An alternative foods startup in Oakland that's taking the marquee ingredients out of staples like chocolate, peanut butter and coffee has raised millions in fresh capital.
Voyage Foods raised nearly $22 million in new funding, according to an SEC document that was filed at the very end of December, and the round could grow to as much as $30 million.
The new round comes about two years since Voyage closed a $36 million Series A round in May 2022. As things stand, the company's total funding now comes to more than $63 million, which could increase by up to $8 million by the time the new round closes.
The company didn't respond to a request for comment.
It's unclear who invested in the new round, but Voyage's known investors according to PitchBook include Valor Equity Partners, UBS O'Connor, Level One Fund, SOSV, IndieBio, Social Impact Capital, Plug and Play Tech Center, Platinum Mile Ventures and Litani Ventures.
Voyage is creating alternative versions of foods that are common allergens or have environmental and labor concerns, while ostensibly preserving the flavor profiles of the real thing.
Its product lineup currently includes a peanut-free nut spread, a hazelnut and cocoa-free Nutella alternative, a cocoa-free chocolate chip alternative and a coffee bean-free caffeinated beverage.
Venture capital activity in the food tech sector has declined over the past couple of years, alongside the broader market downturn.
Just over 200 food tech deals were made in the third quarter last year, worth $2 billion globally, according to PitchBook data. That's down from the second half of 2021 when food tech deals peaked at over $13 billion across more than 500 deals in the third and fourth quarters that year.
However, food tech deals that closed in 2023 reached all-time highs through the end of September last year, according to PitchBook, with the median deal size up by one-third to $4 million and median pre-money valuation up by more than 50% to $23.6 million compared to 2022.
