WNWN Food Labs, a London, UK-based brand bringing cocoa-free chocolate to market, raised $5.6m (£4.5m) in financing.
The round was led by PeakBridge, with participation from Geschwister Oetker Beteiligungen Group via its subsidiary Martin Braun-Gruppe, Mustard Seed Maze, PINC, Investbridge AgriTech, and HackCapital.
The company intends to use there funds to scale up manufacturing and add headcount as it prepares for a UK retail launch later in 2023.
Led by CEO Ahrum Pak and CTO Dr. Johnny Drain, WNWN is a food tech startup that employs a proprietary fermentation process to transform widely available plant-based ingredients like cereals and legumes to create cocoa-free choc that tastes, melts, snaps and bakes just like chocolate. Its formula is vegan, caffeine-free, gluten-free, palm oil-free, lower in sugar than comparable products, and safe for dogs since it contains no theobromine.
WNWN has already released two cocoa-free chocolate products via direct-to-consumer channels to test its concept. Both its dark choc thins and Waim! bar, its take on the classic Daim bar, sold out immediately.
FinSMEs
28/02/2023