The chocolate manufacturing industry in the US produces a vast assortment of sweet treats, from traditional bars to artisanal chocolates. This sector includes global giants, local manufacturers, and innovative startups that create a variety of products designed to cater to different tastes and preferences. Growing health trends are influencing product development, leading to an increased demand for premium chocolates, organic options, and dark chocolate with fewer additives. The industry is evolving with a focus on sustainability, fair trade sourcing, and inventive flavor combinations that excite consumers and appeal to a market that increasingly values ethical consumption.


In the realm of chocolate manufacturing investments, a range of players actively participates, from established private equity firms to venture capital companies. Spanning across major US cities, these investors vary in size and focus, with some managing extensive portfolios while others specialize in niche opportunities. In 2024, these investors collectively executed numerous deals, underscoring their commitment to enhancing the chocolate ecosystem. With backgrounds that trace back several decades, they blend tradition with innovation to carve out a competitive marketplace, exemplified by firms like The Hershey Company and Riverside Company.


Top 12 Chocolate Manufacturing Investors in the US


1. IndieBio

  • Website: indiebio.co
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 76
  • LinkedIn: indiebio

IndieBio is a venture capital firm based in San Francisco, California, founded in 2015. It specializes in biotechnology and supports startups by providing investment, mentorship, and networking opportunities. IndieBio has been particularly active in the food sector, with a notable focus on innovative solutions that could impact various food industries, including chocolate. In 2024, IndieBio invested in Nukoko, a company that raised over $1.4 million in a seed round, indicating their interest in food innovation. This aligns with their mission to advance ideas in the food sector, making them a potential player in the chocolate manufacturing space, especially if their investments lead to advancements in chocolate production or related technologies.


2. The Hershey Company


The Hershey Company, founded in 1894 and based in Hershey, Pennsylvania, is a leading confectionery manufacturer recognized for its iconic chocolate products and a diverse range of snacks. With over 10,000 employees, Hershey operates primarily in the chocolate and snack food sectors. The company has made significant acquisitions to strengthen its portfolio in the chocolate manufacturing space, including the acquisition of Brookside Foods Ltd. in 2011, which specializes in chocolate-covered fruit and nut products, and Hershey India Pvt Ltd. in 2007, expanding its reach in the Indian market. More recently, Hershey acquired Dot's Pretzels in 2021 and Amplify Snack Brands in 2017, further diversifying its snack offerings while maintaining a strong focus on chocolate. These strategic moves highlight Hershey's commitment to enhancing its chocolate product line and its position as a key player in the chocolate manufacturing industry.


3. IFC - International Finance Corporation

  • Website: ifc.org
  • Type: Venture Capital
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1956
  • Headcount: 1001-5000
  • Number of deals in 2024: 107
  • LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, headquartered in Washington, D.C. It focuses on private sector development in emerging markets by providing investment, advisory, and asset management services to businesses and financial institutions. IFC aims to foster economic growth and alleviate poverty by helping companies access capital and expertise. In 2024, IFC was involved in several significant transactions, including a $79.7 million debt raise for Ulker Biskuvi, a company that produces a variety of confectionery products, which may include chocolate. Additionally, they participated in debt financing for Johnvents Industries, which operates in the food sector. These transactions highlight IFC's engagement with companies that are part of the food and potentially chocolate manufacturing industries, reinforcing their role as a relevant investor in this space.


4. Adm

  • Website: adm.com
  • Type: Corporate
  • Headquarters: Chicago, Illinois, United States (USA)
  • Founded year: 1902
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: adm

The Archer-Daniels-Midland Company (ADM) is a leading food processing and commodities trading corporation based in Chicago, Illinois, founded in 1902. With a workforce of over 10,000 employees, ADM specializes in human, pet, and animal nutrition, providing a wide range of ingredients and solutions to food and beverage manufacturers. Notably, ADM has made significant strides in the chocolate manufacturing sector, highlighted by its acquisition of Schokinag-Schokolade-Industrie Herrmann GmbH & Co. KG in 2009, which allowed ADM to strengthen its presence in the European chocolate market. This strategic move reflects ADM's commitment to expanding its portfolio in the chocolate industry, alongside its broader focus on sustainability and innovation in nutrition.


