April 23, 2020 / 11:04 AM / a month ago

Israel's InnovoPro raises $15 mln for chickpea protein production

TEL AVIV, April 23 (Reuters) - Israeli food-tech company InnovoPro raised $15 million in a funding round led by Jerusalem Venture Partners (JVP), which it will use to boost production of its chickpea protein.

Additional investors in this round included CPT Capital, a food tech investor. Prior investors include Swiss retailer Migros.

InnovoPro said on Thursday it will also use the funds to form business development and marketing joint ventures.

The company said it is targeting an over $40 billion market for protein ingredients.

While chickpeas naturally contain 20% protein, InnovoPro has developed a 70% chickpea protein concentrate. Products based on its protein have been launched in the United States, Europe and Israel.

"The world needs new, innovative protein alternatives to the milk and meat industry that exist today," JVP Chairman Erel Margalit said. (Reporting by Tova Cohen Editing by Steven Scheer)

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