“Climate change and conventional farming practices are depleting our rainforests—resulting in unprecedented environmental and financial challenges to grow enough cocoa to meet the needs of a $100B—and growing—chocolate industry,” says Michal Beressi Golomb, CEO of Celleste Bio. “This round provides us with the financial and strategic support we need to accelerate product development, scalability and commercial readiness.”

Supply Change Capital, an early-stage firm investing in technology to transform the food system, led the round.

“Climate change is significantly impacting cocoa supplies, with prices reaching four times their historic highs this year, underscoring the urgent need for sustainable solutions,” says Shayna Harris, co-founder and managing partner at Supply Change Capital. "As the chocolate industry grows over 10% annually, the supply-demand gap is widening. We see this as a pivotal moment for advancements in cellular agriculture and are proud to support Celleste as it leads the way in pioneering innovative, sustainable cocoa solutions.”

Mondelēz International’s SnackFutures Ventures, the corporate venture capital arm of Mondelēz International, also invested in the round.

“As one of the world’s largest chocolate producers, we are acutely aware of the supply chain challenges we need to overcome to produce our iconic chocolate brands like Milka, Cadbury and Toblerone while also having a positive impact on our business, consumers and the environment,” says Richie Gray, VP, global head of Mondelēz International’s SnackFutures Ventures. “While still in its early stages, Celleste has great promise as a complementary technology to traditional farming practices. Combining Celleste’s technology with our unmatched capability and expertise will push the boundaries of what’s possible in building the cocoa supply chain of the future.”