Planet A Foods Secures $30M to Scale Cocoa-Free Chocolate Production
From Sunflower Seeds to Sustainable Sweets
Planet A Foods, a Munich-based food tech startup, has raised $30 million in Series B funding to expand the production of its cocoa-free chocolate alternative, ChoViva. This follows a $15.4 million Series A round earlier this year. The company aims to address the sustainability concerns associated with traditional cocoa production, such as deforestation and supply chain fragility. ChoViva is made from sunflower seeds and other locally sourced ingredients, resulting in a significantly lower carbon footprint compared to conventional chocolate. Read about other innovative solutions in the food tech industry.
Scaling Up for Global Impact
Currently producing 2,000 tons of ChoViva annually, Planet A Foods plans to increase capacity to over 15,000 tons. This expansion will support international growth, including entry into the U.S. market with a new production facility. The company already has around 20 customers, primarily major European food manufacturers, and aims to secure more strategic partnerships. Learn about other companies scaling their production.
Targeting the Mass Market
Planet A Foods is focusing on the mass market for confectionery, rather than premium chocolate. The company claims ChoViva is indistinguishable in taste from the chocolate used in many popular snack products. They emphasize that their goal is not to replace premium chocolate but to offer a sustainable alternative for large-scale applications. Explore other companies targeting specific market segments.
Overcoming Supply Chain Challenges
Scaling production presents significant logistical hurdles. The founders have been actively involved in streamlining the supply chain and are prioritizing automation to minimize errors and ensure timely delivery to customers. They highlight the complexities of managing large-scale production and distribution.
Beyond Cocoa-Free Chocolate
In addition to scaling production, Planet A Foods is investing in research and development. They are working on a cocoa butter alternative using fermentation technology, aiming to offer a more sustainable and cost-effective option for the food industry. They are also exploring alternatives to palm oil and other specialty fats.