The Round A funding was led by a group of investors from Singapore under Genisys Capital Private Ltd, and backed by strategic partner and plant-based nutrition company Growthwell Foods and its lead investor Temasek Holdings.
Levy brings on board more than 20 years of executive experience in the FMCG retail and food sectors. She has led numerous global ventures, accelerating growth through strategic partnerships with top multinationals like Kellogg and Kraft-Heinz.
Levy’s direction and the latest funding – which follows earlier investments totalling $10m – will help the company reach its goal to market its novel protein that can help feed the world while benefiting consumers and food manufacturers.
ChickP’s concentrated non-GMO chickpea protein isolate is based on patented technology developed by Prof Ram Reifen, paediatric gastroenterologist and professor of human nutrition at the Hebrew University in Jerusalem. Pro Reifen has devoted years of research to the whole chickpea and its role in fighting malnutrition in children and mothers.
ChickP was founded in 2016 and recently doubled its annual production capacity, thanks to a new BRC-approved facility, which includes an R&D centre and application lab. The company also recently signed agreements with distribution partners in the US, Asia-Pacific and South Africa and is exploring further opportunities in other markets.
“I am excited to join ChickP and lead it to global scale-up in an area that is, without a doubt, the most relevant in the food industry today,” said Lachish Levy.
“Completion of the current round of funding is an expression of confidence from our investors and partners in the company.
“Over the past few months, ChickP has been planting the seeds for accelerated growth in the US, Europe, and Asia. This investment will bring greater scale-up and commercialisation capabilities with our partners for our chickpea isolate ingredient, in multiple territories.”
Said Prof Reifen, “As ChickP enters the European and the US markets in ‘full steam’, it pleases me to welcome Liat as our new CEO, and to bring her leadership and commercial experience to leading the company’s strategy for the years to come.”
He noted the isolate has all the components for success in meeting the growing demand for plant-based nutrition, concurred by Levy, who added there are many untapped opportunities for ChickP.
“Consumers are seeking high protein content, allergen-free properties, and neutral taste,” she added.
“The functional and nutritional characteristics of our IP chickpea isolate are among the key characteristics that drive demand in use for functional products, performance nutrition, dairy alternatives, and snack and cereal segments.”