ProteVin, a yeast fermentation-based, non-GMO protein alternative developed by Israeli food-tech startup NextFerm Technologies, will be a key ingredient in a new protein powder drink mix from Spacemilk, an American vegan health and sports nutrition brand.
NextFerm inked a 4.5-year supply agreement totaling approximately $3 million with Spacemilk. This agreement includes the initial few tons of protein sent in June.
The agreement stipulates that Spacemilk will promote ProteVin on the packaging, as it is the dominant nutritional component of the product, which is expected to launch in the fourth quarter of this year.
“Based on my background and experience in sports nutrition – as a business owner, personal trainer, and consumer in the industry, I can say that ProteVin is everyone’s perfect protein,” said Spacemilk founder and CEO Walter Ross.
“ProteVin’s unique qualities provide amino acid content like whey, ethics and sustainability superior to plant proteins, and a flavor profile that’s better than both. We’re excited to be first to market with a new category of protein powder, which we believe will replace large sections of the plant and animal nutrition industry today.”
Boaz Noy, Chief Executive Officer of NextFerm, said: “The first multi-year supply agreement for ProteVin is an important step towards realizing the company’s vision of positioning ProteVin as a leading vegan protein in the thriving global alternative protein industry. ProteVin is gaining a lot of interest from global food and dietary supplement companies and is currently being tested by dozens of potential customers.”
ProteVin is designed for a variety of categories in the alternative protein market, which is estimated at $20 billion in terms of final products and at $3.5 billion in terms of raw materials with an annual growth rate of above 20%, including milk and dairy substitutes, meat substitutes and additional categories such as infant nutrition, adult nutrition, and sports nutrition.