Context
Founded in 2010 as a spin-off from national research institute Fraunhofer IVV, Prolupin is based in Grimmen, Germany and provides dairy alternatives such as yoghurt, ice cream, drinks and spreads under the brand name “Made with LUVE”.
Prolupin’s proprietary technology, used to produce a highly functional protein isolate from locally grown lupine crops, is the result of over 20 years of research conducted by Fraunhofer Institute. The products meet consumers’ increasing demand for sustainable, plant-based alternatives that are free from lactose, cholesterol, gluten and GMO. Lupines can be cultivated locally almost everywhere, grow on poor soil and improve soil quality. Increasing consumer awareness for alternative, plant-based protein sources as well as sustainability and local sourcing is driving Prolupin’s growth.
The investment from Capricorn Partners and Novax brings a broad mix of technology expertise and industry network to Prolupin as it seeks to grow its lupine-based offerings in both B2B and the B2C markets. These include non-dairy yoghurts, drinks, ice creams and cream cheeses sold on the European market under the vegan “Made with LUVE” brand.
About Prolupin
Prolupin is a spin-out from the Fraunhofer Institute for Process Technology and Packaging in Munich, with deep scientific expertise and a patent-protected process for producing protein isolates from lupines. The company produces and markets a range of purely plant-based non-dairy alternatives to yoghurts, drinks, ice creams and cheeses to address the growing demand for plant-based food aimed at consumers who are focused on health and sustainability.
Bryan, Garnier & Co advises plant-based dairy alternative company Prolupin on its Capital Raise with Capricorn and NovAx
Bryan, Garnier & Co acted as Sole Financial Advisor to Prolupin and its shareholders, successfully completing a financing round that brought in leading European venture capital investor Capricorn from Belgium and NovAx, part of Sweden-based Axel Johnson Group. The strong combination of B2B and B2C experience in the syndicate allows Prolupin to be well-positioned for its next phase of growth. Existing investors Munich Venture Partners (MVP) and eCapital also participated in the round.
Bryan, Garnier & Co worked closely with the management to create a compelling equity story and highlight Prolupin’s strong IP as well as the business potential in both B2C and B2B.
Malte Stampe, CEO of Prolupin stated, “Bryan, Garnier & Co guided us through the entire fundraising process and stood by our side through complex discussions. Their support significantly contributed to winning excellent new investors that fully support the company’s strategic development for the period of growth ahead”.
Prolupin has stated that it is open to receive additional investment by 30 June 2020.
This marks another landmark transaction for Bryan, Garnier & Co’s Consumer practice, following the Arturia LBO, the Convertible Bond for Canopy Growth, the Private Placement for Devialet and numerous other transactions for innovative consumer products.
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