The chocolate manufacturing industry in Europe is a vibrant sector characterized by significant innovation and tradition. Companies range from multinational giants like Nestlé to small artisan chocolate makers. They produce a variety of products, from everyday confections to premium chocolates crafted from ethically sourced cocoa. In recent years, there is an increasing focus on sustainability and health-conscious offerings, fueled by consumer demand for organic and vegan options. As the market evolves, businesses are exploring new technologies and ingredients, aiming to cater to the changing tastes and preferences of consumers. Sustainability and consumer engagement will drive future growth.


The list features a rich mix of 18 investors, including corporate giants, private equity firms, and venture capitalists. They are headquartered across Europe, notably in Switzerland, France, and the UK. By size, most companies manage from tens to thousands of employees, demonstrating varied investment capabilities. Founded between 1866 and 2020, these investors made several transactions in 2024, indicating a healthy appetite for growth in the chocolate manufacturing sector, even as the market faces evolving challenges.


Top 18 Chocolate Manufacturing Investors in Europe


1. Crowdcube

  • Website: crowdcube.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2010
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: crowdcube-limited

Crowdcube is a London-based crowdfunding platform founded in 2010 that enables businesses to raise capital through equity investments. It connects startups and SMEs with potential investors, facilitating the funding process. Crowdcube promotes diversity and inclusion within its workforce while providing investment management services to its clients. Notably, Crowdcube has been involved in several transactions within the chocolate manufacturing sector, including significant equity crowdfunding rounds for companies like PLAYinCHOC, which raised a total of $1,000,000 across multiple rounds, and Doisy & Dam, which raised over $1 million in two rounds. These transactions highlight Crowdcube's engagement with the chocolate industry, making it a relevant player in this sector.


2. 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 a Series A round in January 2020. Additionally, they invested in YES CACAO, which raised funds in a Seed round in January 2018, further emphasizing their commitment to the chocolate sector. Their portfolio reflects a strong alignment with sustainable and innovative food solutions, making them a significant player in the chocolate manufacturing industry.


3. 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 significant investments, including the acquisition of Garoto in 2002 and Hsu Fu Chi in 2011 for $1.7 billion. More recently, in 2021, Nestlé acquired the Chilean premium chocolate company La Fête Chocolat, aiming to strengthen its position in the luxury chocolate market. These strategic acquisitions highlight Nestlé's active role in the chocolate industry, alongside its broader portfolio of food and beverage products.


4. Unigrains

  • Website: unigrains.fr
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1963
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: unigrains

Unigrains is a Paris-based private equity firm founded in 1963, specializing in the agro-food and agro-industry sectors. With over 60 years of experience, Unigrains has supported more than 1,000 companies, managing significant assets to foster growth and sustainability in agriculture and food production. Their investment portfolio includes various food-related businesses, such as Biscuits Bouvard, L'Angélys, and Brioche Pasquier, which, while not directly related to chocolate, indicate their active involvement in the food sector. This experience positions them well to understand the dynamics of the chocolate manufacturing industry and provide strategic support to companies within this space.


5. Barry Callebaut Group


Barry Callebaut Group, founded in 1996 and headquartered in Zurich, Switzerland, is a prominent corporate investor in the food and beverage industry, specifically in chocolate manufacturing and cocoa processing. The company produces a diverse range of chocolate and cocoa products for various customers, including multinational manufacturers and artisanal users, with a strong emphasis on sustainability and ethical sourcing. Notable transactions include the acquisition of Petra Foods' cocoa ingredients business for US$950 million, which positioned Barry Callebaut as the world's largest cocoa processor. They also acquired the Ingredients Division of Gertrude Hawk Chocolates to enhance their Specialties & Decorations business in North America. Other significant acquisitions include La Morella Nuts, which expanded their offerings in chocolate and nut products, and Stollwerck, a German chocolate company, which strengthened their market presence in Germany. These strategic acquisitions reflect Barry Callebaut's commitment to growth and innovation within the chocolate manufacturing sector.


6. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has a diverse investment portfolio, with notable transactions including the acquisition of Munchy Food Industries in 2018, a Malaysian snacks group known for its Choc-o biscuits, highlighting their engagement in the chocolate manufacturing sector. Additionally, they have made various acquisitions across different food sectors, such as Berlys and Kalle, showcasing their strategic approach to investing in companies with growth potential across the food industry.


