The DACH region is known for its vibrant chocolate manufacturing industry, featuring a blend of prominent international companies and innovative new startups. Major players include large corporates involved in cocoa processing, confectionery production, and artisan chocolatiers creating bespoke products. Sustainability is becoming increasingly crucial, with companies investing in ethical sourcing and eco-friendly practices. Trends show a growing interest in plant-based alternatives and premium chocolate niches as consumer preferences shift towards healthier and indulgent options. The industry's strong export potential also positions it well, with markets in Europe and beyond showing a rising demand for high-quality chocolate products.


This compilation features investors in the DACH chocolate sector, ranging from established corporates to dynamic venture capital firms. The investors include household names like Barry Callebaut and Nestlé, indicating their significant roles as corporate leaders. Spread across major cities, including Zurich and Berlin, these firms vary in size from small emerging entities to large multinational corporations, all shaped by their founding years. They show an active investment interest, highlighted by multiple deal counts in 2024, targeting innovative startups and growth-stage companies committed to chocolate and food technology.


Top 11 Chocolate Manufacturing Investors in DACH


1. Blue Horizon

  • Website: bluehorizon.com
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: bluehorizoncorp

Blue Horizon is a Zurich-based venture capital firm founded in 2016, specializing in sustainable food systems. The firm is dedicated to supporting mission-aligned founders in the bioeconomy by providing funding and resources to scale innovative solutions, particularly in alternative proteins and sustainable practices. Notably, Blue Horizon has invested in several companies within the chocolate manufacturing context, including LoveRaw, a vegan confectionery firm that received a multi-million-pound investment in 2020, and YES CACAO, which raised funds in 2018. These transactions highlight Blue Horizon's commitment to supporting sustainable and innovative approaches in the food sector, including chocolate manufacturing.


2. Nestlé

  • Website: nestle.com
  • Type: Corporate
  • Headquarters: Vevey, Vaud, Switzerland
  • Founded year: 1866
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: nestle-s-a-

Nestlé S.A. is a multinational food and beverage company based in Vevey, Vaud, Switzerland, founded in 1866. With over 10,000 employees, Nestlé offers a diverse range of products, including coffee, dairy, and pet care items, while maintaining a strong commitment to sustainability. In the chocolate manufacturing sector, Nestlé has made notable acquisitions to enhance its portfolio. These include the acquisition of Garoto in 2002, which expanded its reach in the Brazilian chocolate market, and the significant acquisition of Hsu Fu Chi in 2011 for $1.7 billion, which strengthened its position in the Asian confectionery market. Most recently, in 2021, Nestlé acquired the Chilean premium chocolate company La Fête Chocolat, aiming to enhance its presence in the luxury chocolate market while allowing the company to maintain its current management. These strategic moves highlight Nestlé's active role in the chocolate industry.


3. Barry Callebaut Group


Barry Callebaut Group is a prominent corporate investor based in Zurich, Switzerland, specializing in chocolate manufacturing and cocoa processing. Founded in 1996, the company operates within the food and beverage industry, producing a diverse range of chocolate and cocoa products for various clients, including multinational manufacturers and artisanal users. Barry Callebaut emphasizes sustainability and ethical sourcing in its operations. The company has been actively expanding its portfolio through strategic acquisitions, such as the Ingredients Division of Gertrude Hawk Chocolates, which aims to enhance its Specialties & Decorations business in North America. In 2012, Barry Callebaut acquired Petra Foods' cocoa ingredients business for US$950 million, making it the largest cocoa processor globally. Other notable acquisitions include La Morella Nuts, which enhances their chocolate and nut product offerings, and Stollwerck, a German chocolate company, which bolstered their presence in the German market. These transactions reflect Barry Callebaut's strategic focus on strengthening its position in the chocolate manufacturing sector.


4. FoodLabs

  • Website: foodlabs.com
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: atlantic-food-labs

FoodLabs is a venture capital firm and food technology incubator based in Berlin, founded in 2016. They focus on supporting innovative startups in the food tech sector, providing investment and consulting services to entrepreneurs. Their mission is to promote sustainable food solutions and address global challenges related to food security and health. Notably, FoodLabs participated in the funding round for WNWN Food Labs, a cocoa-free chocolate business, which raised $5.6 million to scale up manufacturing and prepare for a retail launch. This involvement highlights their interest in the chocolate sector, particularly in innovative and sustainable approaches. Additionally, they have invested in various other food tech companies, demonstrating a commitment to advancing the food industry as a whole.


5. Dr. Oetker

  • Website: oetker.com
  • Type: Corporate
  • Headquarters: Bielefeld, North Rhine-Westphalia, Germany
  • Founded year: 1891
  • Headcount: 10001+
  • LinkedIn: dr--oetker

Dr. Oetker is a prominent food manufacturer based in Bielefeld, North Rhine-Westphalia, Germany, specializing in a diverse range of baking and frozen food products. Founded in 1891, the company has established a strong presence in the global food market, focusing on innovation and sustainability to meet consumer preferences. Notably, Dr. Oetker has made significant acquisitions that enhance its portfolio in the confectionery and baking sectors. In 2019, the company acquired Mavalério, a leading decorative confectionery manufacturer in Brazil, which allows Dr. Oetker to expand its footprint in the baking category and potentially in chocolate-related products. Additionally, the acquisition of D'Gari, a Mexican confectioner known for gelatin desserts, further demonstrates Dr. Oetker's commitment to diversifying its product offerings. These strategic moves indicate Dr. Oetker's interest in the confectionery market, which includes chocolate manufacturing, making it a noteworthy player in this industry.


