Foreverland, the Italian startup that invented a sustainable carob-based chocolate alternative, has raised €3.4 million in seed funding. The investment came from a diverse group of investors, including food-specific venture funds like Grey Silo Ventures, Eatable Adventure, Maia Venture and Kost Capital, and players such as CDP Venture, Exor Ventures, 2100 Ventures, Ulixes Capital Partners, Newland Syndicate, Moonstone and other key figures in the food industry.
Funds utilisation
This funding will enable Foreverland to enter its next phase of growth, supporting its European expansion, the development of new products, and the establishment of its first production facility in Puglia, Italy set to be operational from January. Additionally, Foreverland will continue to invest in research and development to innovate and lead the food industry with future-proof products committed to environmental, social, and economic sustainability.
Giacomo Fanin, Managing Partner and Matteo Leonardi, Investment Manager at Grey Silo Ventures, corporate VC of Cereal Docks group said: “At GSV, we spent over a year assessing the (alternative) chocolate sector in all aspects, and when we found out and started digging in Foreverland’s technology we knew that it could tick all the boxes to emerge as a category-defining business. We are proud to be supporting the founding team, who is driven by unmatched ambition and relentlessness but also possesses the frugality and industriousness necessary to build a great food company”.
José Luis Cabañero, Founder and CEO of Eatable Adventures said: “We are proud of Foreverland’s investment round, one of the most successful startups from our first batch of FoodSeed. This achievement is thanks to their ambitious mission to revolutionize the entire cocoa production chain, addressing one of the most significant global challenges with a sustainable, healthy, and accessible alternative. In a context where it is increasingly urgent to find concrete and environmentally friendly solutions, the Italian foodtech startup ecosystem is rapidly consolidating, attracting the interest of investors and large companies to create new synergies focused on open, ethical, and sustainable innovation.”
Sustainable cocoa-free chocolate alternatives
The past year has seen the cocoa market shaken by an astonishing 300% increase in raw material costs, alarming the entire food sector. This crisis has been driven by the relentless effects of climate change, which have severely reduced production in Ghana and Côte d’Ivoire, countries that account for two-thirds of the world’s cocoa supply.
Furthermore, the unsustainable nature of cocoa production, which ranks first in water consumption and third in CO2 emissions, along with its significant contributions to child labour and deforestation, has become increasingly apparent. Choruba, however, requires 90% less water and produces 80% fewer CO2 emissions, while also promoting the use of carob, a forgotten ingredient, and its Italian supply chain, with the mission of creating a more inclusive and delicious future.
Understanding this, Massimo Sabatini, Riccardo Bottiroli, Giuseppe D’Alessandro, and Massimo Brochetta, joined hands to launch Foreverland, a foodtech startup dedicated to creating sustainable cocoa-free chocolate alternatives.
Choruba, carob-based ingredient
Foreverland, based in Bari with an office in Milan, is dedicated to democratising chocolate by creating sustainable, planet-friendly alternatives without compromising on taste. The company’s flagship product, Choruba, is a revolutionary carob-based ingredient that offers a delicious, eco-conscious alternative to traditional chocolate, protected by two patents.
It is available in drops or liquid form and can be used in a variety of applications by food industry businesses. Products incorporating this innovative ingredient will be hitting the market in the coming months.
“We live in a fantastic ‘land,’ but it seems we don’t truly love it; if we continue this way, it won’t be ‘forever,’” said Giuseppe D’Alessandro, CMO of Foreverland. “Foreverland’s mission is to create better, future-proof food products that do not compromise our land and the generations to come.”
“This investment marks a significant milestone for Foreverland,” said Massimo Sabatini, CEO of Foreverland. “We are thrilled to have the support of such prestigious investors who share and endorse our vision for a sustainable and delicious future. With this funding and the new production facility, we can collaborate with various food companies that align with our mission.”
“In this period of work, we have discovered how, from a product considered waste, we can create something unique and disruptive through technology and innovation,” said Riccardo Bottiroli, CTO of Foreverland. “We have filed two patents, but we are not stopping there: research is continuously increasing, and we are developing new allergen-free products, such as spreadable creams.”
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