Howard Schultz, former Starbucks chief executive, becomes a minority shareholder in Dutch chocolate supplier Tony’s Chocolonely, enhancing the food and beverage industry trends.
Schultz’s recent investment in the company signifies a strategic move to support Tony’s Chocolonely’s growth.
The company’s €20m ($21.7m) fundraise in June, with backing from existing investors like Verlinvest and JamJar Investment, underlines its strong investor interest and business position in the food and drink consumer trends sector.
Tony’s Chocolonely’s rapid revenue growth and increased popularity with US consumers showcase the company’s commitment to balancing shareholder returns with positive impacts on people and the planet.
The recent investment will be used to enhance US production capabilities at Tony’s Chocolonely’s Chicago facility, reflecting the company’s strategic growth plans in the food and beverage industry trends.
Furthermore, the funds will support the brand’s expansion in the US market and the growth of Tony’s Open Chain, the company’s bean-sourcing operation.
In addition to its Chicago facility, Tony’s Chocolonely acquired another facility in Belgium in 2021, emphasizing its global expansion strategy.
By focusing on local production and strategic partnerships with key retailers like Walmart, Tony’s Chocolonely aims to expand its presence and reach more consumers in the US market.
With distribution in over 4,000 Walmart stores and plans to reach 31,000 points of sale, Tony’s Chocolonely is set to continue its growth trajectory in the US.
CEO Douglas Lamont highlights the company’s commitment to ending exploitation in the cocoa industry through expanded retail presence and strategic investments.
In 2023, Tony’s Chocolonely’s annual revenue grew by 23% year-on-year to $162m, reflecting its strong position in the food and drink consumer trends segment.
