Nukoko, a UK start-up developing cocoa-free chocolate made from fava beans, has received investment from German ingredients business Döhler.
Döhler described the investment as a “strategic partnership” but did not disclose the size of the cash injection, nor whether it has taken a stake in Nukoko, which was set up in 2022 by three entrepreneurs.
Go deeper with GlobalData
Earlier this year, the company secured seed funding worth $1.5m from a group of investors, including Mills Fabrica, SOSV and Oyster Bay Venture Capital. Döhler has invested via its venture capital arm, Döhler Ventures.
Nukoko calls itself a “climate-tech” business, which is manufacturing cocoa-free chocolate from fava beans using a fermentation process.
In a statement announcing the latest funding, the company said: “Nukoko’s unique process transforms fava beans into a sustainable chocolate alternative, addressing critical issues in the chocolate industry, including rising cocoa prices, environmental impact and socio-economic concerns surrounding cocoa production.
“This partnership will enable both companies to scale Nukoko’s innovative fermentation process to an industrial level by 2025.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe first cocoa-free chocolate products from the company have yet to be launched on the market. Just Food has asked Nukoko to clarify when it is due to make its commercial debut and if it has secured listings with retailers.
Döhler said the partnership with Nukoko “marks a major milestone in the evolution of chocolate manufacturing”. The company is waiting to secure a patent for its fermentation technology and claims that making chocolate from fava beans instead of cocoa beans reduces emissions “by up to” 90%.
Ross Newton leads the business as CEO and is one of the co-founders, along with fellow entrepreneur Kit Tomlinson and cocoa research scientist Professor David Salt.
Newton said: “We are excited by our collaboration with Döhler, one of the world’s leading fermentation experts. Their support is crucial in helping us achieve industrial-scale production and bring our revolutionary chocolate alternative to market.”
As well as the emissions benefits, Nukoko claims its cocoa-free chocolate products have 40% less sugar than conventional fare, as well as greater levels of protein, fiber and antioxidants.
Outlining other benefits, Nukoko said: “Cocoa production has long been associated with deforestation, child labour and high carbon emissions, ranking among the top five food sources contributing to CO2 emissions.
“Nukoko’s fava bean-based chocolate eliminates these issues by using a domestically grown, nitrogen-fixing crop that promotes soil health and reduces the need for fertilisers.”
Rodrigo Hortega de Velasco, head of investments at Döhler Ventures, said: “Nukoko’s technology presents a groundbreaking solution for the food and beverage industry. We are proud to support the scale-up of their cocoa-free chocolate, which aligns with our mission to drive sustainable food innovations.”
