Cocoa-Free Chocolate Maker Voyage Foods Raises $52 Million

A California startup that’s making cocoa-free chocolate in a bid to sidestep the volatility of commodities markets has raised $52 million in a funding round.

Voyage Foods’ chocolate is made with blended vegetable oils, sugar, grape seeds and sunflower protein. It also makes a peanut-free spread with a mix of seeds, sugar, legumes and palm oil and produces a hazelnut-free Nutella-style spread and bean-free coffee. The company’s founder, Adam Maxwell, sees an opportunity as demand grows for commodities such as coffee beans and cocoa and extreme weather disrupts production, making them scarcer.

Coffee and cocoa alternatives will help to bridge the gap between supply and ...