NEW TECH FOODS

Israel’s Celleste Bio has closed a $4.5 million seed financing round led by Supply Change Capital, with participation from Mondelēz International's SnackFutures Ventures, Consensus Business Group, The Trendlines Group, Barrel Ventures and Regba Agriculture.

Celleste plans to use the funding to accelerate R&D, infrastructure and technological capabilities needed to pilot and scale production of its cell-cultured cocoa ingredients.

Founded in 2022, Celleste uses a combination of ag-tech, biotech and AI computational models to grow 100% natural cocoa from one or two beans in optimal, controlled conditions, year-round.

Michal Beressi Golomb, CEO of Celleste Bio, 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. This round provides us with the financial and strategic support we need to accelerate product development, scalability and commercial readiness.”

Shayna Harris, co-founder and managing partner at Supply Change Capital, commented: “Climate change is significantly impacting cocoa supplies, with prices reaching four times their historic highs this year, underscoring the urgent need for sustainable solutions. 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.”

Richie Gray, VP and global head of Mondelēz International's SnackFutures Ventures, added: “As one of the world's largest chocolate producers, we are acutely aware of cocoa supply chain challenges. 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.”

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