Planet A Foods secures additional funding to expand the reach of its cocoa-free chocolate worldwide

Planet A Foods, a B2B sustainable ingredients company, has recently secured an impressive $15.4 million in Series A funding.

Drs. Max and Sara Marquart, a brother and sister team who are based in Munich, founded the business with the intention of developing a sustainable substitute for cocoa. Back in 2021, we covered the company when it was known as QOA.

According to Max Marquart, the name change was driven by the recognition that climate change and other environmental risks pose a significant threat to the cocoa producing industry. As a result, the decision was made to emphasize the importance of preserving our planet.

“It is crucial that we remain vigilant in order to ensure the survival of our planet,” he remarked.

The current state of the climate has had a significant impact on the price of chocolate, reaching a 45-year high in 2023. Cocoa bean futures are now trading at an astonishing $4,362 per tonne, marking an 84% increase from the previous year. This is part of a global chocolate confectionery industry that is projected to experience an annual growth rate of 5.6% until 2028.

Planet A Foods utilizes cutting-edge fermentation technology to transform carefully selected, locally sourced ingredients such as oats and sunflower seeds into their delectable cocoa-free chocolate, ChoViva. With a rich and robust chocolate flavor, this product has a delightful texture that simply melts in your mouth. It comes in three delectable varieties: milk, semi-sweet, and white. This versatile product is suitable for a wide range of culinary applications, from baking to creating delicious ice cream. What sets it apart is its reduced sugar content, with up to 30% less sugar compared to other similar products on the market.

“We strive to embody the essence of a ‘next-generation Cargill’ and establish ourselves as a cutting-edge food ingredient company that provides sustainable food ingredients to the industry,” expressed Marquart.

The company’s impressive roster of clients includes Griesson-de Beukelaer, Peter Kölln, and Lufthansa, among others. In the past year, the company introduced a range of products in collaboration with German retailer REWE. Additionally, the renowned chocolatier Lindt has joined the trend by releasing a vegan chocolate product called ChoViva.

Marquart is confident that Planet A Foods will achieve impressive revenue growth, reaching a staggering eight-figure sum by the close of 2024. Their ambitious plans for international expansion of ChoViva will commence in the United Kingdom, with subsequent launches in various European markets, Asia, and ultimately the United States. The company plans to expand its fermentation platform to include other plant-based ingredients, with new product releases anticipated in the first quarter of 2024.

He plans to utilize the new capital to expand his team at Planet A Foods in Germany, bringing on board more scientists. This will enable them to ramp up production of cocoa butter and palm oil alternatives to meet the demands of the industry. The production at its facility has been scaled to produce 750 kilograms of ChoViva per hour.

Additionally, the Series A round was spearheaded by World Fund, accompanied by a diverse group of investors including Omnes Capital, Cherry Ventures, Mudcake, Nucleus Capital, Triple Point Capital, and Feast Ventures.

In a statement, Daria Saharova, managing partner at the World Fund, praised Sara, Max, and the team for developing a product that effectively addresses the significant environmental impact of cocoa. In just three years, they have transformed their initial idea into a product that is now available for purchase and have formed valuable collaborations with major international companies. The oversubscription of this Series A funding round, despite a broader decline in food tech investment, speaks volumes about their remarkable achievement.