UK-based bean-to-bar chocolate manufacturer Nukoko has raised €1.5 million to scale its cocoa-free chocolate made from fava beans.
The round was led by Oyster Bay Venture Capital with participation from SOSV and The Mills Fabrica, as well as a grant from Innovate UK.
Nukoko says it will use the funding to scale its cocoa-free chocolate platform. The start-up has developed a fermentation process that closely mimics traditional cocoa fermentation, allowing it to transform the fava bean into a chocolate alternative.
By utilising fava beans, a nitrogen fixing plant, Nukoko’s chocolate alternative produces up to 90% less CO2 emissions than traditional chocolate. The ‘bean-to-bar’ chocolate contains 40% less sugar and a host of positive nutritional benefits inherent in the fava bean, such as high protein, fibre and antioxidants.
The investment will enable Nukoko to build up its process to industrial scale production ahead of market launch, as well increase its R&D headcount, in a bid to enhance its ability to flavour match varying cocoa flavour profiles.
Nukoko's co-founder Ross Newton said: ‘’We have worked in the cocoa industry for over ten years, and we love it but the chocolate industry as we know it is in trouble. We’re on the back of a three-year supply deficit resulting in a cocoa price that is crippling the manufacturers and impacting consumers."
Co-founder and CSO David Salt added: ‘’At Nukoko we want to provide a viable alternative to chocolate that is from a trusted ingredient with a natural and planet positive production process. We believe that being a true and authentic ‘bean-to-bar’ manufacturer, that uses fava beans not cocoa beans to make our chocolate alternative, sets us apart and resonates with consumers."
Co-founder Kit Tomlinson commented: ‘’Nukoko’s ability to provide a 1:1 replacement for cocoa and chocolate to the manufacturing market with a natural, plant-based product that is more sustainable, cost-effective and healthier than chocolate, is transformative. We are on a mission to make a profound difference and drastically reduce the impact of the chocolate industry on the planet."
