Fermentation innovator Fermtech has raised £2.5m in seed funding to scale production of a sustainable cocoa alternative made from cocoa shells.
Using centuries-old solid-state fermentation, Oxford-based Fermtech has developed a process to break down normally indigestible parts of the cocoa plant into “soft, nutritious ingredients” that preserve the cocoa flavour.
Marketing Koji Cocoa as a substitute or supplement for cocoa, Fermtech has claimed users will save a quarter to a third of the cost of chocolate and baked goods when using the fermented product, and achieve up to 98% lower carbon emissions.
The fundraise was led by a £2m investment from specialist climate VC firm Elbow Beach, with further backing from Carbon13 and Empirical Ventures.
Fermtech will use the money to scale up the production and sale of Koji Cocoa in the UK and internationally.
Elbow Beach CEO Jonathan Pollock said: “Fermtech exemplifies the type of bold innovation we back – one that is commercially resilient and scalable while solving a real market problem.
“By significantly reducing input costs and improving supply chain resilience, Koji Cocoa supports adoption at scale. Fermtech is creating sustainable, scalable ingredients that reduce environmental and social impact and pioneer a circular economy approach benefiting food producers, consumers, and the planet.”
Fermtech CEO Andy Clayton added: “Innovation in food has to be about great-tasting, nutritious products, produced affordably. Fermtech has been committed from the start to extending the value we get from our crops, using the power of biology to unlock flavour and nutrition. This investment allows us to scale our production and get delicious foods into consumers’ hands.”
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