It's raining chocolate thalers: Planet A Foods with 15.4 million dollars Series A

Sweet financing: With a successful Series A financing round, Planet A Foods strengthens its position in the market for sustainable chocolate alternatives and plans innovations and international expansion.

Munich, February 1, 2024 - The Munich-based B2B foodtech startup Planet A Foods has successfully raised 15.4 million US dollars in a Series A financing round. The twins Dr. Sara and Dr. Max Marquart, founders of the company in 2021, are responding to the increasing demand for sustainable chocolate alternatives due to record prices for chocolate.

Cocoa-free chocolate

The start-up uses fermentation to produce the world's first cocoa-free chocolate called ChoViva. Major companies such as Peter Kölln, Lufthansa and Griesson - de Beukelaer are already among the customers of Planet A Foods, which is planning further partnerships.

In the future, chocolate will be more expensive than caviar if we don't do something about it.

Dr. Max Marquart, Co-Founder Planet A Foods

The fresh funds will be used to scale ChoViva's production, reduce costs and drive international expansion, particularly in key markets such as the UK. The Series A financing round was closed in 2023 and was led by Berlin-based climate tech venture capitalist World Fund. Further investment came from Omnes Capital, Cherry Ventures, Mudcake, Nucleus Capital and Triple Point Capital.

Part of the financing has already been used to expand production capacity at the plant in Pilsen (Czech Republic), where the company can now produce 750 kilograms of ChoViva per hour. The process is certified according to the internationally recognized IFS food safety standard.

The Munich-based start-up has already successfully entered into partnerships with well-known companies such as Peter Kölln and Griesson - de Beukelaer. Lufthansa already offers ChoViva bars to its business class guests, and a product was recently launched in collaboration with the renowned chocolate brand Lindt.

The chocolate industry is facing challenges, particularly due to the climate crisis and the biodiversity crisis, which threaten the profitability of cocoa production. Planet A Foods sees ChoViva not only as a sustainable alternative, but also as a cost-effective solution at a time when chocolate prices have reached a 45-year high due to crop failures.

Chocolate Siblings

The Marquart siblings have big plans for 2024, including launching in the UK, product innovation and expanding the team in Germany. The funding will also enable them to further develop the technology platform and hire highly qualified specialists.

Founders Sara and Max Marquart started their company after being inspired by the book "Never out of Season" by Rob Dunn. Max, a materials science graduate, and Sara, a food chemist and biotechnology expert, began experimenting in Max's kitchen, which eventually led to the development of ChoViva. After successful tests, they became known as the "Chocolate Siblings" and their products have been tasted all over the world, from Mexico to Japan.

ChoViva, Planet A Foods' eco-friendly cocoa alternative, is produced through a fermentation process that uses local ingredients such as oats and sunflower seeds. The product promises a melt-in-the-mouth texture and chocolate flavor and can be used both in combination with conventional chocolate and as a full-fledged substitute. It contains up to 30 percent less sugar and is characterized by a low CO2 footprint thanks to short supply chains.