5. CircleUp

  • Website: circleup.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2012
  • Headcount: 51-200
  • LinkedIn: circleup

CircleUp is a financial services company founded in 2012, based in San Francisco, California. They empower consumer brands through funding and support, offering business loans and equity financing. CircleUp utilizes their Helio technology platform to provide data insights that help entrepreneurs make informed decisions. Their primary customers are businesses in the consumer packaged goods sector seeking capital to grow. Notable transactions include investments in Partake Foods, which raised significant funding rounds and focuses on snacks that may include chocolate products, and Hail Merry Snacks, which specializes in healthy snacks. These investments indicate CircleUp's active role in the consumer food sector, making them a potential investor for chocolate manufacturing companies.


6. L Catterton

  • Website: lcatterton.com
  • Type: Private Equity
  • Headquarters: United States (USA)
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 23
  • LinkedIn: l-catterton

L Catterton is a private equity firm founded in 1989, based in the United States, specializing in investment management with a focus on consumer brands across various sectors. The firm partners with middle market companies and high-growth enterprises, providing capital and strategic guidance to enhance brand equity and market presence. With a strong emphasis on consumer insights, L Catterton aims to drive growth and innovation within its portfolio companies. Notably, L Catterton acquired Bateel in 2015, a brand that offers gourmet dates and chocolate products, showcasing their involvement in the chocolate sector. Additionally, their investment strategy includes a diverse range of consumer brands, indicating their potential interest in expanding into chocolate manufacturing.


7. Cargill

  • Website: cargill.com
  • Type: Corporate
  • Headquarters: Wayzata, Minnesota, United States (USA)
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: cargill

Cargill, Incorporated is a global food production and agricultural solutions company founded in 1865, headquartered in Wayzata, Minnesota, USA. With over 10,000 employees, Cargill provides a wide range of products and services, including animal nutrition, food ingredients, and risk management. In recent years, Cargill has made significant strides in the chocolate manufacturing sector, acquiring Aalst Chocolate Pte. Ltd., a leading chocolate manufacturer in Singapore, to enhance its cocoa and chocolate offerings in the Asia-Pacific region. This acquisition, announced on August 24, 2021, aims to expand Cargill's presence in the rapidly growing Asian chocolate market. Additionally, Cargill acquired Smet, a Belgium-based supplier of chocolate and sweets decorations, on April 1, 2019, to bolster its gourmet chocolate offerings. These transactions highlight Cargill's strategic focus on the chocolate industry, making it a relevant investor in this space.


8. The Riverside Company


The Riverside Company is a private equity investment firm based in New York, specializing in providing flexible capital solutions and strategic guidance to smaller middle-market businesses across various industries. Founded in 1988, Riverside manages a diverse portfolio of over 140 companies globally. Among its notable transactions, Riverside has acquired Parker Products, a manufacturer of inclusions and specialty ingredients, which are critical components in chocolate production. Additionally, Riverside's acquisition of Mec3, a company that supplies ingredients for the food sector, further emphasizes its involvement in the food industry, including chocolate. These transactions highlight Riverside's capability to support businesses that contribute to the chocolate manufacturing ecosystem.


9. Siddhi Capital

  • Website: siddhicapital.co
  • Type: Venture Capital
  • Headquarters: Cherry Hill, New Jersey, United States (USA)
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: siddhi-capital

Siddhi Capital is a venture capital firm based in Cherry Hill, New Jersey, specializing in the food and beverage industry. Founded in 2017, the firm provides growth equity investments and operational consulting services to emerging and growth-stage brands, helping them optimize their operations and achieve strategic growth. Siddhi Capital focuses on consumer packaged goods and innovative food brands, enhancing operational efficiency. Notably, they led a $10 million Series C funding round for Mid-Day Squares, a company that produces chocolate-based snack products, highlighting their engagement in the chocolate sector. They have also participated in various other food-related investments, such as Elite Sweets, which produces high-protein donuts, showcasing their commitment to innovative food brands.


