Hamburg-based food and agritech investor Oyster Bay Venture Capital has announced the acquisition of its portfolio company, the British food-tech firm Nukoko, by the international ingredients supplier Döhler.
Nukoko has developed the “world’s first bean-to-bar chocolate alternative” made from field beans. The technology enables a chocolate-like flavour without cocoa as the main raw material, thereby addressing one of the industry’s most pressing challenges: volatile cocoa prices, increasing climate risks and the search for more resilient and sustainable supply chains.
Sustainable alternatives for the European market
“For us, Nukoko’s successful exit is an outstanding example of how European food-tech innovations can solve global challenges. The company recognised early on that the chocolate industry needed new raw material solutions and, with its field bean approach, has developed a scalable alternative that combines security of supply, sustainability and consumer acceptance,” says Philip Stark, Principal at Oyster Bay Venture Capital.
Field beans can be grown in Europe, are available in a stable supply, and thus offer a promising basis for the next generation of cocoa-free chocolate alternatives. At the same time, the acquisition demonstrates that innovative ingredient solutions can make the leap from the pilot phase to industrial-scale production.
“The European food industry is facing a far-reaching transformation”
“This first sale from our new fund confirms an important investment thesis: the European food industry is on the cusp of a profound transformation. Companies that reduce their dependence on critical raw materials whilst developing attractive products for consumers will be among the winners of the next decade. The success of our portfolio company Nukoko is therefore not only a corporate milestone, but also a strong signal to founders, investors and the entire food-tech sector in Europe,” Stark continued.
Eight months ago, Oyster Bay closed its second fund, worth more than 100 million euros, with the aim of investing specifically in companies that make the global food system more resilient, sustainable and fit for the future. The successful exit from Nukoko confirms that Oyster Bay is on the right track with its investment focus.
For Döhler and Nukoko, the takeover is the next step in an existing collaboration: back in November 2024, the food group Döhler had already announced an investment and a strategic partnership with the British start-up to drive forward the scaling up of cocoa-free chocolate.
