Dutch confectionery company Tony’s Chocolonely has announced that Verlinvest and JamJar have taken a minority share in the company with the aim to extend its mission to make chocolate 100% slave-free.
The investment partnership will support the brand’s international expansion, as well as the development of Tony’s Chocolonely Chocolate Circus, a chocolate factory and visitor centre, in Zaandam, Netherlands.
The centre will educate visitors on the inequality in the chocolate industry and according to Tony’s is expected to receive 500,000 chocolate fans annually.
Tony’s Chocolonely was founded 15 years ago by journalists from a Dutch TV show highlighting forced and child labour issues in the cocoa-industry.
Since then, the company has grown rapidly and has dedicated its efforts to raise awareness about the inequality in the chocolate industry, resulting in long-term relationships with cocoa farmers in Ghana and Ivory Coast.
With offices in the Netherlands, USA, UK, Germany, Austria and Switzerland, Tony’s aims to complete its expansion with the investment.
Henk Jan Beltman, chief chocolate officer of Tony’s Chocolonely, said: “With the investment of Verlinvest and JamJar, we can accelerate in achieving our goal of making all chocolate worldwide 100% slave-free.
“To accomplish this, it is important that we can continue to grow internationally so that more and more people – farmers, consumers, retailers, big chocolate companies and governments alike – can be involved in our mission.”
Previously, Verlinvest – the investment vehicle of the family shareholders of AB-InBev – has invested in companies such as Oatly and Vita Coco with a focus on sustainable, ethical and healthy alternatives.
Ben Black, principal of Verlinvest, said: “Tony’s Chocolonely is a fun and engaging brand, offering a serious and practical solution to an unfair and unequal supply-chain. We see huge potential to accelerate in bringing the brand to an international audience and driving change on a global scale.”
JamJar, the private equity fund of the founders of Innocent Drinks, has invested in companies such as Deliveroo, Tails.com and Babylon Health.
Following the investment, Ben Black from Verlinvest and Adam Balon from JamJar will join Tony’s Chocolonely supervisory board and 51% of the voting rights will remain in the hands of CCO Henk Jan Beltman.
Current shareholders including Maurice Dekkers, one of the journalists that founded Tony’s, and former managing director Eveline Raymans will retain their shares, while 15% of the shares will be retained by Tony’s.
In 2018, Barry Callebaut partnered with Tony’s Chocolonely to tackle child labour in the chocolate industry.
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