Plant protein maker Proeon raises ₹17.5 cr in seed funding

Plant-based protein ingredient developer, Proeon has raised ₹17.5 crore as seed capital.

The seed funding, led by entrepreneur Shaival Desai, also saw participation from Flowstate Ventures, Peak Sustainability Venture Fund I, Waoo Partners, and other angel investors. Existing investor Sanjaya Mariwala of OmniActive Health Technologies.

Pune-based Proeon plans to utilise the funds to enhance growth and set up a research lab in the Netherlands, Europe, filing IP, scaling up production and expanding the team, the company said in a statement.

Founded in 2018 by Ashish Korde and Kevin Parekh, Proeon specializes in high-quality plant protein ingredient innovation. 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.

Currently, Proeon 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.

“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,” founders Kevin Parekh and Ashish Korde said. The plant-based protein segment is projected to reach nearly $200 billion by 2027.

Proeon’s current product portfolio includes Mung Bean Protein, Chickpea Protein, Amaranth Protein, and Hemp Seed Protein. The company said it is part of the global accelerator program MassChallenge Switzerland 2021 as the only Indian start-up in the Sustainable Food Systems cohort. Proeon is backed by incubators and innovation centres in India, such as IIM-Ahmedabad’s CIIE.Co, CSIR-CFTRI, Mysore, and NCL-Venture Centre, Pune.