The Bay Area startup in food innovation, Voyage Foods (bean-free coffee, cocoa-free chocolate, and nut-free spreads), has raised a total of $94 million after closing a $52 million investment round.
It is regarded as an A+ round, with participation from SOSV, Collaborative Fund, and Nimble Partners, and primarily from previous investors, co-led by Level One Fund and Horizons Ventures.
Cargill, which just secured an exclusive global agreement to supply commercial and business-to-business (B2B) clients, is contributing to the optimism around Voyage.
Inge Demeyere, managing director of idulgence Europe at Cargill, states, “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.” A third-party life cycle assessment revealed that Voyage’s cocoa-free products are even more sustainable than traditional chocolate, despite the startling 250% increase in cocoa prices over the previous year.
James Stewart, a founding partner of Level One, claims that Voyage’s technology “has set a new standard for commercialization in the food tech space by producing extremely cost-competitive and more sustainable replicas of essential food products and ingredients against incumbent products.”
With their recently announced agreement with Cargill, Voyage—the only firm in the world with the verified capacity to produce these replicas at scale—makes these products available to the world’s largest food corporations as a quick fix for volatile commodity pricing 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.”
Fall 2023 saw the nationwide introduction of Voyage’s allergy-friendly, safe for schools spreads at Walmart—a remarkable accomplishment for a company.
