Israel-based protein product developer InnovoPro has received $15m in series B funding from investors including retail group Migros.
Venture capital firm Jerusalem Venture Partners led the round, which also featured CPT Capital, the alternative protein-focused VC fund representing the family office of Jeremy Coller, chairman of private equity firm Coller Capital.
InnovoPro has created a protein substitute made from non-genetically modified chickpeas for use in vegan products such as mayonnaise, ice cream, energy bars or veggie burgers.
The capital will be used to increase the company’s production capacity as it looks to expand through joint ventures concentrating on marketing or business development.
Taly Nechushtan, InnovoPro’s CEO, said: “The growing demand for plant-based protein is setting new records with every year that goes by. We believe that InnovoPro will lead the new alternative protein category and be the one to introduce products with added health and nutritional values to customers.
“Since chickpeas are considered by consumers as a superfood, our next generation of ingredients will not just be offering tasty and “free from all” properties, but health properties as well.”
Migros had previously co-led the company’s $4.25m series A round in December 2018 with Erel Margalit, founder and chairman of JVP. The round’s participants included foodtech VC fund Bits x Bites and angel investor Ran Tuttnauer.
