A UK startup is using an ancient fungal fermentation technique to transform discarded cocoa shells into a lower-cost, lower-carbon cocoa replacement. Fermtech's Koji Cocoa can reduce production emissions by 98% and cut ingredient costs for manufacturers by up to a third. With £2.5M in fresh funding, the Oxford-based company is moving towards commercial scale at a moment when cocoa prices and supply volatility are at historic extremes.

Green Spot Technologies has raised €5M to scale production of fermented cocoa-free ingredients from 100 to 1,000 tonnes a year.