Pune-based food ingredient start-up Proeon on September 7 announced that it has raised Rs 17.5 crore as seed capital.
The firm added that the funds will be used to enhance growth, set up a research lab in the Netherlands, for scaling up production and expanding the team.
Founded in 2018 by Ashish Korde and Kevin Parekh, Proeon aims to promote clean and healthy food for 'people, planet, and conscience'. The firm also helps solve critical formulation challenges at the ingredient level, making it easier for food companies to make tastier and healthier plant-based meat, dairy, and egg-replacement products.
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"We are at the centre of creating next-gen plant protein ingredients and are delighted with the trust shown by our investors. 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 on expanding presence in the markets of North America and Europe, where the shift to plant proteins is accelerating at an unprecedented pace," Proeon founders Kevin Parekh and Ashish Korde said.
The funding round, led by entrepreneur Shaival Desai also saw participation from 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. Existing investor, OmniActive Health Technologies Limited MD Sanjaya Mariwala, also participated in this round.
"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.
While Flowstate Angel Investment Fund founder Anjani Bansal said Proeon team has demonstrated exceptional technical and strategic capabilities, and is strongly positioned for exponential growth.
Currently, Proeon's is working with brands from Europe, North America, and Southeast Asia to build more sustainable and healthier plant-based alternatives such as highly functional plant-based egg-replacement products, clean-label burgers, patties, and alternative dairy products.