Ingredients firm Döhler has acquired Nukoko, a UK tech company specialising in cocoa-free chocolate alternatives for an undisclosed sum.
Founded in 2022 by Kit Tomlinson, Ross Newton, and plant biologist Professor David Salt; Nukoko is the firm behind the world’s first ‘bean-to-bar’ chocolate alternative based on fava beans.
Through this acquisition, the two businesses are now looking to accelerate the future of cocoa-free chocolate alternative innovation, as the industry continues to experience extreme cocoa volatility.
Fava beans can be grown in Europe, providing a more stable and sustainable option over strained cocoa supplies; and when combined with Nukoko’s patent-pending process, enables the creation of a chocolate-like commodity.
“Nukoko’s technology now has the platform to be delivered at scale around the world,” commented founders, Tomlinson and Newton. “It is incredibly exciting to join the Döhler team. With its global reach and trusted industry expertise, we can create unique solutions that do not currently exist on the market.”
Nukoko joins Döhler’s broad portfolio of plant-based ingredients and integrated solutions.
With more than 50 production sites, 75 offices and application centres, Döhler serves more than 160 countries and has over 10,000 employees, including 1,000 people in R&D.
The purchase will see the start up benefitting from Döhler’s scope and expertise in natural flavours and ingredients.
“Supported by Döhler’s global ingredient, R&D and application expertise, we can help customers create resilient, future-oriented product concepts without compromising sensory experience,” said Kerstin Bergander-Kleinert, head of BU CNP at Döhler.
Döhler has planned for samples to be available to customers from August, with applications including chocolate alternatives and confectionery; bakery and cereal; and ice cream, coatings and fillings.
While the move aims to offer relief to manufacturers navigating the volatile cocoa market, Philip Stark, principal at Oyster Bay Venture Capital, adds that the acquisition shows that it’s possible for novel ingredients solutions to transition to upscale.
“With this first exit from our new fund, a key investment thesis is confirmed: the European food industry is undergoing a profound transformation,” he said.
“Companies that reduce critical raw material dependencies while developing attractive consumer products will be among the winners of the next decade. The success of our portfolio company Nukoko is therefore not only a company milestone, but also a strong signal for founders, investors, and the entire European food-tech sector.”
Just eight months ago, Oyster Bay closed its second fund at €100+ million to specifically invest in companies making the global food system more resilient, sustainable, and future proof.
The firm notes that the successful exit of Nukoko underscores the potential of this investment focus and the growing international relevance of European food and agritech innovation.
