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Cocoa-Free Chocolate Maker Voyage Foods Strikes Again with Latest $52 Million Fundraise

Courtesy Voyage Foods

Voyage Foods, a pioneering food tech company based in California, recently secured $52 million in a Series A+ funding round, bringing its total funding to $94 million. This round was co-led by Level One Fund and Horizons Ventures, with additional participation from SOSV, Collaborative Fund, and Nimble Partners. The funds will be utilized to expand Voyage Foods' production capabilities, increase staff, and meet the growing demand for their innovative products.

Founded in 2021 by Adam Maxwell and Kelsey Tenney, Voyage Foods aims to revolutionize the food industry by recreating popular food products without the top nine allergens and without relying on conventional ingredients like cocoa and peanuts, which are often linked to environmental and ethical issues. The company has developed alternatives such as cocoa-free chocolate made from grape seeds and vegetable oils, and peanut-free spreads using roasted seeds.

The significance of developing alternative commodities like cocoa and coffee lies in combating the extensive deforestation, child labor, and slavery associated with traditional production methods. Cocoa farming, for instance, has been a major driver of deforestation and involves significant human rights abuses. By creating sustainable alternatives, Voyage Foods helps reduce these negative impacts while also addressing the volatility in commodity prices due to climate change and geopolitical factors.

Voyage Foods' cocoa-free chocolate and other products have been shown to significantly reduce environmental impacts. For example, their non-dairy milk chocolate produces 84% fewer greenhouse gas emissions compared to traditional chocolate and uses 99% less water. These climate-friendly practices are crucial as they help mitigate the effects of climate change, which threatens the viability of conventional cocoa and coffee production.

The recent partnership with Cargill, announced in April 2024, further solidifies confidence in Voyage Foods' mission and technology. Cargill will serve as the exclusive global B2B distributor for Voyage's products, allowing major food companies to incorporate these sustainable alternatives into their offerings. This partnership is expected to help stabilize supply chains and offer more sustainable options to consumers worldwide.

Voyage Foods' products are already available at 1,400 retail locations, including Walmart stores across the United States. The company plans to use the latest funding to expand its distribution network and scale up production to meet increasing demand from both consumers and commercial partners.

In summary, Voyage Foods is not only pioneering in creating allergen-free and sustainable food alternatives but is also setting a new standard in the food tech industry. Their innovative approach addresses critical environmental and ethical issues while providing consumers with healthier, more sustainable choices.


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