Israeli food-tech startup attracts $15 million for chickpea innovation – The Jerusalem Post

Israeli food-tech startup attracts $15 million for chickpea innovation – The Jerusalem Post

Israelis love hummus, and what is hummus made out of? Chickpeas. So it is only fitting for an Israeli tech company to revolutionize the chickpea protein, correct?Enter InnovoPro.InnovoPro, an Israeli foodtech innovator, became the first company in the world to market a 70% chickpea-protein concentrate. Companies worldwide are able to use it in dairy alternatives, meat analogues, sports nutrition, baked goods, snacks, spreads and ice-cream products. Its products have already been launched in the United States, Europe and Israel.InnovoPro’s chickpea innovation raised $15 million in Series B funding (when a company is past the initial start-up stage) led by Israeli venture-capital fund Jerusalem Venture Partners (JVP). Other investors included Custos Privatstiftung; Wolfgang Leitner, CEO of Andritz AG, a leading engineering solution company; CPT Capital, one of the premier global foodtech investors; and some strategic financial investors.InnovoPro intends to use the new funding to increase production and form partnerships for business development and joint ventures.“Foodtech innovation has the ability to create real impact on a global scale, impacting the planet, our eating habits and manufacturing processes,” JVP founder and chairman Erel Margalit told The Jerusalem Post. “Innovopro’s super-food solution is the next-generation alternative protein global industry has been looking for.”JVP Founder and Chairman, Erel Margalit (Credit: JVP)JVP Founder and Chairman, Erel Margalit (Credit: JVP)Chickpeas, which are 20% pure protein, have been genetically enhanced by InnovoPro into a protein concentrate that gives companies new choices for a nonallergenic source
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