Sweet deal: Green Spot Technologies raises €5 million for cocoa alternative

In France, solid state fermentation startup Green Spot Technologies has raised €5 million ($US5.7 million) to scale production of its fermentation-based cocoa replacement.

Green Spot Technologies’ MILATEA is a line of sustainable, fermented ingredients for bakers, pastry chefs, and chocolatiers. Designed to reduce or replace cocoa in recipes, the brand will feature a variety of products including powders, fillings, and chocolate-style chips in multiple flavors.

The funding round, which blends equity investment with bank financing, was led by Team for the Planet. European Innovation Council, EIT Food, and other angel investors also participated.