Ingredion invests in chickpea ingredient developer

WESTCHESTER, Ill. – Ingredion Inc. has taken an fairness stake in chickpea ingredient developer InnovoPro, Tel Aviv, Israel. Phrases of the expenditure were not disclosed.

Launched in 2015, InnovoPro made a proprietary extraction system to concentrate protein from the chickpea. The business provides a 70% protein concentrate from chickpeas that has a neutral style, substantial performance and significant dietary value, according to the enterprise. Apps incorporate dairy-cost-free yogurt, ice product, veggie burgers and vitality bars.

“We believe that this financial commitment will unlock substantial purchaser charm for chickpea protein concentrates,” reported Michael Natale, world leader of Ingredion’s plant-dependent protein platform.   “InnovoPro has a potent portfolio of chickpea options, and we are thrilled about the prospective for the new programs that this will empower for our consumers by capitalizing on the developments shaping the meals market.”

In Oct 2020 InnovoPro raised $18 million in a funding spherical led by Jerusalem Enterprise Associates. More investors bundled Icos Money, iAngels and the Rabo Foods & Agri Innovation Fund, aspect of Rabobank’s expenditure arm. The financial investment was made use of to scale InnovoPro’s infrastructure and for small business development activities.

“We are hunting ahead to this excellent partnership with Ingredion,” claimed Taly Nechushtan, main govt officer of InnovoPro. “In the many years ahead, we intend to drastically increase our progress trajectory as we are transforming to a system of chickpea elements. Based mostly on our distinctive chickpea protein, we now give a assortment of solutions that allow for us to increase from dairy alternate options to added markets, these kinds of as meat analogs, egg replacers, and more, to inspire customers with more healthy and tastier answers.”