Israeli food-tech firm InnovoPro raises US$4.25m for chickpea protein innovation

636795183662063211innovopro.jpg

04 Dec 2018 --- Israeli food-tech company InnovoPro has raised US$4.25 million in funding in a round led by Migros, Switzerland’s largest retailer and Erel Margalit, Founder and Chairman of Jerusalem Venture Partners (JVP), a leading Israeli Venture Capital fund. InnovoPro will use the new capital to scale its production, support sales and expand into strategic global markets. InnovoPro produces “the world’s first” 70 percent protein concentrate from chickpeas, which the company reports features high nutritional values as well.

InnovoPro has developed prototype products based on its chickpea protein in various applications such as dairy alternatives, meat analogues, snacks and mayonnaise. The first products based on the chickpea proteins are being developed and will be launched on the market in 2019.

Click to EnlargeTaly Nechushtan, CEO of InnovoPro.InnovoPro’s innovative plant-based protein is “free from all”, has not been genetically modified (non-GMO), is free of phytoestrogens, has no aftertaste and is not listed as an allergen. These properties render it highly suitable for developing a broad range of food products that meet a range of demands from diverse target audiences across the globe.

The market for plant-based protein is estimated today at US$40 billion. However, InnovoPro is targeting the even-larger, US$900 billion market of meat, fish and poultry, which is searching for new opportunities for providing protein-rich products.

“The growing demand for plant-based protein is setting new records with every year that goes by,” says 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.” 

“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,” Nechushtan explains. “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. 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,” comments 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.”

Margalit’s investment in InnovoPro adds to several impact investments he has made over the past few years and is part of his initiative to make Israel, in particular the Galilee region, a global food-tech leaser.

Additional investors in this round include Bits x Bites, China’s first venture capital fund that invests in food technologies, and Ran Tuttnauer, former owner of the Tuttnauer Group, ID Capital from Singapore and Yara ventures from Spain. 

“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. Furthermore, the technological expertise of InnovoPro opens up new product applications for us in the areas of dairy alternatives, meat alternatives, desserts and sauces,” says Eliana Zamprogna, Chief Technology Officer at M-Industry. 

“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,” says Matilda Ho, Founder and Managing Director, Bits x Bites.

To contact our editorial team please email us at editorial@cnsmedia.com

Related Articles

Food Ingredients News

“Confident in UK chocolate future”: Barry Callebaut acquires UK-based Burton’s Biscuit Company’s chocolate manufacturing assets

10 Dec 2018 --- Barry Callebaut has completed the transaction to acquire Burton’s Biscuit Company’s chocolate manufacturing assets in the UK. It comes after the cocoa giant signed an agreement with the UK’s second biggest biscuit manufacturer, for the long-term supply of more than 12,000 tons of chocolate and compound per year in September. The deal comes just months before the UK is set to leave the EU and Barry Callebaut has highlighted Britain as a significant growth region for the company.

Food Ingredients News

On trend: Symrise develops tea and coffee flavors for dairy applications

10 Dec 2018 --- Flavors and fragrance supplier Symrise is now offering a collection of specialty flavors designed to deliver the popular tastes of coffee and tea to dairy products, including milkshakes, yogurts and ice cream. According to Symrise, this new collection provides “a gateway to a unique and fully indulgent, authentic taste adventure to lovers of these beverages through a variety of flavors that expand beyond the known and following the trend wave.”

Packaging & Technology News

Clever Cup: Costa and Barclaycard launch UK’s first reusable contactless payment coffee cup

10 Dec 2018 --- Costa Coffee and Barclaycard have collaborated to launch the UK’s first reusable coffee-cup with integrated contactless payment technology. Powered by Barclaycard’s bPay technology, Costa Coffee’s Clever Cup allows users to make purchases with the cup, top up their in-store credit balance and track payments online or via a dedicated app on both iPhone and Android devices. Launched last month in Costa Coffee stores across the UK, this reusable innovation is expected to decrease the volume of discarded coffee cups.

Food Ingredients News

Flavor trends in 2019? Botanicals, ethnic, exotic and smokeless “smoke,” nuances hotly tipped for the new year, say suppliers

10 Dec 2018 --- Naturalness in flavors is expected to lead the way in 2019, although classic flavors are still anticipated to be in high demand across all categories. New combinations including botanical, ethnic and exotic flavors currently have the potential to meet consumers’ increasing demand for exciting new creations. These trends are tipped to become increasingly popular for the coming year. FoodIngredientsFirst spoke with key suppliers in the flavors space, who offered their insights into what we can expect to see trending in 2019.

Food Ingredients News

UK food and drink exports reach £16.4bn as Brexit looms, says FDF report

07 Dec 2018 --- UK food and drink exports have increased by 1.8 percent to £16.4bn (US$21 billion) from January to September, compared to the same period in 2017, with exports of branded goods edging up. The food and drink trade deficit has narrowed by 1.3 percent as a result, now standing at -£18.0 billion (-US$23 billion), according to the latest analysis from the Food and Drink Federation (FDF). The news of the export success comes just ahead of the all-important parliamentary vote on the UK’s Withdrawal Agreement from the EU, which is scheduled to take place next Tuesday (December 11). The Withdrawal Agreement – which has the full backing of Europe – will go before UK MPs next week, make or break time for the Brexit deal that would avoid a no-deal scenario.

More Articles