6751e0a1f557db87b6283720 Cacaoadobestock 220351409

Mondelez’s SnackFutures Ventures Invests in Cultured Cocoa Biotech Celleste Bio

Dec. 5, 2024
In the face of record cocoa prices, the Israeli firm is developing cell culturing technology ‘to grow 100% natural cocoa from one or two beans.’

Mondelez International, obviously a big user of cocoa, was among six participants in a $4.5 million seed financing round in Celleste Bio, an early-stage cocoa-tech company in Israel.

Actually, SnackFutures Ventures, Mondelez International’s venture capital arm, was the investor, along with Supply Change Capital, Consensus Business Group, The Trendlines Group, Barrel Ventures and Regba Agriculture. Celleste will use the funding to accelerate R&D, infrastructure, and technological capabilities needed to pilot and scale the production of its cell-cultured cocoa.

Celleste was founded in 2022 to meet the world’s rising demand for chocolate in the face of supply chain challenges created by climate change and outdated, conventional farming practices. “Celleste uses a combination of AgTech, BioTech and AI computational models to grow 100% natural cocoa from one or two beans in optimal, controlled conditions, year-round,” the company’s announcement 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 $100 billion – and growing - chocolate industry,” said Michal Beressi Golomb, CEO of Celleste Bio.

Cocoa prices for decades hovered between $2,000 and $3,000 per metric ton. As we reported in October, they began a climb in January of 2023 that broke $12,000 a ton in April. While they’ve moderated since, a recent spike sent the commodity above $9,000, as of yesterday (Dec. 4).

That feature article also has suggestions for replacement of cocoa and other cost savings.

The numbers “underscor[e] the urgent need for sustainable solutions,” said Shayna Harris, co-founder and managing partner at Supply Change Capital. "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.”

“As one of the world’s largest chocolate producers, we are acutely aware of the supply chain challenges we need to overcome to produce our iconic chocolate brands like Milka, Cadbury and Toblerone while also having a positive impact on our business, consumers and the environment,” said Richie Gray, vice president and global head of Mondelez’s SnackFutures Ventures. “While still in its early stages, 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.”

About the Author

Dave Fusaro | Editor in Chief

Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.

Sponsored Recommendations

Refrigerated transport services you can count on

Ensure product quality from origin to final destination with refrigerated shipping solutions from Schneider.

4 shipping challenges that a dedicated carrier can solve

Navigating the logistics industry is challenging. Find out how a dedicated transportation solution can solve some of the most common shipping challenges.

Dedicated lightweight solution maximizes bottled water payload

A leading bottled water company needed a carrier to transport water from 29 plants to retailers. The challenge? Handling over 46,000 pounds. Read the study.

Recipe for successful growth: Schneider’s dedicated fleet services helps bakery rise

Learn how a large bakery company complimented their private fleet with Schneider Dedicated freight services to increase freight capacity, amplify visibility & reduce costs.