Award-winning Israeli food-tech company InnovoPro, which develops plant-based proteins using chickpeas, announced that it has raised $4.25 million in funds.
The main investors are Migros (Switzerland’s largest retail company), Chinese foodtech VC fund Bits x Bites, and Erel Margalit, the founder and chairman of Jerusalem Venture Partners. Other investors include Ran Tuttnauer (former owner of Tuttnauer Group), Singapore-based ID Capital, and Yara Ventures from Spain.
InnovoPro’s eco-friendly plant-based protein is free from GMOs, phytoestrogens and allergens, and has no aftertaste. The company’s innovative product contains 70% protein and highly nutritional. The prototype products based on the chickpea protein include dairy products, meat alternatives, high-protein chickpea-based snacks and vegan mayonnaise.
Taly Nechushtan, CEO of InnovoPro, commented: “Our process comprises production of protein and starch. 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.”
The current global plant-based protein market is valued $40 billion, however InnovoPro is aiming its protein-rich products at the even larger $900 billion market of meat, fish and poultry. The company will use the funds to increase production, sales and expand to the global market.