Foreverland, a startup that has developed and patented a revolutionary carob-based chocolate different, has raised €3.4 million in a seed spherical only one 12 months after its founding.
Based by Massimo Sabatini, Riccardo Bottiroli, Giuseppe D’Alessandro, and Massimo Brochetta, the corporate secured funding from a various group of traders, together with food-specific enterprise funds like Gray Silo Ventures, Eatable Journey, Maia Enterprise and Kost Capital, and gamers akin to CDP Enterprise, Exor Ventures, 2100 Ventures, Ulixes Capital Companions, Newland Syndicate, Moonstone and different key figures within the meals business.
This funding will allow Foreverland to enter its subsequent part of progress, supporting its European enlargement, the event of latest merchandise, and the institution of its first manufacturing facility in Puglia, Italy set to be operational from January. Moreover, Foreverland will proceed to put money into analysis and growth to innovate and lead the meals business with future-proof merchandise dedicated to environmental, social, and financial sustainability.
Foreverland, based mostly in Bari with an workplace in Milan, is devoted to democratizing chocolate by creating sustainable, planet-friendly alternate options with out compromising on style. The corporate’s flagship product, Choruba (previously Freecao), is a revolutionary carob-based ingredient that provides a scrumptious, eco-conscious different to conventional chocolate, protected by two patents.
Choruba is offered in drops or liquid type and can be utilized in a wide range of purposes by meals business companies. Merchandise incorporating this progressive ingredient will likely be hitting the market within the coming months.
“This funding marks a major milestone for Foreverland,” mentioned Massimo Sabatini, CEO of Foreverland. “We’re thrilled to have the help of such prestigious traders who share and endorse our imaginative and prescient for a sustainable and scrumptious future. With this funding and the brand new manufacturing facility, we will collaborate with varied meals firms that align with our mission.”
The previous 12 months has seen the cocoa market shaken by an astonishing 300% enhance in uncooked materials prices, alarming your entire meals sector. This disaster has been pushed by the relentless results of local weather change, which have severely diminished manufacturing in Ghana and Côte d’Ivoire, international locations that account for two-thirds of the world’s cocoa provide. Moreover, the unsustainable nature of cocoa manufacturing, which ranks first in water consumption and third in CO2 emissions, together with its important contributions to baby labor and deforestation, has turn into more and more obvious. Choruba, nonetheless, requires 90% much less water and produces 80% fewer CO2 emissions, whereas additionally selling using carob, a forgotten ingredient, and its Italian provide chain, with the mission of making a extra inclusive and scrumptious future.
Giacomo Fanin, Managing Companion and Matteo Leonardi, Funding Supervisor at Gray Silo Ventures, company VC of Cereal Docks group, added: “At GSV, we spent over a 12 months assessing the (different) chocolate sector in all facets, and after we came upon and began digging in Foreverland’s expertise we knew that it may tick all of the containers to emerge as a category-defining enterprise. We’re proud to be supporting the founding crew, who’s pushed by unmatched ambition and relentlessness but in addition possesses the frugality and industriousness mandatory to construct an amazing meals firm”.
José Luis Cabañero, Founder and CEO of Eatable Adventures, commented: “We’re pleased with Foreverland’s funding spherical, probably the most profitable startups from our first batch of FoodSeed. This achievement is due to their formidable mission to revolutionize your entire cocoa manufacturing chain, addressing probably the most important world challenges with a sustainable, wholesome, and accessible different. In a context the place it’s more and more pressing to search out concrete and environmentally pleasant options, the Italian foodtech startup ecosystem is quickly consolidating, attracting the curiosity of traders and huge firms to create new synergies targeted on open, moral, and sustainable innovation.”
In 2023, Foreverland participated within the Foodseed accelerator, a part of the nationwide CDP Enterprise Capital community, and gained the PNI “Premio nazionale innovazione” within the industrial class. In 2024, the corporate additionally gained the Meals Tech World Cup in Lausanne, the world cup for foodtech innovation.
