The Henrico County-based food ingredients company Nutriati has raised $2.9 million in an investment round that aims to raise $12 million.
Founded in Richmond in 2013, Nutriati makes high-protein and non-allergenic food ingredients from chickpeas, also known as garbanzo beans.
The company’s chickpea-based ingredients can be used as a substitute for milk, eggs or wheat.
The company started the new investment round early in August and has raised money from five investors, according to a filing with the U.S. Securities and Exchange Commission.
A spokeswoman for Nutriati said the company could not comment on the ongoing capital raise.
The company, which was founded by Richard Kelly and Michael Spinelli, previously reported raising $4 million from an equity raise in August 2018 and $9 million from an equity raise in April 2017, according to SEC filings.
Nutriati started as a tenant in the Virginia Bio+Tech Park in downtown Richmond.
In late 2017, however, the company moved to an office and test kitchen at the Gayton Crossing Shopping Center in Henrico.
In April, it was awarded a U.S. patent for a dry fractionation method and system for generating protein concentrate.