The startup will use the fresh capital to set up a research lab in the Netherlands, file IP, scale up production and expand the team.
Food ingredient startup Proeon has raised $2.4 million in its seed funding round. The funding round was led by entrepreneur Shaival Desai. Flowstate Ventures, Peak Sustainability Venture Fund I (executed by Samir Shah on behalf of the Fund), Waoo Partners (Pratul Shroff family office), and other angel investors, as well as existing investor Sanjaya Mariwala, managing director, OmniActive Health Technologies Limited also participated in this round. The startup will use the fresh capital to set up a research lab in the Netherlands, file IP, scale up production and expand the team.
“We are at the centre of creating next-gen plant protein ingredients. By relentlessly focusing on innovation and partnering with large global brands as well as startups, we are working towards creating food products that are hassle-free to formulate, and are loved by consumers. Our immediate focus would be expanding presence in the markets of North America and Europe, where the shift to plant proteins is accelerating at an unprecedented pace,” Kevin Parekh and Ashish Korde, founders, Proeon, said.
Ashish Korde and Kevin Parekh founded Proeon in 2018 to promote clean and healthy food for “people, planet, and conscience”. It helps food companies make plant-based meat, dairy, and egg replacement products by solving critical formulation challenges at the ingredient level. The plant-based proteins sector is estimated to reach nearly $200 billion by 2027, while consumers are increasingly becoming aware of the impact of their food choices and looking more and more at plant-based diets, the company said in a statement.
“We’re really happy to have partnered with Proeon in their journey to innovate in the alternative proteins space. Kevin and Ashish, bring deep industry experience and thorough technical understanding of the proteins space and are the perfect team to cater to this industry that thrives on innovation,” entrepreneur Shaival Desai said.
According to Anjani Bansal, founder, Flowstate Angel Investment Fund, Proeon’s technology will have a major societal impact by solving climate change and nutrition challenges of today. The team is strongly positioned for exponential growth with its technical and strategic capabilities, Bansal added.
For Pratul Shroff, replacing meat with plant-based alternatives is a critical part of the planet’s journey towards sustainable survival over the next few decades. Proeon’s plant-based protein will play an important role in achieving that sustainability, Shroff added.