The Central District Courtroom has appointed a provisional receiver for foodtech firm InnovoPro, which produces chickpea protein. The corporate, which previously few years has raised tens of millions of {dollars}, has develop into bancrupt, with money owed amounting to NIS 6 million. The courtroom issued a keep of proceedings, freezing lawsuits by collectors, and appointed Adv. Gonen Kestenbaum as provisional receiver. A listening to on the state of affairs of the corporate has been set down for September 7.
Final week, Innovopro utilized to the courtroom to start out insolvency proceedings. The request, filed by Adv. Idan Adler Reiss of Furth, Wilensky, Mizrachi, Knaani, states that the corporate was based in 2013 by doctor and engineer Dr. Ascher Shmulewitz. The principle product that it developed, CP-Pro70, is a chickpea protein focus with a excessive dietary profile and with quite a lot of makes use of within the meals business.
The beginning appeared promising. InnovoPro raised over $27 million in a number of funding rounds. In 2018, it was awarded a CA$800,000 grant by the Canada-Israel Industrial Analysis and Growth Basis, and since 2019 it has acquired grants totaling NIS 400,000 from the Ministry of Financial system.
The corporate even gained worldwide recognition, together with a “Seal of Excellence” from the European Fee, which chosen the corporate as one of many European Institute of Innovation and Know-how (EIT) “RisingFoodStars.” In 2021, the corporate was chosen by the UN as one of many 50 most impactful small and medium-size firms on the way forward for world meals programs.
Since 2021, nevertheless, InnovoPro has accrued losses of $18 million. Since March 2025 it has been making an attempt to recruit new traders, however with out success. A overseas fund with which it was in negotiations in the end determined to not make investments, and the present shareholders refused to place in extra money. There have been talks with TerraProtein Fairness Companions, however these have been inconclusive.
Due to its failure to seek out traders, InnovoPro introduced that it was bancrupt each on its steadiness sheet and in its money circulation. In March this 12 months it vacated its places of work in Ra’anana, and in June it put all eight of its staff on unpaid depart.
InnovoPro’s money owed quantity to NIS 6 million. Within the software to the courtroom, the corporate states that it can not meet its liabilities. A lot of the debt, NIS 4.6 million, is to secured creditor Silicon Valley Financial institution.
The courtroom submitting signifies that the corporate is optimistic that it may shortly be bought. “The pressing want for the appointment of a provisional receiver arises from the truth that, up till just a few days in the past, the corporate attracted curiosity from potential traders (together with overseas traders), such that there’s an pressing want for a provisional receiver to have the opportunity, inside a short while, at his discretion, to publish a name for bids to purchase the corporate and/or its enterprise and/or its belongings.”
The corporate’s belongings embody mental property within the type of purposes for patents and logos, in addition to gear similar to a centrifuge in storage within the US, laboratory gear, and computer systems. The corporate even states in its software that its belongings embody 42 kilograms of chickpea flour, additionally saved within the US.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on July 30, 2025.
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