Axel Johnson investment fund Novax co-led a $15.3m round for Fraunhofer Institute's vegan protein and dairy substitute developer.
Prolupin, a Germany-based plant-derived food products supplier founded on research from Fraunhofer Institute for Process Engineering and Packaging, has raised €14m ($15.3m) in a funding round co-led by Novax, an investment vehicle for conglomerate Axel Johnson. Investment firm Capricorn Partners co-led the round through its Sustainable Chemistry Fund while venture capital firms Munich Venture Partners and eCapital also took part. Founded in 2010, Prolupin has developed a vegan protein alternative sourced from sweet lupine that is used in products such as non-dairy yoghurts, ice creams, milks and cream cheeses it markets under the Luve brand. 7Life, a subsidiary of media group ProSiebenSat.1, led Prolupin’s previous round in 2018, which raised an undisclosed sum with commitments from investment company Pesch as well as existing shareholders Tate & Lyle Ventures, the corporate venturing arm of packaged food producer Tate & Lyle, Munich Venture Partners and eCapital. Details about Prolupin’s earlier funding could not be ascertained. – Separate versions of this article first appeared in our deal net, before the round size was confirmed, and on Global Corporate Venturing. Additional reporting by Callum Cyrus.