The world loves chocolate, and global consumption is on the increase (+4% YOY), leading to spiralling and volatile prices. For the past two years, cocoa prices have been extremely volatile, hovering near record highs of around $10,000 per metric ton, roughly four to five times above the historical average range. As a result, chocolate is more expensive for manufacturers to produce, suppliers to sell, and consumers to buy, resulting in shrinkflation and increased use of chocolate coating in our favourite sweet treats.
London-based Win-Win, a pioneering food tech startup, has developed patented breakthrough technology to deliver a cocoa-free alternative to chocolate that doesn’t compromise on appearance, taste, or usage. This includes a fermentation process that utilises this ancient method of producing flavour and repurposes it to deliver a solution to a modern problem.
Win-Win’s products utilise sustainable, abundant, and affordable ingredients, including rice, barley, and carob, which undergo proprietary fermentation followed by traditional chocolate-making steps, such as roasting, grinding, refining, and tempering. The resulting chocolate alternative looks, melts, tastes, and snaps like conventional chocolate, and is vegan, gluten-free, caffeine-free, palm oil, and lower in sugar.
Now, the company has just closed its Series A funding round, securing £3 million. The investment, led by the Oetker Collection and FoodLabs, also included support from Mustard Seed Maze, Gota Ventures, Paulig, and Kapital, bringing the startup’s total funding to £8 million.
A recent major development includes a strategic distribution partnership in the DACH region with Martin Braun Backmittel und Essenzen KG, a subsidiary of the Martin Braun-Gruppe and part of the Oetker Group. This partnership makes Win-Win the first cocoa-free chocolate alternative in Martin Braun-Gruppe’s portfolio, initially supplying their vegan ‘M.lk’ and dark cocoa-free chocolate products.
Plans to scale up beyond the UK
The company plans to utilise this fresh capital to scale its operations in the UK and expand its reach across major European markets, including Germany, the Nordics, Benelux, France, Switzerland, and the DACH region, as previously mentioned. Key priorities include expanding its team, introducing new product lines, and accelerating distribution efforts with local partners.
The company further stated: “We plan to expand the reach of cocoa-free chocolate into a diverse range of products (e.g., biscuits, cakes, pastries, ice-cream, desserts) by partnering with manufacturers, retailers, and foodservice operators. As the crisis in cocoa continues, we expect to see exponential growth in the proportion of products made using cocoa-free ingredients. This in turn will lead to fewer emissions as a result of our ‘chocolate’ consumption, since Win-Win reduces CO2 emissions by c.80% and water use by c.86% compared to conventional chocolate”
Behind Win-Win: The origin of the idea
Win-Win was founded by Ahrum Pak and Mark Golder in London in 2021. Transitioning away from her career in consulting and investment banking, Ahrum started Win-Win in 2020 and is now a sustainability trailblazer recognised as one of 12 women building sustainable food systems by Green Business magazine and one of 20 Food Heroes by the International Food Standards Organisation V-Label.
Mark Golder leads the company with deep experience in scaling food & beverage startups, as well as notable brands such as Marks & Spencer and PepsiCo. The company today has a diverse team of 12 employees, with seven men and five women from varied backgrounds.
As per the company, “We founded Win-Win having noticed the potential for fermentation to create flavours and aromas from unexpected sources, and made the link to this offering a solution to major food systems (like chocolate) which are becoming unsustainable due to climate change. We are passionate about making a difference for the planet and its people.”
The chocolate alternative that’s winning hearts
Win-Win is tackling one of the most resource-heavy products in the food industry: chocolate. Traditional chocolate production relies on cocoa, a crop associated with deforestation, water scarcity, and exploitative labour practices. This startup has reimagined how chocolate is made by eliminating cocoa entirely, while keeping the flavour and feel that chocolate lovers crave.
Instead of cocoa, Win-Win uses sustainable ingredients like rice, barley, and carob, all of which are abundant and affordable. These ingredients undergo a proprietary fermentation process, followed by traditional techniques such as roasting, grinding, refining, and tempering. The result? Chocolate alternatives that look, melt, taste, and snap like the real thing.
Available in White, Milk, Vegan ‘M.lk’, and Dark varieties, Win-Win’s couvertures and compounds are crafted to perform just like chocolate in baked goods, desserts, and confectionery applications. Their products offer a straightforward swap for manufacturers, chefs, and bakers looking to cut their environmental impact without compromising on taste.
Sustainability at its core
The environmental benefits of the company’s approach are compelling. Their products use up to 80% less water and generate 82% fewer carbon emissions compared to conventional chocolate production processes, based on an independent MyEmissions lifecycle analysis. They are produced at scale in the UK, reducing long supply chains and offering a lower-impact solution for large-scale food producers and brands.
The company is positioning itself at the forefront of the sustainable food movement, especially as climate-conscious consumers and ethical businesses increasingly scrutinise the origins and impact of their ingredients.
The main competitor is climate change, causing a continuing crisis for cocoa and chocolate. Others who share our vision for a future of chocolate without cocoa include Planet A, Voyage Foods, Nukoko, Foreverland, and Endless Food Co.
What’s next for Win-Win?
As the global chocolate industry faces mounting pressure to clean up its environmental and ethical footprint, Win-Win offers a viable and delicious solution. The company’s science-driven, flavour-first approach is proving that sustainability and indulgence don’t have to be at odds.
By combining cutting-edge fermentation technology with centuries-old chocolate-making traditions, Win-Win has carved out a new category, one that appeals to consumers who want their treats to align with their values. As their reach expands across Europe, the company’s chocolate alternatives could become a staple for conscious consumers and food producers alike.
With momentum building and investor confidence strong, the future looks sweet—for both people and the planet.
Mark Golder, CEO, Win-Win, commented: “We’re delighted to conclude this funding round, which provides us with extra resources to continue on our mission and deliver a sustainable and affordable alternative to chocolate. We’re grateful that industry specialists such as Oetker recognise the need and opportunity, and have chosen Win-Win for their investment.”
“We all love chocolate, but the way it’s currently produced isn’t sustainable. Climate change is leading to reduced yields, causing spiralling prices and supply-chain uncertainty. As consumers, we’re already seeing the impact of this in the form of rising prices and shrinkflation, and the cacao industry continues to be troubled by issues relating to deforestation. The industry is at an inflexion point and needs alternative solutions that are stable and more environmentally and socially sustainable.”
Golder continued: “The team has developed patented breakthrough technology to deliver a cocoa-free alternative to chocolate that doesn’t compromise on appearance, taste or usage. We now have an incredible portfolio of chocolate alternative products, and this investment will help us to give manufacturers, food service providers, and other businesses that use chocolate a delicious alternative that is better for both the planet and its people.”
Sven Wiszniewski, Oetker Collection KG, said: “We’re big believers in the transformative potential of Win-Win. Their approach to reimagining ingredients like chocolate is not only groundbreaking from a scientific perspective but also incredibly timely given the environmental and ethical challenges facing the industry. We’re proud to support a team that’s combining world-class innovation with real-world impact, and we look forward to backing their growth across the UK and Europe.”
