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InnovoPro- The Chickpea Revolution

  • Writer: Gad Ravivo
    Gad Ravivo
  • May 15, 2024
  • 8 min read
In this exploration, we focused on Innovopro, a booming food tech company. 

The analysis unfolds in four segments as follows:

  • Introduction about the leadership, vision, and mission

  • Exploration of innovative developments and the value contributed to the food industry

  • Examination of challenges in the food tech market with competitors' comparison

  • Overview of Innovopro's current business activities


Introduction

Exploring InnovoPro's origins highlights the critical role of Taly Nechushtan, one of its founding members and the current CEO.

Taly has an impressive background, with pivotal roles in leading companies within Israel's vibrant business landscape. With a BA in Economics and an MBA from Tel Aviv University, she advanced her career in the marketing field at notable firms like Strauss Group and 013 Netvision. In 2012, Taly took on the role of VP Marketing at Shikun & Binui שיכון ובינוי Group.

After a diverse and successful career in marketing across corporate and food sectors, Taly acknowledged the vital need for sustainability in food cultivation and processing which led her to take the CEO position at InnovoPro in 2016.

Taking her commitment to the industry a step further, Taly acted as Chairperson of the FoodTech sector at the Israel Export Institute מכון היצוא between 2020 and 2023, a dual role that reflected her dedication to advancing sustainable practices in the technology and food sectors.

Taly Nechushtan and the other founders of InnovoPro have undertaken a pioneering mission: to produce and cultivate a protein-based food platform centered around the chickpea plant. This innovative platform is poised to be marketed through B2B channels, targeting the global food and nutrition market.


InnovoPro's vision goes beyond creating delicious food. They aim to produce a range of food items that are not just tasty but also prioritize health, sustainability, and environmental care. They're committed to a story where culinary pleasure is combined with eco-conscious production, positively affecting personal health and the environment.




InnovoPro's Food Market Innovations

InnovoPro's key innovation lies in successfully creating a versatile nutrition platform that addresses diverse needs and offers multiple solutions. This platform stands out for several characteristics: a long shelf life, the absence of a strong aftertaste that could overpower other flavors, and excellent performance in various environmental conditions, including cold and heat and chemical interactions with oil and water.


The central innovation of this platform is its high functionality, which enables it to serve as a multi-purpose product applicable to various categories, including meat products, cheese, and eggs.

Moreover, an integral facet of this platform's innovation and advantage stems from its high nutritional value and health benefits compared to animal-based nutrition, coupled with a sustainable production process that contrasts with the environmentally damaging practices of the meat, egg, and milk industries.


InnovoPro's product significantly contributes to environmental sustainability and the fight against global warming on two fronts: during production and at the consumer level.


In terms of production, InnovoPro adopts a sustainable approach employing crop rotation. This technique, planting various crops in a specific pattern on the same land, contrasts with the traditional method of repeatedly cultivating a single crop. The objective is to improve soil health and reduce pests and diseases, substantially contributing to overall sustainability.


Moreover, the animal food industry poses severe sustainability challenges, notably worsening global warming. For instance, the meat and dairy sector alone consumes a third of the planet's freshwater, causing global food and beverage supply chain shortages. Furthermore, substantial methane emissions from the food industry significantly contribute to global warming. In addressing these issues, InnovoPro's plant-based product emerges as an extremely viable solution, reducing dependence on environmentally harmful animal nutrition sources.

 

On the customer side, InnovoPro's innovation is anchored in the advantages of chickpeas as a protein source compared to the traditional animal protein source. 


Chickpeas benefit from a molecular structure that empowers them to yield diverse textures and flavors across different product categories, such as meat, cheese, and eggs. In contrast, standalone meat, cheese, or eggs cannot replicate flavors and textures at the same comprehensive level, limiting their application to specific taste profiles and textures. Consequently, chickpeas are a versatile solution that meets a broader spectrum of dietary preferences.


Incorporating chickpea protein into one's diet promotes a balanced and health-conscious lifestyle, reducing the risk of diseases associated with animal protein consumption. Chickpea-derived protein lowers LDL cholesterol, thus reducing the likelihood of vascular and heart diseases linked to diets rich in saturated fat and LDL cholesterol derived from animal sources. Moreover, chickpea protein enhances satiety, supporting effective weight management through reduced calorie intake. In contrast, animal protein may lack the same satiety-inducing properties, potentially contributing to weight gain and disruptions in bodily systems due to its high caloric content.


Additionally, the process of producing plant-based protein makes it more feasible to regulate the protein levels and other nutritional components contained within it. This adaptability enables the formulation of personalized and, consequently, healthier and more nutritious products tailored to the preferences of their intended consumers.



Innovopro - Why InnovoPro's Chickpea Protein Platform?
Innovopro - Why InnovoPro's Chickpea Protein Platform?

InnovoPro is positioned to significantly impact the food industry with its products designed to address the growing demand for meat and eggs. Despite these industries' growth, they struggle to meet global demands. InnovoPro's ability to meet these needs comes from two unique patents for a chickpea protein compound that serves as an alternative to meat and eggs (CP-XTURA & CP-PRO70).


