Summary
Chick.P has developed an innovative plant-based chickpea protein meant to enhance dairy or meat-substitute products. Chick.P’s protein is 90% pure protein isolate and has a uniquely neutral taste enabling multiple uses while also benefiting from the added nutritional value.
Funding: $500,000
Stage: Seed
Product(s)
Market
Industrial
Cost-effective & neutral
Industrial food producers looking to fortify food products in one or more of the following ways; foam formation, solubility, texture, viscosity
Non-GMO & Clean Label
Consumer
Healthier, safer, and greener
Active health-conscious individuals seeking a pure plant-based protein without gluten/lactose, poor taste, hormonal disruption, phytoestrogens, or allergens.
TAM
As of 2018, the global market for chickpea protein is valued at $415,000
Projected to reach $535,000 by 2023 with a CAGR of 5.3%
The global protein supplements market is valued at $17.55 billion with a CAGR of 8%
Competition
Chick.P is one of the first movers in the plant-based chickpea protein powder industry.
Chick.P competes against all other plant-based protein additives.
Business Model
Chick.P is currently in the process of integrating with global food manufacturers to produce protein powder at scale.
Chick.P is focused on B2B plant-based protein additive markets but is uniquely positioned to potentially sell directly to consumers down the road.
Team
Management is made up of senior executives with experience in; business development, food security, nutrition, clinical research, bio-chemistry, food allergies, and the protein industry.
Bio’s on the website.
Opportunities
IP: Chick.P’s innovative protein extraction method removes the majority of anti-nutritional factors in chickpeas including the bitter taste.
The plant-based protein/meat alternatives industries are booming and Chick.P seems poised to be selling pickaxes in a gold rush.
Global Positioning: Middle Eastern & Southeast Asian consumers already consume a lot of chickpea products and are eager to integrate new technologies into meat alternatives.
Risks
It is challenging for young companies to grow both a B2B and B2C business simultaneously.
Chick.P seems to be relying on partners for the actual manufacturing of their product.
Rundown
Chick.P seems to have a great product with valuable IP. As the company solidifies production, their next focus should be on product-market fit.
Given Chick.P’s infancy and the competitive landscape, we think it is important that the company is product obsessed and flexible in order to meet demand.
We would like to see plans for Chick.P to own its own manufacturing.
Learn Something
Company Profile: Crunchbase | Pitchbook | Start-Up Nation Central
B2B: is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer
University of Texas MD Anderson Cancer Center: 5 Benefits of a Plant-Based Diet
Nutrex: The Advantages and Benefits of Using Plant-Based Protein Powder