Planet A Foods, a Munich, Germany-based developer of cocoa-free chocolate alternatives, raised $30m in Series B funding.
The round was co-led by Burda Principal Investments and Zintinus with participation from AgriFoodTech Venture Alliance, Bayern Kapital, Cherry Ventures, Omnes Capital, Tengelmann Ventures, and World Fund.
The company intends to use the funds to expand operations and its development efforts.
Founded in 2021 by Drs. Max and Sara Marquart, Planet A Foods makes chocolate using precision fermentation making it sustainable and cheaper than conventional products.
The company leverages proprietary technology to ferment plant-based ingredients to naturally recreate the flavour. This turns natural ingredients and food industry by-products, such as oats, into the base for a variety of flavors, including chocolatey goodness. That means they can utilize local crops, which are harvested in a much more sustainable and people-friendly way, than crops like cocoa.
FinSMEs
09/12/2024