Food ingredient startup company, Proeon has raised a funding of USD 2.4 Million ( About Rs.17 Crores). The funding is a seed capital, which will be used to accelerate growth, expand research and develop capabilities. With this, the company is also planning to set up a research lab in the Netherlands, according to an official statement they have released.
The funding round was led by entrepreneur Shaival Desai, and 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 .
Sanjaya Mariwala, MD of OmniActive Health Technologies Ltd, an early investor in the company, also participated in the funding round.
The company stated that “The funds will be utilised to enhance growth and set up a research lab in the Netherlands, Europe, filing IP, scaling up production and expanding the team”.
Kevin Parekh and Ashish Korde, founders of the company commented on this by saying, “We are at the centre of creating next-gen plant protein ingredients and are delighted with the trust shown by our investors”.
The company aims to solve the formulation challenges faced by the food companies to make tastier and healthier plant-based meat, dairy, and egg replacement products. Currently, the company is working with brands to expand its market in Europe, North America, and Southeast Asia.