This week, Israel-based food technology company InnovoPro raised $4.25 million in a venture capital round funded by international firms (including Swiss retailer Migros), Chinese fund Bits x Bites, and Jerusalem Venture Partners (JVP) founder Erel Margalit. InnovoPro developed a non-GMO, high-protein concentrate from chickpeas that can be used as an ingredient in place of animal products in items such as vegan pudding, mayonnaise, and meat alternatives. “In view of the global food scarcity issues, the world cannot continue consuming meat and dairy food as it does today,” Margalit said. “As the world’s population continues to grow, we need to find new, sustainable food solutions. InnovoPro’s development is a global breakthrough poised to revolutionize the way the world consumes protein.” InnovoPro will use the funding to move beyond the $40 billion plant-based protein sector and tap into the $900 billion meat industry to replace animal products with its nutritionally superior chickpea protein.
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