InnovoPro is also tapping into the increasing demand for "clean label" products with transparent, simple, and natural ingredient lists. By leveraging the innovative functionality of its protein compound, InnovoPro can produce a wide array of products using this single protein without needing additional components. This capability positions InnovoPro at the forefront of the clean label trend, enabling the company to drive and expedite market demand for these products, thereby leveraging its competitive edge.






Challenges, Trends, and Market Competitors

Numerous challenges confront the food tech industry, especially in the scope of plant-based protein foods, posing distinct hurdles for InnovoPro. These challenges span various dimensions, including limited supply chains, price differentials compared to animal protein-based competitors, and formulating a palatable taste profile for substitutes.


The main obstacle in the current protein market is the lack of reliable and scalable supply chains that can keep up with the rapidly growing demand. Creating an efficient and sustainable supply chain close to both farming areas and consumers is crucial for innovative ingredients such as chickpea protein. This highlights the importance of a robust supply chain in supporting the development and success of innovative plant-based protein products.


Additionally, plant-based protein alternatives can be more expensive than traditional meat products. These price differences sometimes push consumers to stay on a diet based on animal protein due to the high prices of these substitute products. It should be noted that there is a deep connection between this challenge and the challenge of tight supply chains, making these products more expensive.


Despite increased awareness of the benefits of a healthy diet with a minimal environmental impact, the taste of plant-based substitutes remains crucial. Often, these products don't fully replicate the taste of their animal-based counterparts, leading many potential customers to stick with a diet that includes animal protein.


Despite the formidable challenges confronting the food tech industry and plant-based nutritional products, recent years have witnessed a rising trend in establishing companies and startups aiming to outpace the market.

 

We will conduct a brief analysis below to offer insights into the competitive landscape within this field and compare InnovoPro with two other companies specializing in plant protein-based products: Beyond Meat and Impossible Foods.


Innovopro focuses on chickpea grains as its primary plant protein source, differentiating itself from Beyond Meat, which uses peas, rice, soybeans, and wheat. Impossible Foods incorporates proteins from diverse plant sources, including potatoes and wheat. 


Another distinction lies in InnovoPro's emphasis on producing components for various products, in contrast to Beyond Meat and Impossible Foods, which concentrate on meat substitutes. Regarding global distribution, Beyond Meat has a widespread presence, while Impossible Foods focuses on the US and select European countries, and InnovoPro primarily targets Israel and a few European countries.

Despite these differences, commonalities exist. InnovoPro, Beyond Meat, and Impossible Foods have pioneered innovative technologies for high-quality plant-based protein. They share challenges like fierce competition, pricing struggles, and ongoing development to replicate animal protein taste and texture. Each company invests substantially in marketing and consumer education to promote plant-based diets.




Impossible & Beyond Meat Beef
Impossible & Beyond Meat Beef

Current Business Overview

InnovoPro's innovative vision and platform are gaining traction, and its products are being utilized in various applications by food companies worldwide. For example, the global ingredient solutions provider Ingredion incorporates an Innovopro patent for a cheese-flavored protein concentrate in its chips and crisps. 


Meanwhile, Before the Butcher, a US company that focuses on plant-based alternatives, uses InnovoPro's protein concentrate in its hamburger patties. 

Another application is LiveKuna's "Kunana," a banana milk that includes InnovoPro's chickpea protein concentrate. This demonstrates the broad market impact of the company's offerings.


InnovoPro's collaboration with various food companies has set an optimistic tone for the company's future, leading to several notable success stories. A standout example is the partnership with Swiss retail giant Migros-Gruppe / Groupe Migros / Migros. In July 2020, Migros and InnovoPro introduced a dairy-free yogurt line featuring CP-PRO70 chickpea protein. The yogurt, available in vanilla, tropical fruit, and natural flavors, proved immensely successful in Switzerland. This triumph prompted Migros to export additional variations, expanding its presence in the European market and highlighting the success of the collaboration.



InnovoPro's achievements in the food industry have made it a prime candidate for investment from various venture capital funds. This appeal was evidenced by a significant Series B funding round in 2020, led by Jerusalem Venture Partners (JVP) with a $15M investment. 


CPT Capital, a leading investor in global food technology, joined JVP along with other strategic and financial backers. Previous funding rounds also saw contributions from Migros-Gruppe / Groupe Migros / Migros, Switzerland's largest retail chain, among others.


InnovoPro is utilizing the capital to ramp up its production capabilities, including enhancing production capacity and establishing marketing and business development partnerships. A key goal for the company is to broaden its scope and collaborate with partners to build a cutting-edge factory dedicated to chickpea protein production. 




Erel Margalit, Founder & Chairman of JVP
Erel Margalit, Founder & Chairman of JVP

VP Founder & Chairman Erel N. Margalit highlighted the need for novel protein sources, stating: 

"The world needs new, innovative protein alternatives to the milk and meat industry that exist today. InnovoPro's chickpea protein is a revolutionary product that plays an essential role in the food industry's response to creating the next wave of plant-based protein- replacing protein from animals. CEO Tali Nechusthan and the international team have brought to life a globally scaling company, utilizing new technological innovations, alongside the partnerships forged with food manufacturers worldwide developing tasty, vegan, healthy products"



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