Prolupin, a Germany-based company that makes food ingredients using lupine seeds, has raised €14m ($15.3m) in a funding round co-led by Novax, an investment vehicle for conglomerate Axel Johnson.
Investment firm Capricorn Partners co-led the round through its Sustainable Chemistry Fund while venture capital firms Munich Venture Partners and eCapital also took part.
Spun off from research institute Fraunhofer-Institut für Verfahrenstechnik und Verpackung in 2010, Prolupin has developed a vegan protein alternative sourced from sweet lupine that is used in products such as non-dairy yoghurts, ice creams, milks and cream cheeses it markets under the Luve brand.
The company has not disclosed financial details of its earlier funding but the capital was predominantly supplied by Munich Venture Partners and eCapital.
