facilities. According to data analytics business IAMECON, each product has almost little fat content and requires only 1/50th of the carbon impact of producing animal meat.
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The product’s target market is institutional foodservice organisations, such as senior living facilities and schools, that are looking for reasonably priced and ecologically friendly items.
Chef and Planetarians co-founder Max Barnthouse expressed his gratitude to Mindrock, AB InBev, and the other investors, saying, “We are deeply grateful for their support.” We have been searching for an alternative protein that fulfils all the requirements, much like a lot of other dedicated scientists and businesses. I believe we have at last located it.