Planet A Foods raises US$30 million Series B to scale sustainable cocoa-free chocolate production

Planet A Foods, a Munich-based food-tech company, has announced US$30 million in Series B funding to expand production of ChoViva, its innovative cocoa-free chocolate alternative. The funding round was co-led by Burda Principal Investments (BPI) and Zintinus, with participation from World Fund, Cherry Ventures, Omnes Capital, Bayern Kapital, Tengelmann Ventures, and BayWa Ventures. This investment will enable Planet A Foods to scale its operations globally, offering a sustainable solution to challenges facing the US$130 billion chocolate industry.

Planet A Foods’ flagship product, ChoViva, is a chocolate alternative made from sunflower seeds, developed through advanced fermentation technology. The product replicates the taste and texture of traditional chocolate while significantly reducing environmental impact. The company claims that ChoViva can cut carbon emissions by up to 80% compared to conventional chocolate production, addressing critical issues such as deforestation, supply chain volatility, and child labor associated with cocoa farming.

The fresh funding will support the establishment of a large-scale production infrastructure, allowing Planet A Foods to increase output from 2,000 to 15,000 tons annually. This expansion will enable the company to meet growing demand from confectionery giants and enter new markets, including the UK and France, by early 2025.

Dr Maximilian Marquart, CEO & Co-founder of Planet A Foods, highlighted the significance of this milestone. “This Series B round marks a major milestone for us. With US$30 million in fresh funding and an industry-leading product, Planet A Foods is no longer just a startup – we’re now on the way to becoming a leading player reshaping the sustainable food industry. Our mission remains unchanged: to provide sustainable food ingredients that are decoupled from limited and price volatile resources such as cocoa.”

Burda Principal Investments (BPI), known for its focus on innovative and sustainable materials, sees Planet A Foods as a perfect fit for its investment strategy. Christian Teichmann, CEO of BPI, explained, “Planet A Foods perfectly matches our thesis for innovative materials where we invest into companies that leverage modern technology and produce certain materials with the same quality and specifications, but in an innovative, sustainable, and environmentally friendly way. Other examples in our portfolio include Uluu and Stegra.”

Luisa Düsberg, Investment Principal at BPI, added, “With ChoViva, Planet A Foods is leading the way in sustainable chocolate production, and we’re proud to support their mission to transform the food ingredient industry. Consumers increasingly seek sustainable options without compromising on taste, quality, or price, and Planet A Foods is well-positioned to meet this demand.”

The traditional cocoa industry faces numerous sustainability challenges, including deforestation, greenhouse gas emissions, and ethical concerns like child labor. Planet A Foods aims to address these issues by offering a scalable and cost-effective chocolate alternative. ChoViva provides confectionery manufacturers with a reliable ingredient that mitigates the volatility of cocoa supply chains.

The company’s innovative approach has already attracted partnerships with major brands like Lindt and Lufthansa. Products containing ChoViva are now featured in over 20 confectionery items across Europe, demonstrating the market’s readiness for sustainable alternatives.

Planet A Foods plans to leverage the funding to expand its reach and enhance its technology platform. The company’s long-term vision is to save 500 million tons of CO₂ annually by transforming the way food ingredients are produced. With a focus on sustainability, innovation, and scalability, Planet A Foods is poised to make a lasting impact on the global food industry.

Julian von Eckartsberg, Managing Director Europe at BPI, emphasized the broader implications of this investment. “Our investment in Planet A Foods reflects our commitment to supporting groundbreaking solutions that address critical global challenges like sustainable food production. We are excited to support Planet A Foods in scaling their business and expanding their brand ChoViva into new markets, driving growth, and building more resilient, climate-conscious food systems and supply chains.”