Voyage Foods formulates cocoa‑free chocolate and peanut‑/hazelnut‑free spreads using ingredients like grape seeds and sunflower kernels to provide sustainable, scalable alternatives to cocoa and nuts. The company operates a 25,000 sq ft factory in Oakland and plans to open a 300,000 sq ft factory in the Midwest to meet growing demand. Voyage sells both B2B ingredients and a consumer branded lineup (peanut‑free and hazelnut‑free spreads) and has launched peanut‑free spreads nationwide at Walmart. It has an exclusive global B2B distribution deal with Cargill for nut‑free spreads and cocoa‑free chocolate, which management cites as validation of scale and applications expertise. Management says some of the funding for the Midwest factory was deployed from the balance sheet prior to the latest round, and new capital will help fill out that facility and capacity. The company holds eight patents at various stages and is positioning its products as price‑competitive with compound chocolate while addressing cocoa supply volatility and sustainability issues. Voyage Foods develops proprietary technology to recreate non-fibrous foods using whole, natural, sustainably produced ingredients while preserving familiar flavor and experience. The company has finalized three products to date: cacao-free chocolate, a peanut-free spread, and coffee made without coffee beans. Its products are free of the top nine major allergens. The peanut-free spread is slated to launch in select in-store and online retailers in Q2, and the cacao-free chocolate will launch as an ingredient with a commercial partner in Q3. Led by CEO Adam Maxwell, the company plans to use new capital to accelerate growth and expand operations and business reach. Financially, the Series A brings its total funding to date to $41.7M.

Total raised

$88M

Funding rounds

2

Latest round

Series A

Latest activity

May 2024