Israeli food-tech firm InnovoPro has raised an additional $3 million in Series B funding, following a $15 million raise earlier this year.
The start-up claims that it is the first company in the world to have launched a 70% chickpea protein concentrate.
InnovoPro says that the ‘innovative’ plant protein is suitable for a wide range of applications, spanning the dairy alternatives, meat analogues, bakery and sports nutrition categories, and offers benefits such as eco-friendly credentials, as well as non-allergenic properties.
The new funding came from Rabobank’s Food & Agri Innovation Fund, venture capital firm ICOS Capital, and iAngels, an Israeli Angels investment platform.
“InnovoPro will use the additional funding to scale up operational capabilities through increasing production capacity and for further business development activities, including forming joint ventures with strategic partners,” said Taly Nechushtan, CEO of InnovoPro.
“As part of our sustainable growth strategy, we will also use the added funding to explore production collaboration options for our protein and future products in the EU, to expand our EU supply chain capabilities.”
Nechushtan continued: “The Rabo Food & Agri Innovation Fund, being part of the leading bank in the food and agriculture financing arena, will leverage its significant global business network to facilitate more opportunities to form such strategic partnerships.”
Richard O’Gorman, managing director of Rabo Food & Agri Innovation Fund, added: “Chickpea with its high protein, fibre, iron and other characteristics leads to a more nutritious alternative and allows for cleaner labelling with no need for the emulsifiers, enhancers or masking agents necessary with competing analogues.
“…we believe chickpea will be a leader in the next wave of non-animal protein sources. We are therefore very proud to back InnovoPro, the strong market leader in the space, and look forward to scaling the company with an expert management team and strong group of investors”.
InnovoPro recently collaborated with Swiss retailer Migros for the launch of a new line of dairy-free yogurts incorporating its chickpea protein, CP Pro 70.
© FoodBev Media Ltd 2020