Foodtech start-up ChickP has raised $8 million in a Series A funding round led by a group of executive investors from Singapore under Genisys Capital Private, backed by plant-based nutrition foodtech company Growthwell Foods, along with its leading investor Temasek Holdings. This round follows earlier investments totalling $10 million
The company has also appointed Liat Lachish Levy as its new chief executive. Lachish Levy has more than 20 years’ executive experience in global corporations, specialising in FMCG retail and foodservice. She has led a number of global business ventures, and built strategic partnerships with top multinational companies including Kraft-Heinz and The Kellogg Company.
ChickP’s founder Ram Reifen said: “As ChickP enters the European and the US markets in full steam, it pleases me to welcome Liat as our new CEO, and to bring her leadership and commercial experience to leading the company’s strategy for the years to come. ChickP offers an innovative plant-protein ingredient, backed by research and supported by a highly talented team of foodtech, nutrition, and R&D experts. It has all the components for success in meeting the growing demand for plant-based nutrition.”
Lachish Levy added: “I am excited to join ChickP and lead it to global scale-up in an area that is, without a doubt, the most relevant in the food industry today. Completion of the current round of funding is an expression of confidence from our investors and partners in the company. I am glad to join ChickP at this unique moment, and to lead business expansion into the global market.
“Over the past few months, ChickP has been planting the seeds for accelerated growth in the US, Europe and Asia. This investment will bring greater scale-up and commercialisation capabilities with our partners for our chickpea isolate ingredient, in multiple territories. Moreover, the expansion of ChickP’s team and opening of our new offices, including an R&D centre and applications lab, will support local commercial activities.”
“There are many untapped opportunities for ChickP,” continues Levy. “Consumers are seeking high protein content, allergen-free properties, and neutral taste. The functional and nutritional characteristics of our IP chickpea isolate are among the key characteristics that drive demand in use for functional products, performance nutrition, dairy alternatives, and snack and cereal segments.”
ChickP recently doubled the annual production capacity of its concentrated non-GMO, chickpea protein isolate – all crafted in a new, modern BRC-approved facility. Coupled with the latest investment, this will help the company reach it global goals. The company also signed agreements with distribution partners in the US, Asia-Pacific, and South Africa and is exploring further opportunities in other markets to bring its products into new countries and regions in the near future.
ChickP was founded in 2016 by Professor Ram Reifen, a pediatric gastroenterologist and professor of human nutrition who was driven by a desire to create a protein that can help feed the world while benefiting consumers and food manufacturers. The company’s ingredients are based on patented technology developed at the Hebrew University in Jerusalem. Reifen devoted years of research to the whole chickpea and to fighting malnutrition in children and mothers.
Date published: 26 January 2022