The money will be used to boost expansion and establish a research centre in the Netherlands, as well as submitting patents, scaling up manufacturing, and expanding the staff, according to an official release.
Proeon, a Pune-based food additive business, recently secured Rs 17.5 crore in initial funding. Flowstate Ventures, Peak Sustainability Venture Fund I (performed by Samir Shah on behalf of the Fund), Waoo Partners (Pratul Shroff family office), and other angel investors also participated in the fundraising round, which was managed by entrepreneur Shaival Desai. This round included existing investor Sanjaya Mariwala, MD of OmniActive Health Technologies Limited.
The money will be used to boost expansion and establish a research facility in the Netherlands, Europe, as well as to file patents, scale-up manufacturing, and expand the team, according to an official release.
Proeon, founded in 2018 by Ashish Korde and Kevin Parekh, assists food companies in overcoming major formulation issues at the component level, allowing them to create better and healthier plant-based meat, dairy, and egg substitute products.
“We are at the forefront of producing next-gen plant protein components and are thrilled with the faith exhibited by our investors,” stated founders Kevin Parekh and Ashish Korde. We are trying to create food items that are easy to develop and enjoyed by customers by concentrating persistently on innovation and cooperating with major global companies as well as startups.
Our immediate focus will be on growing our footprint in North America and Europe, where the transition to plant proteins is advancing at an unprecedented rate.
“We’re extremely delighted to have collaborated with Proeon in their mission to develop in the alternative proteins space,” said entrepreneur Shaival Desai, who has also invested in businesses including Licious and Peesafe. Kevin and Ashish have extensive industry expertise and a strong technical grasp of the proteins area, making them the ideal team to serve this innovative market.”
Currently, the firm is collaborating with companies in Europe, North America, and Southeast Asia to develop more sustainable and healthier plant-based alternatives, such as highly functional plant-based egg substitutes, clean-label burgers and patties, and alternative dairy products. By substituting inefficient, animal-based meals with plant-based alternatives, they want to save more than 170 billion litres of water and remove around 150 metric tonnes of CO2 emissions in conjunction with their partners and consumers.
“We are ecstatic to invest in Proeon, which serves a rapidly expanding market for plant-based proteins in India and throughout the world. By addressing today’s climate change and nutrition issues, Proeon’s technology will have a significant social impact. Anjani Bansal, Founder Of Flowstate Angel Investment Fund, stated, “The team has proven excellent technical and strategic capabilities, and is firmly positioned for exponential development.”