Planted, a Swiss alternative protein company, has raised its second round of funding. It is raising CHF 19M (roughly $21M) in a pre-B fundraising. This will allow it to continue its growth and launch new products. Although a U.S. launch is possible, Planted's new veggie schnitzel will only be available to European customers.Planted was founded in 2019 by ETH Zurich as a spinoff. Its founders invented the method of extruding plant protein and water into fibrous structures that resemble real meats. The company has added oat and sunflower protein to its mix and also developed alternative products for pulled pork and kebabs.The process has also improved over time. In an email to TechCrunch, Christoph Jenny, CEO and co-founder of the company, stated that we added biotech/fermentation technologies to improve taste and texture. This means 1) structures can be created without limitation in form and 2) they can enhance the taste profile.Schnitzel is the latest innovation. It is a breaded, fried, piece of pounded thin meat that is popular in many countries, but particularly in Germany, Austria, Switzerland. Jenny pointed out that Planteds schnitzel can be made as a single piece and not from smaller pieces. He said that fermentation is a great way to improve the taste and texture. However, we will need to try it out to confirm this. In Q3, schnitzel will be available.This is the first of many planned whole or prime cuts. These larger pieces can be prepared just like any other meat. The team claims that their products don't require special preparation or additives, and can be used as replacements in most recipes. The big cuts are currently being tested in the lab before going to consumers for flavor tuning and scaling.This funding round was led by Vorwerk Ventures and Gullspng, Movendo Capital and Good Seed Ventures. It was described as a continuation to Marchs CHF17M series A. Planteds investors have opted for more aggressive growth strategies and development strategies due to the growing demand for alternatives proteins and increased competition.Although the company intends to expand into several markets in Q3 and Q4, the U.S. remains a concern due to COVID-19 travel restrictions. Jenny stated that the company is preparing to make that move when it becomes possible but that Planted's current focus is on Europe.Update: I made a mistake in reporting that the new round was also CHF 17M. This has been rectified.
