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Voyage Foods nabs $52M in fresh funding for cocoa-free chocolate
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Lauren McCranie
Lauren McCranie

Chocolate is having a moment—or at least, the cocoa-free version is. With skyrocketing prices for cocoa amid extreme weather disruptions and increased scrutiny on sustainable (and ethical) harvesting practices, consumer and corporate demand is rising for tasty, cost-effective alternatives.

IndieBio alum Voyage Foods has been delivering. Beyond its cocoa-free (and dairy-free) chocolate, the company also makes a peanut-free spread, a hazelnut-free Nutella-style spread, and bean-free coffee.

Voyage Foods made recent headlines with its new Cargill Foods partnership, and has been busy distributing; the products arrived at Walmart last year, and Rudi’s Rocky Mountain Bakery, a Boulder, Colorado-based maker of gluten-free breads and sandwiches, will soon launch a gluten-free and peanut-free version of the classic PB&J using Voyage spreads.

Anne Mertens-Hoyng, Cargill’s category director of chocolate confectionery and ice cream, says that Voyage “offers more stable pricing and reliance on raw materials that are less subject to market volatility.” As prices for the “real thing” continue to increase, alternative chocolate has an opportunity where other categories like meat are more challenged.

The $52M round was co-led by Level One Fund and Horizons Ventures, with existing investors SOSV and Collaborative Fund joining.

Voyage will use the fresh funds to expand manufacturing facilities and grow personnel.

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