Planet A Foods gets $30 million to make chocolate that isn’t cocoa, reveals materials 

This announcement comes amid rising chocolate prices in the commodities market, likely driven by supply struggles in major cocoa-producing countries like Ivory Coast and Ghana.

In 2024, adverse weather conditions heightened market volatility, causing global cocoa prices to spike 180%, with the futures rising from $4,209 in January to $11,800 by mid-December.

In response to these challenges, Planet A is introducing Chivova, an organic cocoa-free chocolate substitute made from a blend of sunflower seeds and vegetable oils. It uses advanced fermentation techniques that replicate traditional cocoa processing methods like drying, roasting, and winnowing.

According to the company, ‘’Chivova not only mimics the taste and texture of conventional chocolate but also significantly mitigates environmental impact.’’

The company also claims it can lower carbon emissions by up to 80% compared to conventional chocolate production, tackling issues like deforestation, supply chain instability, and child labor linked to cocoa farming.

However, while innovations like Chivova promise eco-friendliness, they also pose potential economic challenges for cocoa-dependent nations like Ivory Coast and Ghana.

Planet A Foods successfully raised $30 million in Series B funding to boost production of ChoViva, with the round co-led by Burda Principal Investments (BPI) and Zintinus.

Dr. Maximilian Marquart, CEO and Co-founder of Planet A Foods, celebrated this significant achievement, stating, “This Series B round marks a major milestone for us. With $30 million in fresh funding and an industry-leading product, we’re ready to scale.” 

Highlighting the urgency of sustainable practices, Daria Saharova, founding partner at World Fund, remarked, “Building world-class food tech is critical for the future of our planet. We urgently need to stop overfarming threatened natural resources like cocoa.” 

In Ghana, the world’s second-largest cocoa producer, winds and low rainfall in March disrupted the harvest, pushing prices up by 60% earlier in the year.

However, increased search for cocoa alternatives could significantly challenge the economies of Ivory Coast and Ghana, which are heavily reliant on cocoa bean exports.