ICL (NYSE: ICL) (TASE: ICL) announced a follow-on investment in Plantible Foods, participating in the company’s Series B funding round. This investment builds upon ICL’s initial participation in Plantible’s Series A round and furthers the strategic collaboration between the two companies.
In October of 2023, ICL Food Specialties, in collaboration with Plantible Foods, launched Rovitaris Binding Solution powered by Rubi Protein. This innovative ingredient was honored with the Ingredient Idol award at the SupplySide West (SSW) conference in November 2024 and recognized as the most innovative food ingredient of the year.
“Our continued investment in Plantible Foods underscores our commitment to advancing sustainable and innovative solutions in the food industry,” said Hadar Sutovsky, vice president of Corporate Investments at ICL. “We are excited to support Plantible’s growth and the development of their groundbreaking plant-based proteins.”
“Receiving the Ingredient Idol award for Rovitaris is a testament to our dedication to delivering cutting-edge, clean-label solutions that meet the evolving demands of consumers seeking healthier and more sustainable food options,” said Rado Sporka, vice president of Food Specialties at ICL. “ICL Food Specialties anticipates increasing demand for Rovitaris Binding Solution in 2025, driven by the growing consumer trend toward clean-label and sustainable food ingredients”.
“Our partnership with ICL is instrumental in bringing Rubi Protein to market,” said Tony Martens Fekini, CEO of Plantible Foods. “The recognition at SSW highlights the potential of our collaboration to transform the food industry with sustainable and functional ingredients.”
According to Global Market Research, the global clean label ingredients market is experiencing robust growth, driven by increasing consumer demand for transparency and natural products. In 2024, the market was valued at approximately $53 billion and is projected to reach $99 billion by 2034, growing at a CAGR of more than 6.4% during the forecast period.
ICL Group’s investment in Plantible Foods, and the development of innovative ingredients like Rovitaris Binding Solution, aligns with these market trends and helps position the company to meet the evolving demands of consumers and capitalize on new market opportunities.
