Grey Silo Ventures and key investors support Foreverland’s expansion with €3.4 Million Seed Funding for alt-chocolate innovation
We are excited to announce that Grey Silo Ventures co-led the seed funding round of Foreverland, an Italian foodtech startup on a mission to redefine the chocolate industry with its sustainable, carob-based alternative.
Just one year after its foundation, Foreverland has successfully raised €3.4 million in this Seed round to accelerate the development of its innovative products and fuel its expansion across Europe.
Grey Silo Ventures, along with foodtech investors like Eatable Adventures, Kost Capital, and another stealth foodtech specific VC believes this investment is a significant step toward the future of sustainable food. With support from players such as CDP Venture, Exor Ventures, 2100 Ventures, Ulixes Capital Partners, Newland Syndicate, Moonstone and other key investors in the food industry, Foreverland is now positioned to launch its first production facility in Puglia, Italy, set to be operational from January. Additionally, Foreverland will continue to invest in research and development to innovate and lead the food industry with future-proof products committed to environmental, social, and economic sustainability.
Foreverland, based in Bari with an office in Milan, is dedicated to democratizing chocolate by creating sustainable, planet-friendly alternatives without compromising on taste. The company’s flagship product, Choruba (formerly Freecao), is a revolutionary carob-based ingredient that offers a delicious, eco-conscious alternative to traditional chocolate, protected by two patents. Choruba is available in drops or liquid form and can be used in a variety of applications by food industry businesses. Products incorporating this innovative ingredient will be hitting the market in the coming months.
The past year has seen the cocoa market shaken by an astonishing 300% increase in raw material costs, alarming the entire food sector. This crisis has been driven by the relentless effects of climate change, which have severely reduced production in Ghana and Côte d’Ivoire, countries that account for two-thirds of the world’s cocoa supply. Furthermore, the unsustainable nature of cocoa production, which ranks first in water consumption and third in CO2 emissions, along with its significant contributions to child labor and deforestation, has become increasingly apparent. Choruba, however, requires 90% less water and produces 80% fewer CO2 emissions, while also promoting the use of carob, a forgotten ingredient, and its Italian supply chain, with the mission of creating a more inclusive and delicious future. We wrote more in our position paper published some weeks ago.
“At Grey Silo Ventures, we spent over a year assessing the alternative chocolate sector in all aspects – explain Giacomo Fanin, Managing Partner, and Matteo Leonardi, Investment Manager at Grey Silo Ventures –. When we discovered Foreverland’s technology, we knew it could emerge as a category-defining business. We are proud to support a team that is driven by unmatched ambition and industry expertise, combined with the practicality needed to build a great food company”.
“We live in a fantastic ‘land,’ but it seems we don’t truly love it; if we continue this way, it won’t be ‘forever’ – said Giuseppe D’Alessandro, CMO of Foreverland –. Foreverland’s mission is to create better, future-proof food products that do not compromise our land and the generations to come”.
“This investment marks a significant milestone for Foreverland – said Massimo Sabatini, CEO of Foreverland –. We are thrilled to have the support of such prestigious investors who share and endorse our vision for a sustainable and delicious future. With this funding and the new production facility, we can collaborate with various food companies that align with our mission”.
“In this period of work, we have discovered how, from a product considered waste, we can create something unique and disruptive through technology and innovation – said Riccardo Bottiroli, CTO of Foreverland –. We have filed two patents, but we are not stopping there: research is continuously increasing, and we are developing new allergen-free products, such as spreadable creams”.
In 2023, Foreverland participated in the Foodseed accelerator, part of the national CDP Venture Capital network, and won the PNI “Premio nazionale innovazione” in the industrial category. In 2024, the company also won the Food Tech World Cup in Lausanne, the world cup for foodtech innovation.
