Capricorn Partners, Novax back Prolupin

Existing investors Munich Venture Partners and eCapital Entrepreneurial Partners also participated in the round.

The investors have contributed a total of more than €10m, according to a statement.

Prolupin aims to use the fresh capital to grow its B2B and B2C operations, as well as expand its product offering.

Novax is a growth investment firm backed by the Axel Johnson family.

Capricorn invested via its Sustainable Chemistry Fund, which held a final close in December 2018 on €86.5m. The vehicle invests at early growth stages and aims to own 10-20% stakes, deploying equity tickets of €5-20m.

Previous funding
Fraunhofer Venture initially backed Prolupin in December 2010.

Munich Venture Partners first invested in the company in September 2012 and followed on in a series-B in July 2014, joined by new investor eCapital.

Both VCs added to their investments in rounds in January 2015, February 2016 and September 2017.

Company
Prolupin produces and sells plant-based dairy-free alternatives to common products such as milk, ice cream, cream cheese and yoghurt. The company extracts lupine protein isolate (LPI), lupine fibres and lupine oil, and uses lupine shells in a patented method from the Fraunhofer Institute for Process Engineering and Packaging. The products are sold under the Made with LUVE brand.

The company was established in 2010 as a spin-out from the Fraunhofer Institute. It is based in Grimmen and has 14 employees, according to LinkedIn.

People
Prolupin – Malte Stompe (CEO).
Capricorn Partners – Yvette Go (senior investment manager).
Novax – Pär Warnström (senior investment manager).

Advisers
Company – Bryan Garnier & Co (corporate finance).

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