The fresh funds will be used to accelerate growth, expand research and development capabilities.
The company will also set up a research lab in the Netherlands.
The funding round, led by entrepreneur Shaival Desai, also saw participation from Flowstate Ventures, Peak Sustainability Venture Fund I (executed by Samir Shah on behalf of the Fund), Waoo Partners (Pratul Shroff family office), and other angel investors.
Existing investor Sanjaya Mariwala, MD of OmniActive Health Technologies Ltd, also participated in this round.
"The funds will be utilised to enhance growth and set up a research lab in the Netherlands, Europe, filing IP, scaling up production and expanding the team," the company said in a statement.
Specialised in high-quality plant protein ingredient innovation, Proeon was founded in 2018 by Ashish Korde and Kevin Parekh.
The company helps solve critical formulation challenges at the ingredient level, making it easier for food companies to make tastier and healthier plant-based meat, dairy, and egg replacement products.
Speaking on the funding, founders Kevin Parekh and Ashish Korde said, “We are at the centre of creating next-gen plant protein ingredients and are delighted with the trust shown by our investors".
The company''s immediate focus will be to expand its presence in the North American and European markets.
Currently, the company is working with brands from Europe, North America, and Southeast Asia to build more sustainable and healthier plant-based alternatives such as highly functional plant-based egg-replacement products, clean-label burgers, patties, and alternative dairy products.
Their current product portfolio includes Mung Bean Protein, Chickpea Protein, Amaranth Protein, and Hemp Seed Protein.