Capricorn Partners and Novax join growth financing round for lupine-based protein start-up

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Since the market introduction of its Made with LUVE brand in 2015, the company has consolidated its presence in the German-speaking retail market

Capricorn Partners has participated in a ‘double-digit million’ growth financing round for German plant-based protein company Prolupin. A boutique asset manager of private venture funds and quoted securities, Capricorn invested €7 million from its Capricorn Sustainable Chemistry Fund and Quest for Growth.

The funding round was co-led with Novax, the Stockholm-based growth investor powered by the Swedish Axel Johnson family. The total amount of funding raised has not been disclosed.

The round was initiated by existing investors Munich Venture Partners and eCapital Entrepreneurial Partners, who joined and hired the investment bank Bryan, Garnier & Co as exclusive financial advisor on the transaction.

Malte Stampe, chief executive of Prolupin, commented: “The addition of Capricorn and Novax to our team will enable us to accelerate the growth of Prolupin within B2B and B2C.”

Prolupin is a plant-based protein company based in Grimmen, Germany. Its core technology competence is in the production of lupine protein isolate at scale. Lupine, a plant of the pea family Lupin, is known to have one of the highest protein levels among legumes and an excellent amino acid profile.

Yvette Go, senior investment manager at Capricorn Partners, commented: “We were attracted by the potential of this innovative plant-based protein company. And we are very impressed with Prolupin’s unique approach of successfully proving the application potential of lupine with the Made with LUVE brand.

“As investors in technology companies, we are excited to join forces in supporting the growth of Prolupin’s business using its unique technology advantage to expand in both B2C and B2B markets.”

Market penetration

Since the market introduction of its Made with LUVE brand in 2015, the company has consolidated its presence in the German-speaking retail market with its range of high-quality, plant-based alternative dairy products including non-dairy yoghurt, milk, ice cream and cream cheese.

Pär Warnström, senior investment manager at Novax, said: “We were impressed by Prolupin’s unique capability to process the potent lupine crop and look forward to partner with Malte and the team on their journey.”

The new financing will allow Prolupin to address the mass market for further growth, expand internationally and grow its plant-based offering both B2C and B2B.

“The marketing and distribution we are now able to deploy over the coming years will put our unique Lupine Protein Isolate (LPI) as well as the vegan Made with LUVE brand centre stage for consumers aiming for a healthy, sustainable lifestyle,” said Stampe.

Prolupin manages the full value chain from lupine raw material sourcing to delivering branded consumer products to retail stores.

About the author

Murielle Gonzalez
Editor of NutritionInvestor at Investor Publishing | Website

Murielle Gonzalez is the editor of NutritionInvestor. She is an experienced journalist with 20 years in the media industry, including work at b2b magazines in the UK and Latin America. Murielle holds a Master in Journalism from the University of Westminster and flair for all things online and multimedia storytelling.

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