Voyage Foods is a company that was born out of a deep hunger to harness the power of technology to secure the future of our favorite foods without exploiting their source ingredients. Pulse 2.0 interviewed Voyage Foods CEO and founder Adam Maxwell to learn more about the company.
Adam Maxwell’s Background
What is Adam Maxwell’s background? Maxwell said:
“I fell in love with food at a young age, so much so that when it came time for my bar mitzvah, I asked my parents for a Kitchen Aid. I started working at restaurants as a teenager and even apprenticed at James Beard award-winning restaurant, Clio, in Boston. My parents were both in the sciences and eventually I hit upon food chemistry at McGill University. After working at a handful of food tech companies, I saw an opportunity to use technology and innovation to make our favorite foods better for both people and the planet, which is exactly what we’re doing here at Voyage Foods.”
Formation Of The Company
How did the idea for the company come together? Maxwell shared:
“Voyage is decoupling some of the world’s favorite foods from their traditional source materials – mitigating problems with cultivation and production. Voyage Foods uses sustainable ingredients and thoughtful food science to replicate our favorite foods in ways that make them more affordable, less harmful, friendly to all dietary needs, and really, truly just as delicious.”
“Voyage’s technology transforms wholesome, upcycled ingredients like grape seeds leftover from the winemaking industry, sunflower kernels, rice hulls, and chickpeas into cocoa-free chocolate, nut-free spreads, and bean-free coffee. Voyage products are sold in retail and e-commerce, and it supplies ingredients to commercial and foodservice partners, including K-12 school districts.”
Core Products
What are the company’s core products and features? Maxwell explained:
“Our key lanes are nut-free spreads including a peanut-free spread that’s similar to peanut butter, a hazelnut-free spread similar to Nutella, cocoa-free chocolate, and bean-free coffee. All products are made from wholesome, inexpensive, widely available plant-based ingredients, are top 9 allergen-free, and vegan by default.”
“We have CPG products in retail and e-commerce, and work with commercial partners as an ingredient supplier as well as foodservice operators such as K-12 schools.”
Differentiation Of The Company’s Technology
What is the company’s technology and how is it differentiated? Maxwell noted:
“Our technology transforms wholesome, upcycled ingredients like grape seeds leftover from the winemaking industry, sunflower kernels, rice hulls, and chickpeas into our favorite foods. The secret sauce is how the ingredients are handled to make them taste the way consumers expect.”
“For example most peanut-free spreads intended to replace peanut butter use roasted sunflower kernels, and we do as well. Our technology is able to tease out a different flavor profile from that same ingredient, and develops another flavor from grape seeds, which combine for a product that tastes far more like it was made from peanuts.”
Challenges Faced
What challenges have Maxwell and the team faced in building the company? Maxwell acknowledged:
“The biggest hurdle in the development of our products was building up the flavor of the ingredients we were working with, while reducing any unexpected characteristics. For example, sunflower kernels are naturally green and have a grassy note, both of which could be perceived as out of place in a nut spread. By treating the seeds in a specific way, using our proprietary technology, we were able to give the seeds a deep nutty and roasted flavor, analogous to a traditional nut spread.”
Food-Tech Alternatives
Why do we need a food-tech alternative to chocolate, coffee, or nut butters? Maxwell replied:
“These foods and ingredients help CPG companies manage price volatility and provide them with supply chain stability due to broader availability of ingredients. These partners, as well as foodservice operators, are searching for lower carbon-footprint ingredients, and we can offer the same taste, textural, and functional properties as traditional ingredients. Our alternatives are interchangeable in recipe development and various production processes, and are more sustainable, with lower carbon footprints.”
Significant Milestones
What have been some of the company’s most significant milestones? Maxwell cited:
“In 2024, we closed an investment round of $52 million, which was earmarked to scale our capacity. For any food tech startup, the ability to execute is based on the ability to scale. We were facing greater than anticipated consumer and commercial demand for products in B2B, foodservice, and retail distribution channels.”
“We’re now opening a 284,000 square-foot facility in Mason, Ohio to manufacture cocoa-free chocolate, nut-free spreads, and bean-free coffee. To our knowledge, this is the largest capacity of cocoa-free chocolate that can be produced by any company in the category.”
Customer Success Stories
When asking Maxwell about customer success stories, he highlighted:
“Earlier this year we signed an agreement with Cargill to become our exclusive global B2B distributor for cocoa-free chocolate and nut-free spreads. Cargill is responding to and anticipating consumer demand towards more sustainable, allergen-free, and plant-based ingredients. By partnering with Cargill, Voyage can multiply our distribution footprint, resulting in a broader global impact. Cargill has the established reach and brand power to bring these ingredients to customers across markets.”
“Rudi’s Bakery created its line of peanut-free “Sandos” in grape and strawberry using Voyage’s Peanut-Free Spread. This provides increased options to consumers hungry for allergy-friendly foods, showcases our spreads in a new application, and demonstrates the value of products that incorporate our ingredients. The Sandos are now available nationwide at Whole Foods and elsewhere.”
“Multiple K-12 school districts also serve Voyage spreads to hundreds of thousands of students and counting, and we are working with schools across the country looking for ways to make their cafeteria menus more accessible and safer.”
Funding
When asking Maxwell about the company’s funding details, he revealed:
“The most recent round closed brings our total funding to $94 million.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Maxwell assessed:
“The appetite for allergen-free ingredients is growing. One in 10 adults and 1 in 13 children suffer from food allergies. There are peanut-free schools, restaurants, and even workplaces. We know in households where one family member is allergic, everyone else’s diet is affected too. Based on the average household size, that’s around 100 million Americans. The market for allergy-friendly foods is far bigger than many expect because food allergies are a concern to a much larger audience than just those who are directly affected.”
Differentiation From The Competition
What differentiates the company from its competition? Maxwell affirmed:
“Voyage has always been focused on where we can deliver the largest impact, and thus have focused on how we can help foodservice operators and CPG food companies deliver on their goals, whether it be sustainability, cost, margin, etc. Our raw ingredients aren’t as vulnerable to price fluctuations and supply-chain disruption. That’s allowed us to deliver at a mass-market price point from the beginning, and as we scale, our pricing will inevitably come down.”
Future Company Goals
What are some of the company’s future goals? Maxwell emphasized:
“A key priority is to get the Mason facility operational, including building out a team. This is an important component of delivering on opportunities that are in front of us, and meeting consumer and commercial demand.”
Future Of Food
What’s your vision of the future of food and how do we get there? Maxwell concluded:
“I believe there is a great appetite for food tech that is also healthy and natural. We’re choosing a route that includes wholesome, abundant ingredients like seeds and grains, and upcycling underutilized ingredients, to future-proof the food system. We’re called Voyage because this is a voyage towards an even more delicious, sustainable, and accessible future of food.”