10. Collaborative Fund

  • Website: collabfund.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 29
  • LinkedIn: collaborative-fund

Collaborative Fund is a venture capital firm based in New York, founded in 2010, that focuses on backing innovative companies across various sectors, including renewable energy, consumer goods, and health technology. Their investment strategy emphasizes supporting businesses that create positive societal and environmental impacts. Notably, they have participated in funding rounds for companies like Voyage Foods, which raised $52 million to scale production of innovative food products, and Holey Grail Donuts, which raised $9 million in a Series A round. These transactions highlight their engagement in the food industry, indicating a potential interest in chocolate manufacturing as part of their broader investment portfolio.


11. TSG Consumer Partners

  • Website: tsgconsumer.com
  • Type: Private Equity
  • Headquarters: Larkspur, California, United States (USA)
  • Founded year: 1986
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: tsg-consumer-partners

TSG Consumer Partners is a private equity firm based in Larkspur, California, specializing in consumer-focused investments. Founded in 1986, the firm manages approximately $14 billion in assets and partners with established brands across various industries, providing both capital and strategic support to drive growth and innovation. Notable transactions include the acquisition of Famous Amos in 1988, a brand known for its chocolate chip cookies, and Mauna Loa Macadamia Nut Corporation in 2000, which produces chocolate-covered macadamia nuts. Their portfolio also includes other food brands like Don Miguel Foods and Island Oasis, indicating a strong presence in the food sector, which often intersects with chocolate manufacturing.


12. Mars

  • Website: mars.com
  • Type: Corporate
  • Headquarters: Mclean, Virginia, United States (USA)
  • Founded year: 1935
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: mars

Mars, Incorporated, founded in 1935 and based in McLean, Virginia, is a leading corporate investor in the food and nutrition industry, with a strong focus on pet care, snacking, and chocolate manufacturing. The company has made significant strides in the chocolate sector, most notably through its acquisition of Hotel Chocolat Group plc in November 2023 for $662 million, which aims to enhance Hotel Chocolat's international expansion. This acquisition reflects Mars' strategic intent to bolster its presence in the chocolate market. Additionally, Mars has a history of investing in snack-related companies, such as acquiring Tru Fru and KIND Snacks, which, while not exclusively chocolate, contribute to their overall portfolio in the food industry. These transactions illustrate Mars' commitment to diversifying its offerings while maintaining a strong foothold in the chocolate manufacturing space.



Chocolate Manufacturing Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
IndieBioSan Francisco, California, United States (USA)1-10201576
The Hershey CompanyHershey, Pennsylvania, United States (USA)10001+18943
IFC - International Finance CorporationWashington, D.C., District Of Columbia, United States (USA)1001-50001956107
AdmChicago, Illinois, United States (USA)10001+19022
CircleUpSan Francisco, California, United States (USA)51-20020120
L CattertonUnited States (USA)201-500198923
CargillWayzata, Minnesota, United States (USA)10001+18657
The Riverside CompanyNew York, New York, United States (USA)201-500198812
Siddhi CapitalCherry Hill, New Jersey, United States (USA)11-5020174
Collaborative FundNew York, New York, United States (USA)11-50201029
TSG Consumer PartnersLarkspur, California, United States (USA)51-20019861
MarsMclean, Virginia, United States (USA)10001+19353


Want to find more investors focusing on the chocolate manufacturing industry?

If you want to find more investors that are active in the chocolate manufacturingindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.

With Inven, you'll also get to know:

  • Deal History: Number of deals and their sizes.
  • Portfolio: Companies they've invested in.
  • Contact data: Key dealmakers, including their emails and phonenumbers.
  • ...and much more!