7. Crédit Mutuel Equity


Crédit Mutuel Equity is a private equity investment firm based in Paris, Île-De-France, France, founded in 1988. The firm specializes in providing capital and strategic support to businesses across various sectors, integrating economic and ESG considerations into their investment strategies. Notably, Crédit Mutuel Equity has been involved in several transactions within the chocolate manufacturing context, including investments in Grain de Sail, a company that combines chocolate with sustainable practices, and La Compagnie des Desserts, which specializes in dessert products. Additionally, they have invested in French Desserts, further emphasizing their engagement in the dessert and chocolate industry. These investments reflect their commitment to supporting growth and transformation in the chocolate manufacturing sector.


8. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a corporate investor based in Antwerp, Flanders, Belgium, specializing in the distribution of specialty chemicals and providing innovation services. Founded in 2001, Azelis serves over 63,000 customers across the life sciences and industrial sectors, focusing on high-quality raw materials and innovative formulations. In 2024, Azelis announced several strategic acquisitions to enhance its presence in the food and nutrition market, including the acquisition of Hortimex, a Polish specialty chemicals distributor in the food ingredients segment, and Gillco Ingredients, a US-based specialty ingredient provider. These transactions indicate Azelis's commitment to expanding its portfolio in the food sector, which encompasses chocolate manufacturing, thereby positioning itself as a relevant player in this industry.


9. Orkla ASA

  • Website: orkla.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, founded in 2017. It operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, including food, snacks, health, and personal care items. Notably, Orkla has made significant strides in the chocolate and confectionery industry through its acquisitions. In 2021, Orkla acquired an 80% stake in Nói-Siríus HF, Iceland's largest confectionery producer, enhancing its footprint in the chocolate market. Additionally, in December 2022, Orkla completed the acquisition of Bubs Godis AB, a Nordic confectionery company, further solidifying its position in the sector. These strategic investments demonstrate Orkla's commitment to expanding its presence in the chocolate manufacturing industry.


10. Eurazeo

  • Website: eurazeo.com
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1969
  • Headcount: 201-500
  • Number of deals in 2024: 40
  • LinkedIn: eurazeo

Eurazeo is a prominent investment management firm based in Paris, Île-De-France, France, founded in 1969. Specializing in private equity, private debt, and real assets, Eurazeo provides tailored investment strategies aimed at fostering growth and expansion across a variety of sectors. Notably, Eurazeo has made significant investments in the food sector, including chocolate manufacturing. One of their key transactions includes an investment in Carambar & Co, a well-known player in the chocolate and confectionery market, which raised an undisclosed amount in a seed round in May 2017. Additionally, Eurazeo has invested in other food-related companies, such as Dewey’s Bakery, which, while primarily focused on cookies and crackers, showcases their broader interest in the food industry. This diverse investment strategy positions Eurazeo as a relevant player in the chocolate manufacturing landscape.


11. PeakBridge


PeakBridge VC is a venture capital firm based in Luxembourg, founded in 2018, that specializes in FoodTech investments. The firm supports early-stage founders and businesses in the food industry by providing investment, consulting services, and access to a vast network of industry experts. Their focus is on innovative solutions that address significant challenges in the global food system, making them a key player in the FoodTech sector. Notably, PeakBridge led a $5.6 million funding round for WNWN Food Labs, a company that is pioneering cocoa-free chocolate, which highlights their engagement in the chocolate manufacturing industry. This investment is aimed at scaling up manufacturing and preparing for a retail launch, showcasing PeakBridge's commitment to supporting innovation in the chocolate sector.


12. PAI Partners

  • Website: paipartners.com
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1872
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: pai-partners

PAI Partners is a private equity firm based in Paris, founded in 1872, specializing in managing dedicated buyout funds and executing leveraged buyout transactions. The firm serves institutional investors and high-net-worth individuals, providing them with access to private equity investment opportunities across various sectors. PAI Partners has a strong track record in investment management, focusing on delivering financial returns through strategic investments. Notably, they have made significant acquisitions in the food sector, including La Compagnie des Desserts, which is relevant to the chocolate and dessert industry. Additionally, their acquisition of R&R Ice Cream and involvement with food manufacturers like Addo Food Group and The ComplEAT Food Group further demonstrate their active role in the food industry, which may include chocolate-related investments.


13. 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. Additionally, they were involved in the seed financing round for Naughty Nuts GmbH, which, while not directly a chocolate manufacturer, operates in the broader food sector. These transactions highlight FoodLabs' engagement with companies that are relevant to the chocolate industry, showcasing their interest in innovative food products.


14. Agronomics Limited

  • Website: agronomics.im
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: agronomics-limited

Agronomics Limited is a venture capital firm based in London, England, founded in 2018. The firm specializes in biotechnology investments, particularly in cellular agriculture, which aims to create sustainable food production technologies. Agronomics Limited has been actively investing in companies that address the challenges of traditional animal agriculture, promoting solutions that enhance sustainability and animal welfare. Notably, they led a $4 million seed funding round for California Cultured, a company that produces chocolate using cellular agriculture techniques. This investment highlights Agronomics' commitment to innovative food production methods. Additionally, they have participated in various other funding rounds for companies focused on alternative proteins and sustainable food solutions, further emphasizing their role in the evolving food industry.


