InnovoPro, an Israeli food tech company has raised an additional US$ 3 million for its Series B funding round with Dutch multinational Rabobank. This brings the total fund raised to US$18 million. The Series B round was first announced by InnovoPro in April 2020, which was led by Jerusalem Venture Partners (JVP). Other participating investors were Custos Privatstiftung, CPT Capital and Wolfgang Leitner, CEO of Andritz AG, a leading engineering solution company.
The investment comes after an agreement with Swiss retailer Migros in July 2020 for developing a line of dairy-free yogurt in European countries this year. The company plans to use the new investment to increase production capacity, develop its business and joint strategic ventures. It also wants to explore production collaboration options for its protein and future products in the EU and to expand EU supply chain capabilities.
What the investor has to say
Richard O’Gorman, Managing Director, Rabo Food & Agri Innovation Fund said, “In line with the more informed and sophisticated consumer, novel plant-based protein solutions are coming under greater scrutiny in the context of their nutrition and sustainability footprint. Chickpea with its high protein, fiber, iron, and other characteristics leads to a more nutritious alternative and allows for cleaner labeling with no need for the emulsifiers, enhancers or masking agents necessary with competing analogues. Chickpea is a sustainable source, driven by crop characteristics such as comparatively lower water usage and carbon footprint with rotational qualities.”
“For these reasons we believe chickpea will be a leader in the next wave of non-animal protein sources. We are therefore very proud to back InnovoPro, the strong market leader in the space, and look forward to scaling the company with an expert management team and strong group of investors,” he also added.
Founded in 2015, InnovoPro designs and develops chickpea protein based food products in a wide range of categories like dairy alternatives, meat alternatives, sports nutrition, bakery, snacks, spreads, and ice cream. Different types of products based on InnovoPro’s chickpea protein have already been launched in the US, Europe, and Israel. It was founded by Dr Ascher Shmulewitz and has its headquarters in Rishpon, Israel.
About Rabo bank
Rabobank is an investment bank that provides debt financing and private equity, with a focus on food, beverage and agribusiness sectors for offering specialised products and services in 46 countries. It has a network of renowned industry specialists, leading researchers and industry analysts. It was founded in 1972 and has its headquarters in Utrecht, Netherlands.
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