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§ Venture Capital · London, United Kingdom
Early-stage venture capital firm investing in pre-seed and seed-stage European technology startups across SaaS, fintech, climate tech, and DeFi.
Cocoa is a London-based early-stage venture capital firm that invests in pre-seed and seed-stage European technology startups across sectors such as enterprise software, financial technology, climate tech, and decentralized finance. Operating with an angel investment approach, the firm writes initial check sizes ranging from $250,000 to $500,000 without taking formal board seats or leading institutional funding rounds. The organization manages a €15 million venture fund backed by limited partners, including scaleup operators and executives from established European technology companies. Cocoa's limited partners include individuals associated with prominent companies like N26, Bitpanda, and Truelayer, while its early portfolio investments feature emerging startups such as Speckle and Choice. The firm targets a deployment pace of 20 to 25 startup investments annually over a two-year period. Cocoa was founded in 2020 by Carmen Alfonso Rico and Anthony Danon.
Key people at Cocoa.
Cocoa has more than 26 tracked investments across 23 companies. The latest tracked deal is $21.0M Series A in Spiko in July 2025.
Key people at Cocoa.
Cocoa, in the context of startups and investment, primarily refers to innovative companies and ventures focused on transforming the cocoa and chocolate industry through technology, sustainability, and alternative production methods. For example, Celleste Bio is a startup that uses ag tech, biotechnology, and AI to grow natural cocoa in controlled environments, addressing supply chain and environmental challenges in the $100 billion chocolate market[1]. Other startups like Foreverland and WNWN develop cocoa-free chocolate alternatives using plant-based ingredients to reduce environmental impact and allergen concerns[2]. These companies serve chocolate manufacturers, consumers seeking sustainable and ethical products, and the broader food industry by solving problems related to cocoa supply shortages, climate change, and ethical sourcing.
Celleste Bio was founded in 2022 by a team leveraging biotechnology and AI to create cell-cultured cocoa, aiming to mitigate the environmental damage caused by traditional cocoa farming and climate change[1]. Early traction includes securing $4.5 million in seed funding from notable investors such as Mondelez International's venture arm, signaling strong industry interest and validation[1]. Other startups like Foreverland emerged from experienced food industry professionals seeking to address ethical and environmental issues by creating cocoa-free chocolate alternatives based on Mediterranean carob[2]. These origin stories highlight a shift toward innovation driven by sustainability and technology in the cocoa sector.
These companies are riding the wave of sustainability, food tech innovation, and ethical supply chain transparency. The timing is critical as climate change increasingly threatens traditional cocoa farming, and consumers demand more sustainable and ethical products[1][2]. Market forces such as rising cocoa prices, environmental regulations, and growing consumer awareness favor innovations like cell-cultured cocoa and cocoa-free alternatives. By leveraging biotechnology, AI, and blockchain, these ventures influence the broader ecosystem by reducing environmental impact, improving farmer livelihoods, and reshaping chocolate production and consumption patterns.
Looking ahead, companies like Celleste Bio are poised to scale cell-cultured cocoa production, potentially revolutionizing how cocoa is sourced and produced globally. The trend toward plant-based and allergen-free chocolate alternatives will likely grow, driven by consumer health and sustainability concerns. Blockchain-enabled ethical sourcing platforms may become standard in the industry, enhancing transparency and fairness. Collectively, these innovations could redefine the chocolate industry, making it more resilient, sustainable, and consumer-aligned, while addressing critical supply chain and environmental challenges.
This transformation ties back to the urgent need to innovate in cocoa production to sustain a growing global chocolate market under climate and ethical pressures.
