Israeli chickpea protein co InnovoPro raises $15m

Hummus Photo: Eyal Izhar

InnovoPro can produce up to 70% of protein essence from chickpeas for use in dairy, meat and mayonnaise substitutes.

Israeli chick-pea protein company InnovoPro has raised $15 million in a financing round led by Jerusalem Venture Partners (JVP) and with the participation of CPT Capital.

InnovoPro said it would use the new funds to boost production of its chickpea protein and form business development and marketing joint ventures.

Chickpeas (hummus) naturally contain 20% protein, but InnovoPro can produce up to 70% of protein essence from chickpeas for use in dairy, meat and mayonnaise substitutes. Products based on its protein have already been launched in the US, Europe and Israel.

Based in Rishpon, north of Tel Aviv, the company was founded in 2013 by Dr. Ascher Schmulewitz, a known entrepreneur and investor in food-tech and medical devices.

Published by Globes, Israel business news - www.globes-online.com - on April 23, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Hummus Photo: Eyal Izhar
Hummus Photo: Eyal Izhar
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