Voyage Foods
Overview
Voyage Foods is a food technology company headquartered in Oakland, California, specializing in creating allergen-free and sustainable alternatives to traditional foods. Founded in 2021 by Adam Maxwell and Kelsey Tenney, the company is known for its innovative products such as cocoa-free chocolate, nut-free spreads, and bean-free coffee. Voyage Foods aims to tackle environmental and ethical challenges associated with conventional food production. As of 2024, the company has raised over $94 million in funding from investors, including Level One Fund and Horizons Ventures.
Recent Developments
- October 2024: Voyage Foods announced the opening of a new 284,000-square-foot manufacturing facility in Mason, Ohio, designed to expand its production capacity for cocoa-free chocolate, nut-free spreads, and bean-free coffee. The facility will be operational by early 2025 and is expected to produce 10,000 metric tons of cocoa-free chocolate annually. This expansion follows a $25 million loan backed by the U.S. Department of Agriculture.
- April 2024: Voyage Foods formed a strategic partnership with Cargill, a global leader in food ingredients, to become the exclusive B2B global distributor of Voyage's cocoa-free chocolate and nut-free spreads. This partnership aims to scale production and offer sustainable, allergen-free alternatives to traditional confectionery products on a global scale.
- May 2024: The company successfully completed a $52 million Series A+ funding round, bringing its total investment to $94 million. This funding will support the expansion of manufacturing facilities and accelerate the development and launch of new products in the market.
- July 2024: Voyage Foods commenced the commercial sale of bean-free coffee to foodservice operators and CPG brands. The bean-free coffee is 40% cheaper than traditional coffee, offering suppliers an eco-friendly, stable-priced alternative amid rising coffee costs due to climate change-induced supply chain issues.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2021 |
| Headquarters | Oakland, California, USA |
| Founders | Adam Maxwell, Kelsey Tenney |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Level One Fund, Horizons Ventures |
| Industry | Food Technology |
| Number of Employees | 51-100 |
Early History
Voyage Foods was founded in 2021 with the vision of addressing significant health, humanitarian, and sustainability issues within the global food system. The founders aimed to recreate popular food staples using alternative ingredients that offer similar flavors and nutritional profiles without the environmental and ethical concerns. Early on, Voyage Foods focused on developing products to replace high-demand yet problematic staples like chocolate, peanut butter, and coffee, leveraging proprietary technology to achieve this.
Their first major breakthrough came with the development of cocoa-free chocolate, which uses plant-based ingredients such as grape seeds and vegetable oils. This innovation attracted the attention of major investors and led to accelerated growth and product development. The company also introduced nut-free spreads, which gained popularity in allergy-conscious communities and schools.
Company Profile and Achievements
Voyage Foods positions itself as a pioneer in the food tech industry, addressing the challenges of food sustainability through innovative product development. The company operates by creating plant-based alternatives to traditional food products, ensuring these alternatives replicate the taste, texture, and functionality of their conventional counterparts.
- 2021: Established in Oakland, California by Adam Maxwell and Kelsey Tenney.
- 2022: Launched its first product, a peanut-free spread, followed by cocoa-free chocolate and bean-free coffee.
- 2023: Secured a $36 million Series A funding, setting the stage for accelerated growth.
- 2024: Announced a strategic partnership with Cargill, received $52 million in Series A+ funding, and opened a large-scale production facility in Ohio to meet increasing demand.
Voyage Foods has filed six patents covering its core products, cementing its position as a leader in food technology focused on sustainable and allergen-free food production.
Current Operations and Market Position
Currently, Voyage Foods is leveraging its innovative approach to food technology to strengthen its market presence. The company operates primarily in the B2B sector, supplying its allergen-free cocoa-free chocolate and nut-free spreads to major food manufacturers and brands worldwide.
With its new Ohio manufacturing plant, Voyage Foods aims to meet growing global demand, particularly as traditional chocolate markets face supply challenges due to climate change. The partnership with Cargill will help scale these operations, allowing Voyage to expand its market reach and provide stable, cost-competitive alternatives to traditional food commodities.
Conclusion
Voyage Foods has positioned itself as a key player in the sustainable food technology sector by developing innovative alternatives to commodities critically impacted by environmental and ethical challenges. With strategic partnerships, significant investor backing, and a strong focus on using upcycled and plant-based ingredients, Voyage Foods is poised to impact the food industry significantly. Its ongoing expansion efforts and collaborations will likely enhance its ability to meet consumer demand for sustainable and allergen-free products, potentially leading the way in the future of food manufacturing.