Nukoko raises funding to scale cocoa-free chocolate

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Investments & Acquisitions

Nukoko Raises $1.5M to Scale “World’s First” Cocoa-Free Chocolate Made From Fava Beans

UK-based company Nukoko has raised $1.5 million in seed funding to scale up its technology to produce cocoa-free chocolate from fava beans. The round was led by Oyster Bay Venture Capital, with participation from SOSV and The Mills Fabrica alongside a grant from Innovate UK. Due to climate change, cocoa has seen a supply deficit in recent years, causing prices to rise by a huge 89% in 2023 and double again in the first months of 2024. Cocoa production is also associated with deforestation and significant carbon emissions. Nukoko claims to have developed the first chocolate made from fava beans, a nitrogen-fixing crop that can be grown within the UK. Using a fermentation process similar to traditional cocoa fermentation, the company transforms the beans into …