Israeli food-tech startup attracts $15 million for chickpea innovation

Israelis love hummus, and what’s hummus made out of? Chickpeas. So it’s only becoming for an Israeli tech firm to revolutionize the chickpea protein, appropriate?Enter InnovoPro.InnovoPro, an Israeli foodtech innovator, grew to become the primary firm on the planet to market a 70% chickpea-protein focus. Corporations worldwide are ready to make use of it in dairy alternate options, meat analogues, sports activities diet, baked items, snacks, spreads and ice-cream merchandise. Its merchandise have already been launched in the US, Europe and Israel.InnovoPro’s chickpea innovation raised $15 million in Collection B funding (when an organization is previous the preliminary start-up stage) led by Israeli venture-capital fund Jerusalem Enterprise Companions (JVP). Different buyers included Custos Privatstiftung; Wolfgang Leitner, CEO of Andritz AG, a number one engineering resolution firm; CPT Capital, one of many premier world foodtech buyers; and a few strategic monetary buyers.InnovoPro intends to make use of the brand new funding to extend manufacturing and kind partnerships for enterprise improvement and joint ventures.“Foodtech innovation has the power to create actual affect on a world scale, impacting the planet, our consuming habits and manufacturing processes,” JVP founder and chairman Erel Margalit informed The Jerusalem Publish. “Innovopro’s super-food resolution is the next-generation different protein world trade has been searching for.”JVP Founder and Chairman, Erel Margalit (Credit: JVP)JVP Founder and Chairman, Erel Margalit (Credit score: JVP)Chickpeas, that are 20% pure protein, have been genetically enhanced by InnovoPro right into a protein focus that provides firms new selections for a nonallergenic supply of protein, in contrast to soy- and corn-based merchandise, to include into their manufacturers, permitting for the event of a broad vary of meals merchandise for a large number of audiences, the corporate mentioned in a press launch.“The world wants new, modern protein, alternate options to the milk and meat trade that exist immediately.” Margalit mentioned. “Innovopro’s chickpea protein is a revolutionary product that performs a necessary function within the meals trade’s response to creating the subsequent wave of plant-based, protein- changing protein from animals.“CEO Tali Nechushtan and the worldwide crew [are] using new technological improvements, alongside the partnerships cast with meals producers worldwide, growing tasty, vegan and wholesome merchandise.”Over the previous three years, InnovoPro has acquired numerous awards, together with Most Progressive Protein of the 12 months on the Protein Summit in 2018 and Most Progressive Begin-up in Israeli Foodtech in 2018. In 2019, InnovoPro earned a Seal of Excellence from the European Fee and is now a member of EIT Meals, a European Information and Innovation Group.“The rising demand for plant-based protein is setting new information with yearly that goes by,” Nechushtan mentioned within the press launch. “We imagine that InnovoPro will lead the brand new alternative-protein class and be the one to introduce merchandise with added well being and dietary values to clients.”“Since chickpeas are thought of by customers as a superfood, our subsequent technology of elements is not going to simply offer tasty and ‘free from all’ properties, however well being properties as nicely,” she mentioned.CEO of InnovoPro Taly Nechushtan (Credit: InnovoPro)CEO of InnovoPro Taly Nechushtan (Credit score: InnovoPro)