Israeli plant-based protein company Equinom has raised $4 million in a financing round from vegetable protein pioneer Roquette and Fortissimo Capital private equity fund.
Equinom, an innovative breeding technology company based at Kibbutz Givat Brenner near Rehovot, has signed a partnership agreement for the development and sourcing of new pea varieties with high-protein content. This is the first agreement and investment made by Roquette in Israel. Through this collaboration Roquette is able to be involved on the cutting edge of new non-GMO plant variety development addressing industrial needs and consumer expectations.
Equinom, a computational breeding company founded in 2012, is developing a full portfolio of non-GMO legumes that have 50% more protein than varieties currently on the market, creating the conditions for a future worldwide shift to a plant-based diet. The companies have signed a multi-year agreement for the development of high-protein and high-yield pea varieties with unique characteristics to suit the needs of innovative food developers. The resulting pea varieties could be grown and be marketed worldwide. Equinom will use the investment to further develop products that are essential to new food applications, complementary to animal-based nutrition.
Equinom founder and CEO Gil Shalev said, “The agreement with Roquette is a major milestone for Equinom, and its investment in our company is a vote of confidence in our technology and its ability to transform the plant-protein market. The agreement will guarantee the full commercialization of Equinom’s high-protein pea varieties. It will also facilitate the introduction of additional plant protein to market and enable Equinom to attain its mission of increasing the production of high-quality, sustainable food ingredients that are changing the types of foods consumed.”
Roquette VP Pea and New Protein business line Pascal Leroy said, This investment represents a great partnership and a major step forward in the implementation of the Group’s strategy in plant-based proteins. It enables Roquette to position itself as a pioneer in the whole value chain for plant-based proteins. By contributing to develop new responsible and sustainable high-protein pea production thanks to this collaboration, we are demonstrating our goal of offering products increasingly tailored to the needs of Food, Nutrition and Health markets, and to better answer a growing customer and consumer demand. We are delighted with this partnership with Equinom, a highly innovative company, which enables us to provide our customers around the world with high-quality plant-based ingredients.”
Fortissimo Capital partner Yoav Hineman said, “The partnership with Roquette is an important achievement for Equinom, enabling it to leapfrog its high-protein pea program and commercialize its varieties with the leading global player in the market. Using its proprietary software-based breeding system, Equinom continues to revolutionize significant global crops by introducing key traits in record time. Since inception, Equinom introduced varieties in sesame that can be harvested mechanically, protein rich legumes, high-yield quinoa, and is currently targeting additional crops. Fortissimo Capital reiterates its commitment to support Equinom’s growth plans. The investment is part of our strategic effort to identify and invest in market leading food-tech and ag-tech companies around the world.”
Equinom has to date signed several breeding contracts with global leaders in the food industry. These include a multi-year contract with Sabra Dipping Company, LLC, a joint venture of PepsiCo, Inc. (NYSE: PEP), and Israel’s Strauss Group, as well as a commercialization agreement with Mitsui of Japan.
Published by Globes, Israel business news - en.globes.co.il - on October 17, 2018
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