Proeon, a plant protein maker, has raised Rs 17.5 crore or $2.4 million in its seed round led by entrepreneur Shaival Desai. Flowstate Ventures, Peak Sustainability Venture Fund I, Waoo Partners and other angel investors have also participated in the round.
According to the Pune-based startup, the funding proceeds will be used to ramp up its growth, expand its research and development capabilities, and to set up its research lab in the Netherlands and Europe.
Founded by Ashish Korde and Kevin Parekh, Proeon specializes in high-quality plant protein ingredient innovation. It 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.
Currently, the company 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.
Proeon’s current product portfolio includes Mung Bean Protein, Chickpea Protein, Amaranth Protein, and Hemp Seed Protein.