Prolupin’s new financing to boost plant-based growth
After doubling its revenues on a yearly basis since market introduction of its Made with LUVE brand in 2015, plant-based protein company Prolupin has announced the closing of a double-digit financing deal that will enable the German-based company to address the mass market for further growth.
Lupine is a traditional protein-rich crop that has been used for centuries to feed humans and livestock, and added to crops for soil improvement. Prolupin wants lupine to regain its place in the landscape, agriculture and nutrition.
By separating the lupine grain into several fractions, the company obtains lupine protein isolates (LPI) with a protein content above 90% in dry matter and a fibre-containing product from the inner fibre of the lupine seeds. Salient features of LPI are its excellent emulsifying and emulsifying stability and its neutral taste. The new investment brings a broad mix of resources to Prolupin as it seeks to grow its Made with LUVE brand of purely plant-based non-dairy yogurts, milk, ice creams and cream cheeses on the European market.
The financing deal was led by 7Life GmbH, a subsidiary of ProSiebenSat.1 Group, a European mass media company based in Germany. The round was joined by PESCH, an investment company of a German Single Family Office with its heritage in the fast-moving consumer goods sector, as well as existing investors eCAPITAL, Munich Venture Partners and Tate & Lyle Ventures.
The equity part of this first closing was accompanied by debt and subsidies to significantly expand the production facilities.
“The addition of 7Life and PESCH to our team will enable us to accelerate the growth of the Made with LUVE brand. The TV support we are now able to deploy over the coming years will put the Made with LUVE brand center stage for consumers aiming for a healthy, sustainable lifestyle,” said Malte Stampe, CEO of Prolupin.
“We were attracted by the potential of the Made with LUVE brand to become a leader in the field of healthy plant-based foods and believe that our media resources can help position the brand firmly in the mind of the consumers,” says Juergen Reichle, General Manager of 7Life GmbH.