Celleste Bio, an early-stage cocoa-tech company, announced the closing of a $4.5 million seed funding round led by Supply Change Capital, with participation from Mondelēz International’s SnackFutures Ventures, Consensus Business Group, The Trendlines Group, Barrel Ventures and Regba Agriculture. Supply Change Capital led the funding round.
Celeste will use this funding round to accelerate the R&D, infrastructure, and technological capabilities needed to pilot and scale production of its cell-cultured cocoa ingredients.
Celleste was launched in 2022 to meet the world’s rising demand for chocolate in the face of supply chain challenges created by climate change and outdated, conventional farming practices. And Celleste utilizes a combination of AgTech, BioTech and AI computational models to grow 100% natural cocoa from one or two beans in optimal, controlled conditions, year-round.
Mondelēz International’s SnackFutures Ventures (the corporate venture capital arm of the global snack leader) also invested in the round.
KEY QUOTES:
“Climate change and conventional farming practices are depleting our rainforests – resulting in unprecedented environmental and financial challenges to grow enough cocoa to meet the needs of a $100 billion – and growing – chocolate industry. This round provides us with the financial and strategic support we need to accelerate product development, scalability and commercial readiness.”
– Michal Beressi Golomb, CEO of Celleste Bio
“Climate change is significantly impacting cocoa supplies, with prices reaching four times their historic highs this year, underscoring the urgent need for sustainable solutions. As the chocolate industry grows over 10% annually, the supply-demand gap is widening. We see this as a pivotal moment for advancements in cellular agriculture and are proud to support Celleste as it leads the way in pioneering innovative, sustainable cocoa solutions.”
– Shayna Harris, Co-Founder and Managing Partner at Supply Change Capital
“As one of the world’s largest chocolate producers, we are acutely aware of cocoa supply chain challenges. While still in its early stages, Celleste has great promise as a complementary technology to traditional farming practices. Combining Celleste’s technology with our unmatched capability and expertise will push the boundaries of what’s possible in building the cocoa supply chain of the future.”
– Richie Gray, VP, Global Head of Mondelēz International’s SnackFutures Ventures
“We have yet to feel the full scope and impact of climate change on how we grow and produce the world’s food supply. That is why Trendlines is focused on finding and growing companies like Celleste that are pioneering technologies that can be applied and scaled to many critical crops in the future.”
– Dr. Nitza Kardish, CEO of The Trendlines Agrifood fund
