Ingredion Inc. has taken an equity stake in chickpea ingredient developer InnovoPro, Tel Aviv, Israel. Terms of the investment were not disclosed.
Founded in 2015, InnovoPro developed a proprietary extraction process to concentrate protein from the chickpea. The company offers a 70% protein concentrate from chickpeas that has a neutral taste, high functionality and high nutritional value, according to the company. Applications include dairy-free yogurt, ice cream, veggie burgers and energy bars.
“We believe this investment will unlock huge consumer appeal for chickpea protein concentrates,” says Michael Natale, global leader of Ingredion’s plant-based protein platform. “InnovoPro has a strong portfolio of chickpea solutions, and we are excited about the potential for the new applications that this will enable for our customers by capitalizing on the trends shaping the food industry.”
In October 2020 InnovoPro raised $18 million in a funding round led by Jerusalem Venture Partners. Additional investors included Icos Capital, iAngels and the Rabo Food & Agri Innovation Fund, part of Rabobank’s investment arm. The investment was used to scale InnovoPro’s infrastructure and for business development activities.
“We are looking forward to this great partnership with Ingredion,” says Taly Nechushtan, chief executive officer of InnovoPro. “In the years ahead, we intend to significantly increase our growth trajectory as we are transforming to a platform of chickpea ingredients. Based on our unique chickpea protein, we now offer a variety of solutions that allow us to expand from dairy alternatives to additional markets, such as meat analogs, egg replacers, and more, to inspire consumers with healthier and tastier solutions.”