Guildford-based Nukoko, the world’s first ‘bean-to-bar’ cocoa-free chocolate maker, today announced that it has raised over €1.3 million in Seed funding, led by Oyster Bay Venture Capital with participation from SOSV and The Mills Fabrica and an Innovate UK grant to scale their ground-breaking technology.
Founded in 2022 by second-time chocolate entrepreneurs Ross Newton and Kit Tomlinson alongside cocoa research scientist Professor David Salt, Nukoko has developed a fermentation process that closely mimics traditional cocoa fermentation. This innovation allows them to turn the humble fava bean into a delicious chocolate alternative.
With cocoa prices at an all-time high and the industry facing a potential 25% decline in supply by 2033, three cocoa industry experts have come together on a mission to save the chocolate industry. Nukoko’s technology enables the creation of chocolate from the domestic fava bean.
By utilising fava beans, a nitrogen-fixing plant commonly used as a rotational crop in agriculture, Nukoko’s chocolate alternative produces up to 90% less CO2 emissions than traditional chocolate. This is achieved without the need for further deforestation or any related child labour issues. Their ‘bean-to-bar’ chocolate boasts 40% less sugar and offers a host of positive nutritional benefits, such as high protein, fibre, and antioxidants, inherent in the fava bean.
Nukoko has gained substantial traction since winning a place on the prestigious biotech program IndieBio in New York (2023), being named in the Foodtech 500 (2024), and securing development agreements with the Coop group, a leading Swiss food company with over 2,500 retail sites.
Co-founder Ross Newton said: “We have worked in the cocoa industry for over 10 years, and we love it but the chocolate industry as we know it is in trouble. We’re on the back of a 3-year supply deficit resulting in a cocoa price that is crippling the manufacturers and impacting consumers.”
Prof. David Salt stated: “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 said: “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.”
The investment will allow Nukoko to scale up their process to industrial scale production ahead of market launch, as well as increase the R&D headcount to develop their ability to match varying cocoa flavour profiles.
Nukoko’s commercial strategy is a combination of key retail and B2B partnerships, with a mission to incorporate their products into some of the major food manufacturers in order to help them transition to a more sustainable but just as delicious future.
Read the orginal article: https://www.eu-startups.com/2024/03/guildford-based-nukoko-secures-over-e1-3-million-to-scale-up-production-of-their-cocoa-free-chocolate-bar/
