Israeli chickpea protein co InnovoPro raises $4.25m

Hummus Photo: Eyal Izhar

The Israeli company has been able to produce high amounts of grain based protein from chickpeas.

Israeli chickpea protein company InnovoPro has raised $4.25 million in a financing round led by Swiss retail food company Migros and Erel Margalit, founder and chairman of Jerusalem Venture Partners (JVP). Other investors include Chinese food technology venture capital fund Bits x Bites, and Ran Tuttnauer, former owner of the Tuttnauer Group, Singapore's ID Capital and Spain's Yara Ventures.

Based in Rishpon, north of Tel Aviv, InnovoPro has been able to produce high amounts of grain based protein from chickpeas. The company can produce up to 70% of protein essence from chickpeas (hummus) for use in dairy, meat and mayonnaise substitutes. The company plans to launch its product in 2019.

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 - en.globes.co.il - on December 4, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Hummus Photo: Eyal Izhar
Hummus Photo: Eyal Izhar
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