Round Co-Led By UBS O’Connor and Level One Fund To Promote Growth and R&D Expansion Ahead of Q2 Launch
OAKLAND, Calif., May 5, 2022 /PRNewswire/ — Voyage Foods, the leading food technology company known for re-creating some of our most beloved foods using sustainable ingredients and sourcing practices, today announced a $36M Series A round, bringing total funding to date to $41.7M. The round was co-led by funds managed by UBS O’Connor and Level One Fund, and also included participation from Horizons Ventures, SOSV’s Indie Bio, and Social Impact Capital.
Voyage Foods was created to address many of the issues that are making common food products increasingly difficult to access: climate change, rising costs, unethical production, and health issues. The company’s three proprietary products – peanut-free spread, cacao-free chocolate, and coffee without the coffee beans – are molecularly similar to their original counterparts, free of the top nine major allergens, and made using a combination of whole, natural ingredients that are sustainably produced, without sacrificing the flavor and experience consumers are familiar with. They are also comparable in price to traditional coffee, peanut butter, and chocolate, demonstrating that revolutionary solutions to the future of food do not have to translate to higher costs.
The closing of this Series A funding round establishes Voyage Foods as a top competitor in the ethical food market, which is projected to grow to $727.86B by 2025 at an annual rate of 5.8% as consumers demand more accountability from popular brands. Coffee prices have been rising in recent years largely due to unstable weather patterms and climate change, while cacao production has the largest water footprint of any other crop and utilizes problematic cultivation practices in the form of child and slave labor. Meanwhile, severe peanut allergies affect over 6.1 million Americans, corresponding to roughly 2% of the U.S. population, and are rapidly on the rise in both children and adults. Voyage Foods’ products will not only help mitigate these concerns and provide a blueprint for a more just system, but will also preserve the classic foods that are facing challenges in ways that are accessible to everyone.
Voyage Foods is led by a team of esteemed food scientists including CEO Adam Maxwell, who has a strong background working for top food and beverage technology companies such as CHEW Innovation and Endless West, and Head of Operations Kelsey Tenney, who served as Senior Food Scientist at Endless West and Incredible Foods.
"At Voyage, we’re future-proofing time-tested favorite foods so that we can enjoy them for years to come without having to worry about their impact on the environment and unjust labor customs that contributed to making them," said Voyage Foods CEO Adam Maxwell. "We’re thrilled to be working with dynamic investors who are committed to helping us create delicious versions of traditionally unsustainable food products that won’t be limited by climate change, humanitarian concerns, or immunological issues."
"Voyage’s ability to deliver true 1:1 replacements for some of the world’s most important food products is a feat unmatched by most food tech companies," said Kevin Russell, Chief Investment Officer of UBS O’Connor. "Compared to incumbent products this is done at a superior cost and with a significantly reduced environmental impact, and has the potential to transform the food system in a way that benefits all stakeholders."
Voyage Foods’ future includes a combination of retail and B2B partnerships, with a focus on incorporating products into some of the major food manufacturers in order to help them transition to a more environmentally conscious and equitable food supply. Their first product, the peanut-free spread, will be launching in certain in-store and online retailers in Q2. Voyage’s cacao-free chocolate will be launching as an ingredient with a commercial partner in Q3.
About Voyage Foods:
Voyage Foods is a technology company future-proofing our classic favorites by recreating them using sustainable, scalable ingredients without compromising taste or affordability. Through its proprietary, breakthrough technology, Voyage is ensuring that our beloved foods remain accessible in spite of environmental, ethical, and health concerns, while demonstrating that traditional ingredients and outmoded sourcing practices aren’t necessary for delicious and cherished food experiences. While Voyage has perfected three products thus far – cacao-free chocolate, peanut-free spread, and coffee without coffee beans – the technology uses whole ingredients to recreate any non-fibrous food, making it possible to enjoy our favorite foods, forever. For more information, visit www.voyagefoods.com.
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SOURCE Voyage Foods
