WNWN Food Labs, a company working to bring cocoa-free chocolate to market, has announced it has succeeded in raising US$5.6 million in financing to scale up its manufacturing and bring branded products to retail this year.
The financing round was lead by foodtech VC firm PeakBridge, who are investing in innovative, scalable and climate- and health-focused companies. Peakbridge, a member of EIT Food, invests globally in early-stage companies.
WNWN has said it will use the investment to scale up manufacturing and add headcount as it prepares for a launch in UK retail later this year.
“This blend of VCs gives us deep and strategic food tech experience to make a significant positive impact, and with PeakBridge’s partnership and team, we are well on our way to create a tastier, more ethical future of food,” said Ahrum Pak, CEO of WNWN. “This investment is also very timely given the new European ban on cocoa linked to deforestation, as WNWN can reduce the cocoa supply chain’s strain on the planet and on cocoa farmers entrenched in poverty.”
WNWN utilises a proprietary fermentation process to turn widely available plant-based ingredients like cereals and legumes to create cocoa-free chocolate that tastes, melts, snaps and bakes like chocolate. According to the company, its formula is vegan, caffeine-free, gluten-free, palm-oil free and low in sugar.
“Ingredient innovations like WNWN’s are key to building a more resilient, equitable, sustainable food system, and this in turn opens the doors to other goals like responsible production and consumption,” explained Erich Sieber, Founding Partner at PeakBridge. “Not only does WNWN’s product have the potential to offer health benefits and address sustainability concerns, but it also opens up a world of exciting flavour possibilities. We are confident that WNWN will lead the charge in this category and are proud to be part of this journey.”
WNWN has already released two cocoa-free chocolate products direct to consumer channels to test the concepts. It says its dark choc thins and Waim! bar, its own take on the classic Daim bar, sold out immediately – a positive sign that there is demand for this kind of product.
Since product launches the company has taken on a new facility that has increased its production space eightfold. With this expansion, WNWN has begun supplying partners with ingredients and finished products for projects like curated gifts and high-end restaurants and bars.
The company says its motivation to create cocoa-free chocolate can be attributed to environmental concerns related to deforestation and unfair labour practices.
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