A FoodTech company which has created the UK’s first cocoa-free alternative to chocolate has raised £3m to fuel its UK growth.
London-based Win-Win has now raised £8m to date and this latest round has seen backing from names including Oetker Collection, Foodlabs, Mustard Seed Maze, Gota Ventures, Paulig and Kapital.
The firm is set to accelerate its national growth with investment into people and new product lines, whilst it also has its sights set on expansion into major European markets such as Germany, Benelux, the Nordics, France and Switzerland.
The company produces a range of award-winning cocoa-free alternatives to chocolate – including white, milk, vegan ‘M.lk’ and dark couvertures and compounds, which are made using affordable and sustainable ingredients including rice and carob.
It is aiming to reshape the conventional fermentation process to achieve the same results without the need for cocoa, but utilising traditional chocolate crafting techniques like roasting, grinding, refining and tempering to achieve its chocolate-alternative.
Company products use up to 80% less water, emit 82% fewer CO2 emissions and are produced at scale in the UK.
Win-Win x Martin Braun creations
Win-Win’s name derives from its products being said to be better for people and the planet – a ‘Win-Win’ for businesses and consumers.
Having also recently announced a major DACH distribution partnership with Martin Braun Backmittel und Essenzen KG, part of Martin Braun-Gruppe, it is the first cocoa free alternative to chocolate in the Martin Braun-Gruppe portfolio.
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“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 Mark Golder, CEO of Win-Win.
“We’re grateful that industry specialists such as Oetker recognise the need and opportunity, and have chosen Win-Win for their investment.
“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.
“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.
“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.
“We now have an incredible portfolio of chocolate alternative products, and this investment will help us to give manufacturers, food service providers and other businesses that use chocolate a delicious alternative that is better for both the planet and its people.”
Sven Wiszniewski, head of venture and growth capital investments at Oetker Collection KG, added: “We’re big believers in the transformative potential of Win-Win. Their 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.”