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Cargill Is Getting In On Cocoa-Free Chocolate

May 9, 2024
x min read

One of the largest food companies in the world is getting in on cocoa free chocolate.

What’s happening:

  • Food technology startup Voyage Foods has raised $52M USD in a new Series A financing round
  • The round was led by Level One Fund and Horizon Ventures

The big idea:

  • Voyage Foods produces bean free coffee, cocoa free chocolate and peanut free spreads through the use of sustainable ingredients
  • Voyage Foods does this by creating molecular maps of select food types to better understand each ingredient as a compound and then sourcing new ingredients that are less harmful to the environment

Why it matters:

  • Voyage Foods recently entered into a exclusive distribution deal with food conglomerate Cargill, in which Voyage Foods will provide their climate friendly ingredients to Cargill to be used by their subsidiaries and brands

By the numbers:

  • Voyage Foods has raised $94M USD in venture capital funding since inception
  • The price of chocolate has recently reached an all time high of $10,000 USD per ton, which is an increase of more than 250% year over year
  • Voyage Foods products are currently in over 1,200 Walmart (NYSE: WMT) locations across North America

Going deeper:

  • Cargill has been making a flurry of venture capital bets on emerging food technology startups lately, backing companies focused on everything from lab grown meat to producing protein from mushrooms

The intrigue:

  • Cargill is currently the largest privately held company in the entire United States

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