24 März 2020

Capricorn Partners invests in plant-based protein company Prolupin

Coming years will bring the company's unique Lupine Protein Isolate (LPI) as well as the vegan Made with LUVE brand centre stage for consumers

Capricorn Partners participates in a double-digit million growth financing round for Prolupin GmbH with an investment of € 7 million from its Capricorn Sustainable Chemistry Fund and Quest for Growth.

Prolupin is an innovative plant-based protein company based in Grimmen, Germany. Since the market introduction of its Made with LUVE brand in 2015, the company has firmly established itself in the German-speaking retail market with its range of high-quality, plant-based alternative dairy products including non-dairy yoghurts, milks, ice cream and cream cheese. The company manages the full value chain from lupine raw material sourcing to delivering branded consumer products to retail stores. Its core technology competence is in the production of lupine protein isolate at scale.  The new financing will allow Prolupin to address the mass market for further growth, expand internationally and grow its plant-based offering both B2C and B2B.

The financing round was led by Capricorn Partners, the independent manager of private and quoted equity funds that invest in minority shareholding positions of innovative companies with technology as competitive advantage, and Novax, the Stockholm-based growth investor powered by the Swedish Axel Johnson family, hallmarked by their long-term commitments and prominent holdings within the food space. The round was initiated by existing investors Munich Venture Partners and eCapital Entrepreneurial Partners, who joined and hired the investment bank Bryan, Garnier & Co as exclusive financial advisor on the transaction. The Capricorn Partners and Novax investment brings a broad mix of technology and B2B expertise and trade network resources to Prolupin.

Malte Stampe, CEO of Prolupin commented “the addition of Capricorn and Novax to our team will enable us to accelerate the growth of Prolupin within B2B and B2C. 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.”

Yvette Go, Senior Investment Manager at Capricorn Partners added “we were attracted by the potential of this innovative plant-based protein company. And we are very impressed with Prolupin’s unique approach of successfully proving the application potential of lupine with the Made with LUVE brand. As investors in technology companies we are excited to join forces in supporting the growth of Prolupin’s business using its unique technology advantage to expand in both B2C and B2B markets.”

Pär Warnström, Senior Investment Manager at Novax added “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.”

Source: Capricorn Partners, press release, 2020-03-17.

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