The round was co-led by funds managed by UBS O'Connor and Level One Fund with participation from Horizon Ventures and Social Impact Capital.
Wanting to help "future-proof" the food system by creating more economically- and environmentally-sustainable products, Voyage Foods has developed three proprietary products: peanut-free spread, cacao-free chocolate, and coffee without the coffee beans, which the company claims are molecularly similar and comparable in price to their conventional counterparts.
Voyage Foods said it uses a proprietary breakthrough technology which uses whole food ingredients to recreate non-fibrous food products.
Voyage Foods said its products are helping to mitigate common issues plaguing the food industry such as rising coffee prices, unstable climate conditions for cacao production, and the rising prevalence of allergies such as peanut allergies, which affect roughly 6.1 million Americans.
"Voyage's ability to deliver true 1:1 replacements for some of the world's most important food products is a feat unmatched by most food tech companies," said Kevin Russell, Chief Investment Officer of UBS O'Connor.
"Compared to incumbent products, this is done at a superior cost and with a significantly reduced environmental impact, and has the potential to transform the food system in a way that benefits all stakeholders."
The funding will help establish Voyage Foods as a top competitor in the ethical food market which is project to reach $727.86bn by 2025 growing at a CAGR of 5.8%, according to Report Linker.
With the funding Voyage Foods will pursue retail and B2B partnerships with major food manufactures. The company will first be launching its peanut-free spread into select bricks-and-mortar retail stores and online in Q2 2022 followed by a B2B ingredient launch of its cacao-free chocolate with a commercial partner in Q3.