Planet A Foods, a B2B sustainable ingredients company based in Munich, has secured $15.4 million in Series A funding to propel its mission of global expansion. Led by a brother-and-sister founding team, Drs. Max and Sara Marquart, the company aims to revolutionize the chocolate industry by offering a sustainable alternative to cocoa.
The Journey Towards Sustainability
Originally known as QOA, the company rebranded as Planet A Foods with a profound message: “There is no Planet B.” This shift underscores the urgent need to address climate change and its detrimental impact on the cocoa-producing industry. Dr. Max Marquart emphasizes the importance of safeguarding the Earth for future generations amidst escalating environmental challenges.
A Changing Landscape in Chocolate Production
Rising concerns over climate change have led to unprecedented challenges in the chocolate market. In 2023, chocolate prices soared to a 45-year high, with cocoa bean futures reaching $4,362 per tonne, marking an 84% increase from the previous year. Despite these challenges, the global chocolate confectionery industry is projected to grow by 5.6% annually through 2028.
Innovating with Fermentation Technology
Planet A Foods utilizes fermentation technology to transform locally sourced, all-natural ingredients—such as oats and sunflower seeds—into its signature cocoa-free chocolate, ChoViva. This innovative product boasts a luxurious melt-in-the-mouth texture and rich chocolate flavor, available in milk, semi-sweet, and white varieties. With up to 30% less sugar, ChoViva offers versatility, suitable for various culinary applications, from baking to ice cream.
Driving Sustainability and Growth
Max Marquart envisions Planet A Foods as a “next-generation Cargill,” delivering sustainable food ingredients to the industry. The company has already established partnerships with renowned food manufacturers, including Griesson-de Beukelaer and Peter Kölln, as well as airline giant Lufthansa. Additionally, collaborations with German retailer REWE and chocolatier Lindt underscore the growing demand for sustainable alternatives in the market.
Future Expansion and Development
With ambitious plans for international expansion, Planet A Foods aims to introduce ChoViva to markets worldwide, starting with the United Kingdom and expanding into Europe, Asia, and the United States. The company also plans to diversify its fermentation platform to include other plant-based ingredients, with new product launches slated for the first quarter of 2024.
Harnessing Series A Funding for Growth
The Series A funding round, led by World Fund and supported by prominent investors like Omnes Capital and Cherry Ventures, reflects confidence in Planet A Foods’ vision and achievements. The company intends to utilize the capital to scale production capabilities, hiring additional scientists to advance its innovative approach to cocoa butter and palm oil alternatives.
Pioneering Sustainability in Chocolate Production
In summary, Planet A Foods’ commitment to sustainability and innovation represents a significant step forward in reshaping the chocolate industry. Through its pioneering efforts, the company aims to address the environmental challenges facing cocoa production while delivering high-quality, sustainable chocolate alternatives to consumers worldwide.
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