A startup "cocoa tech" company said Thursday that it has received $4.5 million in seed financing — including funding from the venture arm of global snacks giant Mondelez.
Celleste Bio said that the financing round was led by Supply Change Capital with participation from Mondelez International's SnackFutures Ventures, Consensus Business Group, the Trendlines Group, Barrel Ventures and Regba Agriculture.
Celleste officials said the company would use the money to accelerate its research and development and infrastructure in a bid to pilot and scale production of cell-cultured cocoa.
Celleste, founded in 2022, says that it uses a combination of ag tech, biotechnology and AI models to grow natural cocoa from one or two beans year-round in controlled conditions.
"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," said Celleste Bio CEO Michal Beressi Golomb. "This round provides us with the financial and strategic support we need to accelerate product development, scalability and commercial readiness."
"As one of the world's largest chocolate producers, we are acutely aware of cocoa supply chain challenges," added Richie Gray, who heads Mondelēz's SnackFutures Ventures. "While still in its early stages, Celleste has great promise as a complementary technology to traditional farming practices."
