Foreverland, the start-up that created and patented the innovative alternative to carob-based chocolate, reports that it has raised EUR 3.4 million in a seed round only one year after its foundation.
The company founded by Massimo Sabatini, Riccardo Bottiroli, Giuseppe D’Alessandro and Massimo Brochetta (pictured) obtained funding from several investors, including some food verticals such as Grey Silo Ventures, Eatable Adventure and Kost capital, and others such as CDP Venture, Exor Ventures, 2100 ventures, Ulixes capital partners, Newland Syndicate, and Moonstone.
The financing will enable the company to enter its next phase of growth by supporting European expansion, the development of new products, the construction of its first production plant in Puglia, in Putignano, operational since January, and the commercialisation of its innovative ingredient, Choruba. In addition, Foreverland will continue to invest in research and development to innovate and lead the food sector with future-proof products under the banner of environmental, social and economic sustainability.
The Apulian start-up, which is based in Conversano and has an office in Milan, is committed to democratising chocolate by creating sustainable, planet-friendly alternatives without compromising on taste. In fact, Foreverland has created Choruba, formerly Freecao, a revolutionary ingredient made from Italian carob, which offers a delicious, eco-conscious alternative to traditional chocolate and is protected by two patents. Choruba is sold in drops or liquid, in different variants and applications, to companies in the food industry and products using the innovative ingredient will be on the market in the coming months.
In the last year, the world of cocoa has been shaken by an exorbitant increase in the cost of raw materials of +300%, which has alarmed the entire food sector, as a consequence of the unstoppable climate change that has caused a drastic reduction in production in Ghana and Côte d’Ivoire, countries from which about 2/3 of the world’s cocoa is sourced. The poor sustainability of cocoa is also becoming increasingly well known, making it the number one ingredient in terms of water consumption and the third largest in terms of CO2 emissions, as well as a major cause of child labour and deforestation.
Choruba makes it possible to reduce water consumption by 90 per cent and CO2 emissions by 80 per cent, valorising a forgotten ingredient like carob and its Italian supply chain. The mission is to create a more inclusive and delicious future, confirming the startup’s commitment to sustainability and innovation.
“We live in a fantastic ‘land’ but we don’t seem to really love it, and if we continue like this, it won’t be ‘forever’,” Giuseppe D’Alessandro, CMO of Foreverland, said in a note. “Foreverland’s goal is to create better, future-proof food products so as not to compromise our land and future generations.”
“This investment marks a significant milestone for us,” adds Massimo Sabatini, CEO of Foreverland. “We are thrilled with the support of such prestigious investors who share and support our vision of a sustainable and delicious future. With this investment and thanks to the new production facility, we will be able to collaborate with several food companies that share our mission.”
“In the course of our work, we have discovered how from a product now considered waste, through technology and innovation we can create something unique and disruptive,’ says Riccardo Bottiroli, CTO of Foreverland – We have filed two patents, but we are not stopping: the research is continuously expanding and we are developing new allergen-free products such as the spreadable creams’.
Giacomo Fanin, managing partner and Matteo Leonardi, investment manager of Grey Silo Ventures, corporate VC of the Cereal Docks group explain: “At GSV we have spent the last year delving into the chocolate industry and its alternatives in detail, and when we came across the technology developed by Foreverland we realised that it could have all the makings of a revolutionary company. We are delighted to be able to support this team of entrepreneurs, who have shown great ambition and determination right from the start, but also the frugality and industriousness needed to build a great food company.
José Luis Cabañero, founder and CEO of Eatable Adventures says: “We are proud of this investment round from Foreverland, one of the most successful start-ups in our first batch of FoodSeed. A goal achieved thanks to their ambitious mission to revolutionise the entire cocoa production chain, responding to one of the most significant global challenges with a sustainable, healthy and affordable alternative. In a context in which it is becoming increasingly urgent to find concrete and environmentally friendly solutions, the Italian foodtech startup ecosystem is rapidly consolidating, attracting the interest of investors and large companies to create new synergies under the banner of increasingly open, ethical and sustainable innovation.” Foreverland in 2023 participated in the Foodseed accelerator, part of the national CDP Venture Capital network, and won first the Startcup Puglia and then the National Innovation Award in the Industrial category and in 2024 the Food tech world cup in Lausanne.
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