Israeli food tech company InnovoPro announced it has closed on a $4.25 million Series A. The round was led by Swiss retail giant Migros, and Erel Margalit, founder and chairman of Jerusalem Venture Partners, a leading Israeli venture capital fund.
Additional investors participating in the round include China’s first food tech ventrue fund, Bits x Bites, Yara Ventures from Spain, Ran Tuttnauer, former owner of the Tuttnauer Group, and ID Capital from Singapore.
Founded in 2013 by Dr. Ascher Schmulewitz in Rishpon, Israel, InnovoPro says it is the world’s first food tech company to successfully produce a 70 percent protein concentrate from chickpeas. Called CP-Pro 70, the vegan protein concentrate is non-GMO, is soy-free, dairy-free, gluten-free, is not a listed allergen, and contains no phytoestrogens.
“The growing demand for plant-based protein is setting new records with every year that goes by,” said Taly Nechushtan, CEO of InnovoPro. “We believe that developing a tasty, gluten-free food ingredient could provide the answer to the rising demand for plant-based protein products.”
Nechushtan goes on to explain what sets InnovoPro’s protein apart from its rivals, saying, “While the chickpea protein competes against other plant proteins, it features a different behavior pattern. For starters, the production of chickpea protein is green, clean and eco-friendly. Our process comprises production of protein and starch.”
Furthermore, chickpea protein has the ability to function as an emulsifier and a foaming agent, giving dairy-free, egg-free, and gluten-free foods their desired texture without the need for added texturizing agents, according to Bakery and Snacks.
“The investment in InnovoPro will provide M-Industry companies with access to a pioneering and high-quality source of protein that we can use in a large number of our vegetarian and vegan products,” said Eliana Zamprogna, CTO at M-Industry. “Furthermore, the technological expertise of InnovoPro opens up new product applications for us in the areas of dairy alternatives, meat alternatives, desserts and sauces.”
The market for plant-based protein is currently estimated at US$40 billion, as plant-based food sales jumped by more than 20 percent over the past year to hit $3.3 billion. However, InnovoPro is aiming for the overall meat, poultry, and fish markets which are looking toward a higher level of sustainability, and the ability to cater to consumers who are looking to reduce their meat and dairy intake.
“Rather than targeting the vegetarian and vegan markets, we are responding to consumers who seek to reduce their meat and dairy consumption as well as consumers who look for soy-free, dairy-free or gluten-free products,” said Nechushtan. “At the same time, these consumers will not compromise on the product’s taste. This is a huge market which accounts to 69 percent of Germany’s population and to 30 percent of the US population.”
“In view of the global food scarcity issues, the world cannot continue consuming meat and dairy food as it does today,” said JVP Founder and Chairman Erel Margalit. “As the world’s population continues to grow, we need to find new, sustainable food solutions. InnovoPro’s development is a global breakthrough poised to revolutionize the way the world consumes protein. The food corporations have already internalized the new reality and are forming new collaborations to manufacture the next generation of food for the global population.”
No global market presents equal potential for this type of chickpea protein than China, according to Matilda Ho, founder and managing director of Bits x Bites, who said, “In the coming years China is projected to have the fastest growing vegan market worldwide. It also has one of the world’s most dynamic consumer markets with an expanding middle class eager to dive into new food experiences. From plant-based beverages to snacks, InnovoPro’s chickpea solution is well positioned to ride this momentum. We are happy to collaborate with the InnovoPro team to take on the Chinese opportunity.”
Lynda Kiernan