Cocoa-free chocolate maker Win-Win has raised £3m to fuel the food tech company’s growth in the UK and expansion into major European markets.
Launched in 2021, the business is on a mission to help create a more sustainable food industry, starting with chocolate made using abundant ingredients such as rice and carob. Its products use up to 80% less water, emit 82% fewer CO2e emissions, and are manufactured at scale in the UK.
The £3m Series A round was led by the Oetker Collection and FoodLabs, alongside Mustard Seed Maze, Gota Ventures, Paulig and Kapital, and brings the total funding raised to date by Win-Win to £8m.
Win-Win will use the case to invest in its UK team and new product lines, as well as a push into Germany, Benelux, the Nordics, France and Switzerland.
“We’re delighted to conclude this funding round, which provides us with extra resources to continue on our mission, and deliver a sustainable and affordable alternative to chocolate,” said CEO Mark Golder, who took the helm earlier this year.
“We all love chocolate, but the way it’s currently produced isn’t sustainable. Climate change is leading to reduced yields, causing spiralling prices and supply chain uncertainty,” he added.
“As consumers, we’re already seeing the impact of this in the form of rising prices and shrinkflation, and the cacao industry continues to be troubled by issues relating to deforestation. The industry is at an inflection point and needs alternative solutions that are stable and more environmentally and socially sustainable.”
Win-Win recently announced a major distribution partnership in the DACH region with the baking ingredients group Martin Braun. It is the first cocoa-free alternative to chocolate in the Martin Braun portfolio, providing customers with two of Win-Win’s products: vegan ‘M.lk’ and dark cocoa-free chocolate.
“The team at Win-Win has developed patented breakthrough technology to deliver a cocoa-free alternative to chocolate that doesn’t compromise on appearance, taste or usage,” Golder said. “We now have an incredible portfolio of chocolate alternative products, and this investment will help us to give manufacturers, foodservice providers and other businesses that use chocolate a delicious alternative that is better for both the planet and its people.”
Sven Wiszniewski of the Oetker Collection added: “We’re big believers in the transformative potential of Win-Win. Its approach to reimagining ingredients like chocolate is not only groundbreaking from a scientific perspective, but also incredibly timely given the environmental and ethical challenges facing the industry.
“We’re proud to support a team that’s combining world-class innovation with real-world impact, and we look forward to backing their growth across the UK and Europe.”
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