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Capricorn Partners & Novax in funding round for plant-based protein company Prolupin

Capricorn Partners has joined a double-digit million growth financing round for plant-based protein firm Prolupin with an investment of EUR7 million, from its Capricorn Sustainable Chemistry Fund and Quest for Growth.

The funding round was led by Capricorn Partners, an independent manager of private and quoted equity funds that invest in minority shareholding positions of companies with technology as competitive advantage, and Stockholm-based growth investor Novax powered by the Swedish Axel Johnson family.

The round was initiated by existing investors Munich Venture Partners and eCapital Entrepreneurial Partners. Investment bank Bryan, Garnier & Co acted as financial advisor on the transaction.

The fresh capital will allow Prolupin to address the mass market for further growth, expand internationally and grow its plant-based offering both within B2C and B2B.

Based in Grimmen, Germany, Prolupin is a plant-based protein company. Since the launch of its Made with LUVE brand in 2015, the company has established itself in the German-speaking retail market with a range of plant-based alternative dairy products including non-dairy yoghurts, milks, ice cream and cream cheese.

“We are very impressed with Prolupin’s unique approach of successfully proving the application potential of lupine with the Made with LUVE brand,” said Yvette Go, senior investment manager at Capricorn Partners.

The company manages the value chain from lupine raw material sourcing to delivering branded consumer products, to retail stores. Its core tech competence is in the production of lupine protein isolate at scale.

“We were impressed by Prolupin’s unique capability to process the potent lupine crop and look forward to partner with Malte and the team on their journey,” said Pär Warnström, senior investment manager at Novax.

“The marketing and distribution we are now able to deploy over the coming years will put our unique Lupine Protein Isolate (LPI) as well as the vegan Made with LUVE brand centre stage for consumers aiming for a healthy, sustainable lifestyle,” said Malte Stampe, CEO of Prolupin.

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