6. Givaudan

  • Website: givaudan.com
  • Type: Corporate
  • Headquarters: Vernier, Geneva, Switzerland
  • Founded year: 1895
  • Headcount: 10001+
  • LinkedIn: givaudan

Givaudan is a leading manufacturer specializing in flavors, fragrances, and active cosmetic ingredients, founded in 1895 and based in Vernier, Geneva, Switzerland. With over 10,000 employees, Givaudan provides innovative sensory solutions to food and beverage companies, personal care brands, and household goods producers. Their strategic acquisitions, such as Drom Fragrances, Ungerer & Company, and DDW The Color House, reflect their commitment to enhancing their flavor and ingredient offerings. These acquisitions are particularly relevant to the chocolate manufacturing sector, as they enable Givaudan to supply chocolate manufacturers with unique and appealing flavor solutions that enhance consumer experiences. Givaudan's focus on natural ingredients, as seen in their acquisition of Naturex, further aligns with current trends in the chocolate industry, where there is a growing demand for natural and high-quality flavoring options.


7. Coca-Cola HBC


Coca-Cola HBC AG is a corporate investor based in Zug, Switzerland, primarily known as a beverage manufacturer and bottling company. Founded in 1951, the company specializes in producing and distributing a wide range of beverages, including soft drinks, juices, and ready-to-drink teas. In recent years, Coca-Cola HBC has expanded its portfolio through strategic acquisitions, including the notable acquisition of Bambi, a Serbian confectionery company, for €260 million in 2019. This acquisition allowed Coca-Cola HBC to enhance its offerings with iconic confectionery brands and strengthen its distribution network in Serbia and the Western Balkans. Additionally, the company has made investments in other sectors, such as coffee, with a 30% equity stake in Caffè Vergnano, and premium beverages like Lurisia mineral water. These transactions reflect Coca-Cola HBC's commitment to innovation and sustainability while diversifying its product range to include confectionery, which may encompass chocolate products.


8. Nucleus Capital

  • Website: nucleus-capital.com
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: k16-ventures

Nucleus Capital is a venture capital firm based in Berlin, Germany, founded in 2021. The firm focuses on investing in purpose-driven entrepreneurs who are tackling systemic challenges related to planetary health. Nucleus Capital primarily invests in sectors such as Programmable Biology, Food Technology, and Green Industrials, with a strong emphasis on sustainability. Notably, they have been involved in multiple funding rounds for Planet A Foods, a company that is innovating in the chocolate space with its cocoa-free chocolate product, ChoViva. Their investments in Planet A Foods include a $15.4M Series A funding round announced in February 2024, a $6M Seed round in October 2021, and a $125,000 Pre-Seed round in August 2021. These transactions highlight Nucleus Capital's commitment to supporting innovative solutions in the food technology sector, particularly those related to chocolate manufacturing.


9. World Fund

  • Website: worldfund.vc
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: worldfund

World Fund is a venture capital fund based in Berlin, Germany, founded in 2021. The fund specializes in investing in startups that focus on climate technology, aiming to support innovative companies that contribute to climate change mitigation. With a strong emphasis on sustainability and environmental impact, World Fund has made several notable investments. Among these, their investment in Planet A Foods stands out, where they led a $15.4M Series A funding round to support the launch of ChoViva, an innovative cocoa-free chocolate product. This investment not only highlights their commitment to sustainability but also their active role in the chocolate manufacturing sector. Additionally, World Fund has participated in other funding rounds for companies like Enough and Juicy Marbles, which, while not directly related to chocolate, further demonstrate their focus on sustainable food technologies.


10. R&R Ice Cream


R&R Ice Cream, operating under Froneri Ice Cream Deutschland GmbH, is a corporate investor based in Haßbergen, Lower Saxony, Germany. The company specializes in the production of ice cream and frozen baked goods, offering a diverse range of products that include popular chocolate brands such as Milka, Oreo, and Daim. Their customer base includes both consumers looking for quality desserts and businesses in the food service industry. Notably, R&R Ice Cream has made significant acquisitions to expand its market presence, including the acquisition of Nestlé South Africa's ice cream business in 2015 and Peters Ice Cream for approximately $450 million in 2014. These transactions highlight R&R's strategic focus on enhancing its portfolio in the ice cream sector, which is closely linked to chocolate products.


11. European Circular Bioeconomy Fund (ECBF)


The European Circular Bioeconomy Fund (ECBF) is a venture capital firm based in Bonn, Germany, founded in 2020. It specializes in sustainable investments aimed at fostering a circular bio-based economy. ECBF provides funding and expertise to growth-stage companies across various sectors, including agriculture, food, and industrial biotechnology. Notable transactions include a €40M Series B funding round for Heura Foods, a leader in the foodtech industry, which emphasizes plant-based innovations. Additionally, ECBF has invested in companies like Biosyntia, which focuses on biobased ingredients for food and dietary supplements. While ECBF does not exclusively invest in chocolate manufacturing, its commitment to sustainable food solutions may intersect with innovative chocolate producers looking to enhance their sustainability practices.



Chocolate Manufacturing Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
Blue HorizonZurich, Zurich, Switzerland11-5020162
NestléVevey, Vaud, Switzerland10001+18662
Barry Callebaut GroupZurich, Zurich, Switzerland10001+19960
FoodLabsBerlin, Berlin, Germany11-50201611
Dr. OetkerBielefeld, North Rhine-Westphalia, Germany10001+18910
GivaudanVernier, Geneva, Switzerland10001+18950
Coca-Cola HBCZug, Zug, Switzerland10001+19510
Nucleus CapitalBerlin, Berlin, Germany1-1020215
World FundBerlin, Berlin, Germany11-5020217
R&R Ice CreamHaßbergen, Lower Saxony, Germany11-500
European Circular Bioeconomy Fund (ECBF)Bonn, North Rhine-Westphalia, Germany11-50202011


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