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Foreverland raises €6M for cocoa-free chocolate as supply pressures reshape confectionery

Europe’s food technology sector is attracting growing institutional capital as the confectionery industry confronts one of its most significant structural challenges in decades. Chronic cocoa supply shortages — driven by climate disruption across West African growing regions and compounded by disease affecting cacao harvests — have sent cocoa prices to record highs, forcing manufacturers to seek industrial-scale alternatives offering supply stability and cost predictability. Against this backdrop, investors are increasingly channelling capital into startups capable of delivering commercially credible cocoa-free chocolate solutions.

Milan-based foodtech company Foreverland has secured €6 million in a new funding round, bringing its total capital raised to €9.4 million. The round includes follow-on investment from Kost Capital and Maia Ventures, alongside new backers CDP Venture Capital, Linfa agrifoodtech fund (managed by Riello Investimenti SGR), and Newtree Impact. Funds will be deployed to accelerate European commercial expansion, deepen partnerships with confectionery manufacturers, scale production capacity, and develop an organic cocoa-free product line.

Investor analysis: institutional backing signals industrial credibility

The composition of this round reflects a clear investment thesis: Foreverland has moved well beyond the proof-of-concept stage and is now operating as a credible industrial partner. CDP Venture Capital, Italy’s national innovation fund, has backed the company from its earliest stages, with this latest participation signalling continued institutional confidence in the platform. The involvement of Newtree Impact — a sustainability-focused vehicle — also underscores the environmental dimension of the proposition. Foreverland’s core ingredient, Choruba, requires 90% less water and generates 80% fewer carbon emissions compared to conventional cocoa production, making it compelling not only commercially but from an ESG standpoint.

Massimo Sabatini, co-founder and CEO of Foreverland, said the round reflects progress “not only as a foodtech innovator but also as a dependable industrial partner for confectionery manufacturers.” He added: “With IFS Food certification in place and demand accelerating, we’re scaling commercial growth across Europe, strengthening key partnerships, and bringing in senior talent from the cocoa and chocolate industry to support manufacturers at scale.”

Market context: why Europe’s confectionery sector is rethinking cocoa dependency

Foreverland’s Choruba ingredient is derived from carob and other Mediterranean crops, engineered to replicate the taste and functional properties of chocolate at manufacturing scale. Unlike many early-stage cocoa substitute concepts still at the R&D phase, the company has secured IFS Food certification — a prerequisite for entry into mainstream confectionery supply chains — and has established commercial partnerships with established manufacturers including Incom Leone, Walcor, Maxtris, and Dulciar.

The European confectionery market, worth over €50 billion annually, has been under considerable pressure as record-high cocoa prices in 2024 and 2025 forced manufacturers across the continent to absorb cost increases or reformulate recipes. Foreverland’s model, which ties ingredient pricing to Mediterranean agricultural cycles rather than volatile West African harvests, positions Choruba as a structural solution rather than a short-term hedge. The broader cocoa-free chocolate space has attracted increasing investor interest over the past 18 months, with several European and American startups securing funding to develop alternatives ranging from precision fermentation to plant-based blends.

Founded in 2023 by Massimo Sabatini, Riccardo Bottiroli, Giuseppe D’Alessandro, and Massimo Brochetta, Foreverland has moved with notable speed from concept to commercial deployment. The company raised its first external capital through Italy’s FoodSeed national agrifoodtech programme before closing a €3.4 million seed round in October 2024. With €9.4 million now under its belt and a growing industrial partner base, the company’s next phase will test whether European confectionery manufacturers are prepared to integrate cocoa-free alternatives at meaningful scale — and whether the pace of consumer acceptance matches the momentum of investment.

CompanyForeverlandHQMilan, ItalyFounded2023RoundGrowthAmount raised€6 millionTotal raised€9.4 millionLead investorsCDP Venture Capital, Kost CapitalOther investorsLinfa agrifoodtech fund (Riello Investimenti SGR), Newtree Impact, Maia VenturesUse of fundsEuropean expansion, production scale-up, organic cocoa-free product line, senior talent acquisition

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