Israel-based early-stage cocoa-tech company Celleste Bio has announced the closing of its seed financing round, led by Supply Change Capital, at $4.5m.
Other participants include Mondelēz International’s SnackFutures Ventures, Consensus Business Group, The Trendlines Group, Barrel Ventures, and Regba Agriculture.
Celleste intends to use the funding to advance its R&D, infrastructure, and technological capabilities to test and scale the production of its cell-cultured cocoa ingredients.
Supply Change Capital co-founder and managing partner Shayna Harris said: “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.”
Mondelēz International’s SnackFutures Ventures vice president, global head Richie Gray said: “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.”
Established in 2022, Celleste aims to meet the demand for chocolate in the face of supply chain challenges created by climate change and outdated farming practices.
The company leverages a combination of AgTech, BioTech and AI computational models to grow 100% natural cocoa from one or two beans in optimal, controlled conditions.
Celleste Bio CEO Michal Beressi Golomb said: “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 $100bn and growing, chocolate industry.
“This round provides us with the financial and strategic support we need to accelerate product development, scalability and commercial readiness.”
