Planet A Foods has announced the closure of a $15.4 million Series A funding round. This recent financial boost increases the company’s total funding to over $43 million. The round, led by Europe’s leading climate venture fund, World Fund, featured contributions from notable investors. The latter include Omnes Capital, Cherry Ventures, and many others. The funding aims to propel the company’s innovative cocoa alternative, ChoViva, into wider markets.
Founded in 2021 by Drs. Max and Sara Marquart, Planet A Foods emerged from a desire to address the looming scarcity of cocoa due to climate change and biodiversity crises. The Marquarts’ vision was clear: “Chocolate will become more expensive than caviar unless drastic, tech-driven steps are taken.” Their solution was a sustainable and eco-friendly alternative to traditional cocoa. It uses a fermentation process to transform oats and sunflower seeds into a product that rivals the taste and texture of conventional chocolate.
More on innovation in chocolate alternatives
Planet A Foods employs proprietary technology to produce ChoViva, a product that promises a full-bodied chocolate flavour. ChoViva has up to 30% less sugar and a significantly reduced CO2 footprint. This innovative approach not only offers a viable supplement to traditional chocolate but also positions ChoViva as a potential full replacement. The company has successfully launched several products with REWE, a leading European retailer. It now prepares for further launches in Germany and the UK, signaling a robust market acceptance.
Key partnerships with industry giants such as Griesson de Beukelaer and Lufthansa. In addition, the recent vegan chocolate product launch by Lindt containing ChoViva underscores the product’s growing influence. With the Series A funding, Planet A Foods has scaled up production to meet demand efficiently, boasting a capacity of 750kg of ChoViva per hour in its IFS-certified factory.
Future prospects & industry impact
Looking ahead, Planet A Foods is poised for international expansion in 2024 and beyond. Dr Max Marquart, co-founder and CEO, expressed enthusiasm for the journey ahead: “This Series A round has already enabled us to deliver large-scale production and continuously supply our customers with ChoViva. Now we are gearing up for our international expansion in 2024 and beyond.” His sentiment is echoed by Dr Sara Marquart, who highlighted the advancements in product portfolio, taste, and texture, reinforcing the company’s leadership in the alternative cocoa sector.
The investment underscores the market’s confidence in Planet A Foods, even amidst a downturn in foodtech investment. Daria Saharova, Managing Partner at World Fund, lauded the company’s progress: “Within three years they have turned a proof-of-concept into an industry-ready product on shelves.” The funding will not only support mass-market expansion but also enhance the affordability of ChoViva, marking a significant step towards sustainable and accessible alternatives in the chocolate industry.
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