OAKLAND, CALIF. — Food technology startup Voyage Foods raised $36 million in Series A financing, bringing its total funding to $41.7 million.
Led by Adam Maxwell, a veteran of CHEW Innovation and Endless West, Voyage Foods is recreating pantry staples using sustainable ingredients and sourcing practices. Its three proprietary products — peanut-free spread, chocolate without cacao and coffee without coffee beans — are molecularly similar to their original counterparts and are free from the top nine major allergens.
The Oakland, Calif.-based startup aims to become a top player in the ethical food market as consumers increasingly demand more accountability from brands. Climate change has pushed coffee prices higher in recent years, while cacao production has a large water footprint and problematic cultivated practices in the form of child and slave labor, according to the company. Severe peanut allergies affect more than 6 million Americans and are rising among both children and adults. Voyage Foods’ goal is to mitigate these concerns by recreating those products with sustainable and scalable ingredients.
“We’re future-proofing time-tested favorite foods so that we can enjoy them for years to come without having to worry about their impact on the environment and unjust labor customs that contributed to making them,” Mr. Maxwell said.
Voyage Foods’ future includes a combination of retail and B2B partnerships. Its first product, the peanut-free spread, will launch online and in select retail stores in the second quarter of 2022. The cacao-free chocolate will launch as an ingredient with a commercial partner later this year.
The startup’s $36 million Series A round was co-led by UBS O’Connor and Level One Fund, with participation from Horizons Ventures, SOSV’s Indie Bio and Social Impact Capital.“Voyage's ability to deliver true 1:1 replacements for some of the world’s most important food products is a feat unmatched by most food tech companies,” said Kevin Russell, chief investment officer of UBS O’Connor. “Compared to incumbent products, this is done at a superior cost and with a significantly reduced environmental impact and has the potential to transform the food system in a way that benefits all stakeholders.”