Belgian investor Verlinvest has raised its ownership in ethical chocolate manufacturer Tony’s Chocolonely as part of a €20m ($21.8m) funding round from existing shareholders. The private-equity firm, associated with the de Spoelberch family, already Tony’s largest shareholder, now holds a total stake of 55.9% and voting shares of 64.2%. The exact amount invested by Verlinvest remains undisclosed. Other investors, including Jam Jar, the investment company founded by the creators of Innocent, also increased their holdings.In the funding round, some existing investors chose to sell a portion of their stake. Genuine Chocolate, the holding company of former Tony’s CEO Henk Jan Beltman, saw its stake decrease from 26.5% to 17.9%. Meanwhile, other investors’ shareholding decreased from 26.3% to 21.3%. The transaction is currently pending approval from competition authorities in the Netherlands.
Tony’s Chocolonely executive Douglas Lamont emphasized that the investment will support their mission of ending exploitation in the cocoa industry. The funds will fuel the growth of both Tony’s Chocolonely, the chocolate business, and Tony’s Open Chain, the global business-to-business ethical bean trading company. Lamont revealed his satisfaction that the funding came solely from existing shareholders who share the long-term mission of the company.
Founded in 2005 by three Dutch TV journalists, Tony’s Chocolonely was driven by concerns over cocoa manufacturers sourcing cocoa from plantations that employ child labor and engage in modern slavery.
