The market of Chickpea Protein

Israeli food tech company InnovoPro recently announced a new funding round of $4.2 million

The round was led by Migros, Switzerland's largest retailer, and Erel Margalit, founder and chairman of Jerusalem Venture Partners (JVP), an Israeli venture capital organisation.

Follow-on investors include China's first food tech accelerator and VC Bits x Bites, Ran Tuttnauer, former chairman of Tuttnauer Group, ID Capital from Singapore and Yara Ventures from Spain.

 According to Euromonitor, InnovoPro's current round of investment will be used to scale up , increase sales and strategically expand in the global market.

InnovoPro's previous investors include Foodlab Capital, an Israeli VC focused on investing in food technology, and its founder Dr Ascher Shmulewitz.

InnovoPro: the world's first company to successfully produce 70 per cent chickpea protein concentrate

InnovoPro is committed to introducing unique plant-based protein ingredients to the global food market to create nutritious, tasty, safe and sustainable food. Its core technology barrier is in its protein extraction technology. The world's first company to produce 70% chickpea protein concentrate using green technology. As well as being highly nutritious, chickpea protein is non-GMO, oestrogen-free, odourless and non-allergenic.

InnovoPro makes chickpea a key ingredient in plant-based products and provides formulation s for clean label products by exploiting the excellent processing properties of chickpea in the food industry.

In addition to its core technology, InnovoPro has a great founding team. Founder Dr Ascher Shmulewitz has a technical background in life sciences and engineering and has completed 14 successful start-up exits. CEO Taly Nechushtan has over 20 years of experience in mergers and acquisitions and driving innovative branded product s. She was Marketing Director of the Strauss Group, one of the largest food and beverage groups in Israel, and CEO of the Shikun & Binui Group.

Based on chickpea protein, InnovoPro has developed a range of products including dairy alternatives, imitation meats, snacks and mayonnaise that not only meet the diverse product needs of different markets around the world, but are also widely used in the food industry.

The plant-based protein sector has seen strong growth in recent years with the rise of the global plant-based diet movement. Currently, the global plant protein market has a volume of about $40 billion.

In addition to the plant protein market, the $900 billion meat, fish and poultry markets are looking for entirely new protein products. InnvoPro Chickpea Protein is here to fill the gap in the rapidly growing plant protein market.

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