ChickP CEO talks netting US$8M for chickpea-based protein isolate, supply chain disruptions and what’s next

04 Feb 2022 --- Alternative protein start-up ChickP has made headway this year after netting US$8 million in Series A funding and instating its new CEO, Liat Lachish Levy. The Israeli company is now looking to expand the commercialization of its versatile, non-allergenic chickpea isolates in multiple territories, including the US, Europe and Asia.

Speaking to FoodIngredientsFirst, Levy comments on the recent funding boost in addition to detailing the protein isolate manufacturer’s supply chain issues over the COVID-19 pandemic period.

“Our Singaporean investors share our values and mission to feed the world with better nutritional products by introducing a healthy, clean, functional, non-allergenic pure protein standard made of chickpea,” she says.

“Every great idea can be blocked by an investor or gatekeeper who doesn’t understand its value, but we are lucky as this is not the case with our investors. They are investing in the highly promising future of alternative protein,” she remarks.

“But at the end of the day, they are aiming to know if we in ChickP can ‘walk the talk’. Pitching our production and commercial capabilities while reflecting the market interests for our products were key points when presenting our go to market strategy of 2022.”Created using an IP-protected extraction process, ChickP’s ingredients provide protein-infused functionality and a nutritional boost.

Scaling a new plant-based player
Specializing in FMCG retail and foodservice, Levy has led a number of global business ventures for over 20 years, building strategic partnerships with multinational players including Kraft-Heinz and The Kellogg Company.

“Coming from the CPG industry – leading business operations and working in extremely dynamic competitive environments – I am used to reacting quickly to market needs. It was clear almost from the beginning that this mindset is relevant for start-up mode,” she comments.

“Having a sense of urgency moving forward, I was looking for quick wins right from the beginning. But then, ten days into the role, I was traveling to meet our potential partner distributor in the US and realized that the definition of ‘quick wins’ as I know is different when developing and bringing a new premium protein plant-based ingredient to market.”

Mitigating supply chain setbacks
ChickP recently doubled the annual production capacity of its concentrated non-GMO, chickpea protein isolate – all crafted in a new, modern BRC-approved facility. However, like many producers, lead time became a big issue during the peak COVID-19 period.

“We had containers stuck for four months,” says Levy. “Also, the cost of logistics related to that impacted our price structure and business model.”

“But from a customer perspective, it is critical to receive goods on time. As we are extremely customer-oriented, we have been prioritizing this issue looking for different solutions.”

“This is still a major concern though we have managed to overcome most challenges going forward to 2022. I am hoping this will be resolved globally post-COVID-19.”

ChickP’s recent investment round was led by a group of executive investors from Singapore under Genisys Capital Private and backed by strategic partner and plant-based nutrition food-tech company Growthwell Foods. with its leading investor, Temasek Holdings. Last July, ChickP unveiled its chickpea isolate as an all-purpose, nutrition-packed, egg alternative for eggs in mayonnaise.

Clean, plant-based protein isolate
Created using an IP-protected extraction process, ChickP’s ingredients provide protein-infused functionality and a nutritional boost to a wide range of applications, including ready-to-drink beverages, dry-blend beverages, bars, dairy and meat alternatives, baked foods and more, according to the company.

“The advantages of color, flavor and functional properties also makes us an ideal raw ingredient to be used in applications such as infant foods, children’s food and textured protein products,” adds Levy.

“Soy protein has been the dominant plant protein in the market for many years,” she highlights. “However, its consumption is raising consumers' concerns due to health-related issues. One example is soy allergenicity,” she details.

“Meanwhile, pea protein – having a non-ideal organoleptic profile – requires heavy masking. On top of that, pea protein is considered a non-complete protein and it lacks some essential amino acids as opposed to our product.”

Growth path for chickpeas
Last July, ChickP unveiled its chickpea isolate as an all-purpose, nutrition-packed, egg alternative for eggs in mayonnaise. The start-up has since teamed up with food companies to formulate egg-free recipes, including a creamy mayonnaise substitute and salad dressings. 

“We have had talented food engineers working closely with us, developing applications, getting customers feedback and facing a long selling pipeline with trials and pilots that can take up to a year and sometimes even more,” says Levy.

“We must have the patience for this process, believing in our products make it easier for us. This is my biggest learning curve so far.”

Over the last year, the applicability of chickpeas has diversified across new offerings such as chickpea tofu products by Franklin Farms. The offerings are soy-free, GMO-free, low-fat and allergen-free, giving consumers more plant-forward options to diversify their diets. 

By Benjamin Ferrer