ICL, a leading global specialty minerals company, has announced a follow-on investment in Plantible Foods, participating in the company’s Series B funding round. This latest investment builds upon ICL’s initial participation in Plantible’s Series A round and strengthens the strategic collaboration between the two companies. The partnership focuses on advancing innovative, plant-based food solutions that cater to the growing demand for sustainable and clean-label ingredients.
In October 2023, ICL Food Specialties, in collaboration with Plantible Foods, unveiled the Rovitaris Binding Solution powered by Rubi Protein. This cutting-edge ingredient quickly gained industry acclaim, winning the prestigious Ingredient Idol award at the SupplySide West (SSW) conference in November 2024. The recognition cemented Rovitaris as the most innovative food ingredient of the year and underscored its potential to revolutionize the food industry.
Hadar Sutovsky, vice president of Corporate Investments at ICL, expressed enthusiasm for the strengthened partnership with Plantible Foods. “Our continued investment in Plantible Foods underscores our commitment to advancing sustainable and innovative solutions in the food industry,” Sutovsky said. “We are excited to support Plantible’s growth and the development of their groundbreaking plant-based proteins.”
The Rovitaris Binding Solution has emerged as a pivotal product in ICL’s portfolio, designed to meet the increasing consumer demand for healthier and more sustainable food options. Rado Sporka, vice president of Food Specialties at ICL, highlighted the significance of this milestone. “Receiving the Ingredient Idol award for Rovitaris is a testament to our dedication to delivering cutting-edge, clean-label solutions,” he stated. “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.”
The collaboration between ICL and Plantible Foods has been instrumental in advancing the Rubi Protein technology, which serves as the foundation of Rovitaris. Tony Martens Fekini, CEO of Plantible Foods, emphasized the impact of this partnership. “Our partnership with ICL is instrumental in bringing Rubi Protein to market,” Fekini said. “The recognition at SSW highlights the potential of our collaboration to transform the food industry with sustainable and functional ingredients.”
The success of Rovitaris and the investment in Plantible Foods align with broader industry trends. According to Global Market Research, the global clean-label ingredients market is experiencing significant growth, fueled 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, with a compound annual growth rate (CAGR) of more than 6.4% during the forecast period.
This market growth reflects a shift in consumer preferences. More people are seeking food products made with simple, natural, and recognizable ingredients, often labeled as “clean label.” This trend is influencing food manufacturers to adopt innovative ingredients that align with these values while maintaining product functionality and taste. The development of the Rovitaris Binding Solution positions ICL and Plantible Foods to capitalize on these emerging opportunities.
Rovitaris Binding Solution, powered by Rubi Protein, offers a unique combination of functionality and sustainability. Derived from the water lentil, Rubi Protein is a highly versatile plant-based protein that boasts exceptional binding properties. This makes it an ideal ingredient for applications in plant-based meat, dairy alternatives, and other food products. The innovative nature of Rubi Protein not only enhances the functionality of food products but also contributes to their sustainability by utilizing a resource-efficient crop.
The Ingredient Idol award at SSW further validates the potential of Rovitaris and the collaboration between ICL and Plantible Foods. The accolade recognizes the industry’s most groundbreaking ingredients and highlights the role of innovation in shaping the future of food. Winning this award positions Rovitaris as a game-changer in the clean-label ingredients market and reinforces ICL’s reputation as a leader in food innovation.
As the global food industry continues to evolve, ICL’s investment in Plantible Foods and the development of Rovitaris Binding Solution demonstrate a forward-thinking approach to meeting consumer demands. By focusing on sustainability, innovation, and functionality, the partnership between ICL and Plantible Foods is paving the way for the next generation of plant-based food solutions.
Looking ahead, ICL anticipates strong market demand for Rovitaris and other clean-label ingredients, driven by consumers’ desire for healthier and more sustainable food choices. With its strategic investments and collaborative efforts, ICL is well-positioned to lead the industry in delivering innovative solutions that address the challenges and opportunities of a rapidly changing food landscape.
In conclusion, the follow-on investment in Plantible Foods and the industry recognition for Rovitaris Binding Solution highlight ICL’s commitment to driving innovation and sustainability in the food sector. By leveraging cutting-edge technology and strategic partnerships, ICL continues to push the boundaries of what’s possible in creating a more sustainable and transparent food system.
