Israeli food tech company InnovoPro has become the first in the world to create 70 percent chickpea protein concentrate. The business raised $4.25 million to make vegan pudding and other products out of chickpeas.
Bolstered by investors including Migros, Switzerland’s largest retail company, supermarket chain, and employer, as well as ID Capital, an advisory company which invests in “the Future of Food,” the funds will enable InnovoPro to up production, sales, and expand into markets worldwide.
Founded in 2013, the multi-award winning company targets consumers of all dietary preferences including meat-eaters looking to downscale their intake of animal products. “Rather than targeting the vegetarian and vegan markets, we are responding to consumers who seek to reduce their meat and dairy consumption as well as consumers who look for soy-free, dairy-free or gluten-free products,” InnovoPro’s CEO Taly Nechushtan said in a statement.
Using chickpea protein, InnovoPro has developed vegan mayonnaise, ice cream, milk, snacks, desserts, and burgers. According to the brand, all of its products are “clean label, GMO-free, gluten free, dairy free, and delicious.”
According to InnovoPro, its plant protein is also free of phytoestrogens (dietary estrogens found in plants) and does not cause allergies.
Producing the product is also said to be more environmentally friendly both animal products and other plant proteins.
The Growing Market for Plant Protein
According to The Times of Israel, InnovoPro is targetting the $900 billion fish, meat, and poultry market by offering protein-rich vegan alternatives.
Erel Margalit, the founder and chairman of Jerusalem Venture Partners, another investor of InnovoPro, explained the strategy. “In view of the global food scarcity issues, the world cannot continue consuming meat and dairy food as it does today,” he said.
Margalit continued, “As the world’s population continues to grow, we need to find new, sustainable food solutions. InnovoPro’s development is a global breakthrough poised to revolutionize the way the world consumes protein. The food corporations have already internalized the new reality and are forming new collaborations to manufacture the next generation of food for the global population.”
Bringing plant-based protein to the mainstream market, Bits x Bites, a Chinese food tech accelerator VC that invested in InnovoPro, intends to assist the Israeli brand with accessing the market.
“In the coming years China is projected to have the fastest growing vegan market worldwide,” Bits x Bites’ founder Matilda Ho said. ”It also has one of the world’s most dynamic consumer markets with an expanding middle class eager to dive into new food experiences.” Backing InnovoPro’s products, Ho seems to have faith in the brand’s “Chickpea Revolution.”
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