San Francisco, Bay Area-based start-up Voyage Foods has closed a funding round totalling $52 million, bringing its total funding raised to $94 million.
The round, which it considers a Series A+ round, was co-led by Level One Fund and Horizons Ventures, and saw participation from SOSV, Collaborative Fund and Nimble Partners.
Voyage Foods combines breakthrough technology and upcycled wholesome ingredients to recreate favourite products and flavours that are free from the top nine allergens. It uses plant-based ingredients to develop sustainable and dairy-free alternatives to popular products that face ‘uncertain futures’ due to their sourcing challenges – including chocolate.
Alongside its alternatives to cocoa-based products, it also provides nut-free spreads made without common nut or dairy allergens, such as peanut and hazelnut, formulated to taste like their traditional counterparts thanks to the company’s proprietary technology.
The company says it will use the funding to address “greater than anticipated consumer and commercial demand” for its products accessed via B2B, foodservice and retail distribution channels.
The capital will fund expanded manufacturing facilities and increased headcount to deliver on growth opportunities.
©Voyage Foods
As well as its sustainable, clean-label, cocoa-free chocolate, Voyage Foods produces bean-free coffee. B2B partners can utilise the coffee in various formats including cold brew, grounds, pods and instant, all crafted to maximise flavour, improve margins and deliver on sustainability initiatives.
The start-up launched its peanut- and hazelnut-free spreads, made using roasted seeds, into Walmart stores across the US in October last year.
In March this year, Voyage partnered with Rudi’s Mountain Bakery in the US on the launch of nut-free sandos, ready-to-eat sandwiches featuring Rudi’s grape jelly and Voyage’s peanut-free spread.
In April, Voyage Foods signed a global deal with Cargill to supply commercial and B2B customers with sustainable confectionery. Under the deal, Cargill will be the exclusive B2B distributor for Voyage Foods, expanding its traditional chocolate portfolio to include cocoa-free alternatives for the first time.
In recent months, cocoa prices have risen due to factors such as climate change, increased production costs and supply chain disruptions. According to Voyage Foods, the commodity’s price has increased by 250% over the last year. “Voyage Foods enables manufacturers to bypass the chocolate industry’s growing supply chain disruptions and unethical labour practices,” the company said in a statement. “By using upcycled ingredients that are less expensive to source, widely available and readily scalable, CPG partners can integrate Voyage Foods’ foods into their products and provide their customers with a delicious, environmentally beneficial experience at fair and stable pricing.”
“Voyage Foods was born out of the desire to harness the power of food technology and activate industry-wide change. We’re thrilled our innovations have been embraced within B2B and amongst a rapidly growing consumer base,” said Voyage Foods’ CEO Adam Maxwell. “As a mission-driven food company, it’s especially fulfilling to work alongside investors that recognise and embrace our impact as we continue to move forward in further scaling manufacturing, expand distribution and deliver time-tested favourite foods that are better for the planet and our health.”
Inge Demeyere, managing director of indulgence Europe at Cargill, added: “Cargill is proud to partner with Voyage Foods…this partnership is just one of the many ways that we are future-proofing our portfolio and meeting consumer demands and market regulations around sustainability and health.”
Level One’s founding partner James Stewart said Voyage’s technology “has set a new standard for commercialisation in the food-tech space by producing replicas of essential food products and ingredients that are both extremely cost competitive against, and more sustainable than, incumbent products.”
He continued: “As the only company in the world with the validated ability to make these replicas at scale, Voyage’s newly announced partnership with Cargill makes these products available to the world’s major food companies as an immediate solution to fluctuating commodity prices and supply chain disruptions. Level One Fund is proud to co-lead this round with Horizons Ventures and provide the capital necessary for Voyage to scale up production and yield an immediate and meaningful impact on the world.”
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