Voyage Foods Secures $52M for Allergen-Free Treats
San Francisco Bay Area startup Voyage Foods has secured an additional $52 million in funding, bringing their total to $94 million.
This Series A+ round was co-led by Level One Fund and Horizons Ventures, with participation from other investors.
Voyage Foods uses innovative technology and wholesome ingredients to create delicious, allergen-free versions of popular foods. They focus on plant-based alternatives for products facing sourcing challenges due to climate change or other issues. This includes chocolate, where Voyage Foods offers a sustainable, dairy-free option.
The company also offers nut-free spreads that mimic the taste and texture of peanut and hazelnut spreads, but without common allergens.
The funding will be used to meet the high demand for Voyage Foods' products, which are available through B2B, foodservice, and retail channels. The capital will allow them to expand manufacturing facilities and hire more staff to keep up with growth.
In addition to their cocoa-free chocolate, Voyage Foods also offers bean-free coffee. B2B partners can utilise this coffee in various forms, including cold brew, grounds, pods, and instant, all designed to deliver great taste and sustainability benefits.
Voyage Foods launched their nut-free spreads in Walmart stores across the US last year and recently partnered with Rudi's Mountain Bakery to create nut-free sandwiches. They also signed a global deal with Cargill to supply sustainable confectionery to businesses. This partnership allows Cargill to offer cocoa-free alternatives for the first time.
Rising cocoa prices due to climate change and supply chain disruptions have made Voyage Foods' solutions even more attractive. The company claims cocoa prices have increased by 250% in the past year.
"Voyage Foods helps manufacturers avoid the chocolate industry's problems and offers a more ethical and sustainable option," the company said. "By using readily available ingredients, food companies can integrate Voyage Foods' products and provide delicious, eco-friendly options at stable prices."
“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, said: “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.”
James Stewart, from Level One Fund, believes Voyage's technology is groundbreaking. "They've set a new standard by creating cost-competitive and sustainable alternatives to essential food products," he said. "Voyage's partnership with Cargill makes these products accessible to major food companies, offering a solution to price fluctuations and supply chain issues. We're proud to support Voyage in scaling up production and making a real impact on the world."
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Source: Foodbev
