Plant Protein Innovator Proeon raises USD 2.4 million in Seed Round

7th September, 2021

Pune, 7th September 2021: Committed to building a sustainable and environment friendly  food ecosystem, Pune based food ingredient start-up Proeon, has recently raised USD 2.4  million as seed capital. 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 Sanjaya Mariwala, MD of OmniActive Health Technologies Limited  also participated in this round. The funds will be utilized to enhance growth and set up a research lab in the Netherlands, Europe, filing IP, scaling up production and expanding the  team.  

Specialized in high quality plant protein ingredient innovation, Proeon was founded in 2018  by Ashish Korde and Kevin Parekh to promote clean and healthy food for “people, planet, and  conscience”. The company 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.  

Speaking on the funding, founders Kevin Parekh and Ashish Korde said, “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 expanding presence in  the markets of North America and Europe, where the shift to plant proteins is accelerating at  an unprecedented pace.” 

With the plant-based proteins sector projected to reach nearly USD 200 Bn by 2027, the  founders have struck a chord in the global food industry as food manufacturers are aiming to  capture the new market being created. Global consumers are increasingly becoming aware  of the impact of their food choices, leading them to opt more and more for plant based diets. 

Research from the Good Food Institute India indicates that $3.1B was invested in the broader  smart protein sector globally in 2020, up 3x from the year prior as enthusiasm for sustainable  and secure protein supply chains deepened during the Covid-19 pandemic. GFI India MD  Varun Deshpande said - “India’s agricultural heritage and biodiversity offers tremendous  potential to satisfy skyrocketing global demand for plant protein, and Proeon’s work is  emblematic of that potential. This investment is a show of confidence in the sector’s promise  to strengthen agricultural value chains and benefit farmers, create jobs, and catalyse a more  sustainable, secure, and just protein supply.”

Commenting on the investment, entrepreneur Shaival Desai, who has also invested in  startups such as Licious, Peesafe, said, “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.”