Greencovery, a food tech startup based in Wageningen, Netherlands, has raised €1M to scale its bio-based cocoa upcycling technology.
Its platform uses a mild separation process to turn food industry biomass sidestreams into higher-value bio-based ingredients. It yields proteins, amino acids, fibres, fats and flavours with strong taste, functionality and microbial stability.
ROM InWest, North Holland’s regional development agency, joined existing backer Brightlands Venture Partners and a private investor in the round. The company is now eyeing a further €3M, with commitments already secured.
Carlos Cabrera founded Greencovery in 2018 at Wageningen University and Research. He says the technology has been proven on coffee, oil press cakes and nuts. Cocoa, he adds, is where it is reaching commercial scale.
The company is developing three bio-based ingredients from cocoa sidestreams: a fibre, a soluble fibre and an extract. They aim to help manufacturers cope with cocoa price swings. They also target demand for natural flavours and reduced-sugar products.
Earlier products include a banana extract from a vinegar sidestream and a clean-label umami flavour from parmesan rinds. Initial commercial batches have been validated with key clients. Greencovery is now expanding with a strategic partner to reach 1,000 tonnes of capacity.
North Holland generates over 350,000 tonnes of food-grade sidestreams each year. Greencovery plans to refine this biomass locally instead of exporting it for low-value uses or disposal.
Bas Kalshoven of ROM InWest said upcycling sidestreams supports a circular food system. Marcel Zijp of Brightlands Venture Partners said the new investor arrives at a key moment.
Cocoa stocks fell to a decade low in 2024, and prices hit record highs. Around 70% to 80% of the cacao fruit is discarded during chocolate production.
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