15. Cerea Partners

  • Website: cerea.com
  • Type: Private Equity
  • Headquarters: Neuilly-Sur-Seine, Île-De-France, France
  • Founded year: 2004
  • Headcount: 11-50
  • LinkedIn: cerea-capital

Cerea Partners is a private equity investment firm based in Neuilly-Sur-Seine, Île-De-France, France, founded in 2004. Specializing in the agro-food sector, Cerea Partners provides capital investment and debt financing to small and medium-sized enterprises aiming for growth and transformation. Their investment strategy emphasizes sustainable development, which aligns with their mission to improve food production and living standards. Notably, Cerea Partners acquired Chocmod Group on November 23, 2021, a leading company in chocolate truffles with a turnover exceeding €30 million. This acquisition highlights their active role in the chocolate manufacturing industry. Additionally, they have been involved in various other transactions within the food sector, reinforcing their expertise and commitment to agro-food investments.


16. JamJar Investments


JamJar Investments is a venture capital firm based in London, UK, founded in 2013. The firm specializes in investing in early-stage consumer tech brands, providing both financial backing and strategic support to help these companies grow. Notably, JamJar has made significant investments in the chocolate manufacturing sector, particularly with Tony's Chocolonely. They increased their stake in the company during a €20 million funding round in June 2023 and previously took a minority share of 28% in a €36 million investment in February 2020. These transactions highlight JamJar's commitment to supporting ethical chocolate production and expanding the brand's international presence. Their investment strategy emphasizes building strong relationships with consumer brands, leveraging their experience from previous successful ventures.


17. Ldc

  • Website: ldc.co.uk
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1981
  • Headcount: 51-200
  • Number of deals in 2024: 15
  • LinkedIn: ldc

Lloyds Development Capital (Holdings) Limited (LDC) is a private equity firm based in London, England, specializing in providing growth capital and strategic support to mid-market businesses across various sectors. Founded in 1981, LDC is part of Lloyds Banking Group and focuses on fostering long-term partnerships to drive business success through investment and advisory services. Notably, LDC has been involved in several acquisitions, including Hill Biscuits, which they backed in 2017, indicating their interest in the food sector. Although their recent transactions, such as the acquisition of Groupe Routhiau and investments in companies like Shaken Udder, primarily focus on poultry and dairy, their investment in Hill Biscuits highlights their potential interest in the chocolate manufacturing space, particularly in companies that align with their growth strategy.


18. Mudcake

  • Website: mudcake.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: trellisroad

Mudcake is an investment microfund based in Stockholm, Sweden, founded in 2020. It focuses on supporting startups in the food industry, providing investment in pre-seed and seed rounds to help founders innovate in food production, distribution, and consumption. Mudcake operates globally and has a diverse portfolio of companies across multiple continents. Notably, Mudcake has invested in Planet A Foods, which is developing a cocoa-free chocolate product called ChoViva. They participated in multiple funding rounds for Planet A Foods, including a $15.4M Series A round announced in February 2024, a $6M seed round in October 2021, and a $125,000 pre-seed round in August 2021. This involvement highlights Mudcake's interest in the chocolate manufacturing sector, particularly in innovative and sustainable food solutions.



Chocolate Manufacturing Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
CrowdcubeLondon, England, United Kingdom (UK)51-20020103
Blue HorizonZurich, Zurich, Switzerland11-5020162
NestléVevey, Vaud, Switzerland10001+18662
UnigrainsParis, Île-De-France, France51-20019634
Barry Callebaut GroupZurich, Zurich, Switzerland10001+19960
CvcLuxembourg1001-5000200516
Crédit Mutuel EquityParis, Île-De-France, France51-20019882
AzelisAntwerp, Flanders, Belgium1001-500020015
Orkla ASAOslo, Oslo, Norway10001+20171
EurazeoParis, Île-De-France, France201-500196940
PeakBridgeLuxembourg11-5020188
PAI PartnersParis, Île-De-France, France51-20018724
FoodLabsBerlin, Berlin, Germany11-50201611
Agronomics LimitedLondon, England, United Kingdom (UK)1-1020184
Cerea PartnersNeuilly-Sur-Seine, Île-De-France, France11-5020040
JamJar InvestmentsLondon, England, United Kingdom (UK)1-1020136
LdcLondon, England, United Kingdom (UK)51-200198115
MudcakeStockholm, Stockholm, Sweden1-1020203


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