Cocoa-free chocolate maker Win-Win has secured £3 million in Series A funding to boost expansion into key European markets.
The UK firm aims to establish new product lines domestically and in Germany, the Benelux and Nordic regions, France, and Switzerland.
Unprecedented price hikes are squeezing the cocoa sector, driven by climate change and chronic underinvestment in key cocoa-growing regions like Ghana and Côte d’Ivoire.
Additionally, the industry faces ethical and environmental challenges, such as inadequate farmer compensation, child labour, and deforestation.
Amid such uncertainties, Win-Win says it leverages affordable and sustainable ingredients, including rice and carob, to produce various chocolate alternatives, including milk, white, and vegan “M.lk” chocolate, as well as dark couverture and compounds.
While the process removes cocoa from chocolate-making, the traditional techniques of fermentation, roasting, grinding, refining, and tempering help achieve the final product.
According to the company, the products use up to 80% less water, release 82% fewer CO2e emissions, and are made at scale in the UK.
The round was led by Oetker Collection and FoodLabs, along with other venture capitalists. It brings the company’s total funds raised to date to £8 million.
The funding follows Win-Win’s recent DACH distribution partnership with baking ingredients producer Martin Braun.
