$27M later, food-tech startup InnovoPro enters insolvency proceedings
Israeli company behind chickpea protein concentrate unable to continue operations.
The Central District Court granted food tech company InnovoPro's request on Monday to initiate insolvency proceedings after it accumulated debts totaling approximately 6.8 million shekels (around $2 million). Judge Merav Ben-Ari also appointed Attorney Gonen Kestenbaum as a temporary trustee. The court further issued an order prohibiting the company from repaying previous debts and froze all legal proceedings against it.
The petition, submitted by attorneys Idan Adler Reiss and Zvi Karl of the law firm Furth, Wilensky, Mizrachi, Knaani, describes InnovoPro as an Israeli company specializing in the development, production, and marketing of innovative ingredients for the global food and beverage industry based on chickpea protein. Founded in 2013, the company’s vision was to offer healthy, sustainable food products that support a balanced lifestyle and help prevent disease.
According to the filing, InnovoPro developed a proprietary technological platform that enables food manufacturers worldwide to create clean-label, environmentally friendly products. Its flagship product is a chickpea protein concentrate with a high nutritional profile and wide application in food production.
In 2021, the United Nations recognized InnovoPro as one of 50 small and medium-sized companies most influential to the future of global food systems. Over the years, the company raised about $27 million across several funding rounds. However, efforts to attract additional investment or secure a buyer have not materialized, leaving insolvency as the only viable path forward.
The company’s shareholders include both individuals and corporate investors. “InnovoPro made tremendous efforts to raise funds until the very last moment,” said Attorney Adler Reiss. “When those efforts failed due to external circumstances, the company filed a petition with the court in order to protect the interests of creditors, suppliers, and employees.”
