NEW YORK — Tony’s Chocolonely, a Netherlands-based chocolate company focused on ethically producing chocolate and ending exploitation in cocoa, has added Howard Schultz, former chief executive officer and founder of Starbucks, to its list of shareholders.

Schultz also recently placed minority shareholding in the company.

In 2023, the company raised capital in a funding round from existing majority shareholder, Verlinvest, and JamJar Investments.

Tony’s will use the investments to bolster its production capabilities in Chicago.

Tony’s also has entered into a Mission Lock legal structure, which ensures its ambitions to end exploitation in the cocoa industry are locked in for the long term, according to the company.

This initiative will be led by an independent set of Tony’s Mission Guardians, spearheaded by US impact entrepreneur Seth Goldman.

The chocolate company, which launched in 2005 and later entered the United States in 2015, has experienced retail growth through a national partnership with Walmart, in addition to existing distribution through Whole Foods Market, Target, Safeway and CVS.

“We are incredibly proud of the strides we’ve made in the US market,” said Douglas Lamont, CEO of Tony’s Chocolonely. “Our expanded retail presence, coupled with strategic investments in production and our exciting new investment partnerships, are all part of our larger ambition to end exploitation in the cocoa industry. 

“We are proud to welcome Howard Schultz as an investor in the company, and we are looking forward to drawing on his extensive experience of building a global consumer brand and company. Tony's rapid revenue growth, rising popularity with US consumers and increased investor interest demonstrates that building a company that balances shareholder returns with its impact on people and planet is not only right thing to do but the smart thing to do for companies today.”

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