Voyage Foods Valuation, Funding & Investors
Voyage Foods is valued at $85M as of May 2022.
Last Voyage Foods valuation
$85M
Series A · May 2022
Last Voyage Foods funding round
$3M
Undisclosed stage · Dec 2025
Cumulative funding Voyage Foods raised
$121M
across 5 funding rounds
Key investors in Voyage Foods
SOSV
Horizons Ventures
IndieBio
Level One Fund
Collaborative Fund
Valor Equity Partners
About Voyage Foods
Voyage Foods is a food technology company engineering allergen-free alternatives to traditional ingredients using upcycled materials and proprietary processing. Its platforms include nut-free peanut butter spreads, cocoa-free chocolate, and bean-free coffee substitutes that replicate taste and texture profiles. Operating from South San Francisco, the Chicago-headquartered firm partners with manufacturers for scalable production. Founded in 2020, Voyage Foods addresses supply chain vulnerabilities from climate and ethical sourcing issues.
Founded
2021
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$85M (May 2022)
Voyage Foods Valuation
Voyage Foods is currently valued at $85M, based on its Series A in May 2022.
The $36M round was led by Level One Fund and UBS O'Connor, with participation from Bradley Horowitz, IndieBio, Horizons Ventures, Social Impact Capital and SOSV.
Voyage Foods valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2022 | Series A | $85M |
Voyage Foods Funding History
Voyage Foods has raised a total of $121M across 5 funding rounds.
Voyage Foods' first fundraising round was a $6M seed round in March 2021. The most recent completed round was a $3M undisclosed-stage round in December 2025.
Voyage Foods funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Undisclosed stage | - | $3M | - | - |
| May 2024 | Series A | Horizons Ventures (lead); Level One Fund (lead); Nimble Partners; Ventech China; Collaborative Fund; SOSV | $52M | - | Voyage Foods is a California-based food technology company founded in 2021 that develops allergen-free and sustainable replacements for popular food products, including cocoa-free chocolate, bean-free coffee, and peanut-free spreads. The company was co-founded by Adam Maxwell and Kelsey Tenney and assembled a team of food scientists and CPG experts to create proprietary formulations that replicate traditional flavors and textures without top allergens. Voyage's first retail product, a peanut-free spread, launched in fall 2023 at Walmart across the United States, a notable early win for the startup. In May 2024, Voyage Foods closed a Series A+ funding round of $52 million, bringing total funding to $94 million across four rounds. The round was co-led by Level One Fund and Horizons Ventures, with participation from existing investors SOSV and Collaborative Fund, as well as Nimble Partners. The company deployed capital to expand manufacturing capacity, scale personnel, and accelerate commercialization of its ingredient business for B2B and foodservice channels. Shortly after the funding announcement, Voyage announced an exclusive global partnership with agricultural commodity giant Cargill to supply commercial and B2B customers with its products, leveraging Cargill's distribution network to reach major food companies. The partnership was positioned as a hedge against commodity price volatility and supply chain disruption, particularly as cocoa prices had surged 250% year-over-year and raw material costs were rising 30-40% due to climate impacts in cocoa-producing regions. By mid-2024, the company was operating a facility in Oakland, California, and constructing a 300,000 square-foot manufacturing plant in the Midwest. CEO Maxwell noted the business had developed a growing K-12 school foodservice channel and was increasingly focused on commercial ingredients over retail consumer products. |
| Dec 2023 | Series A | IndieBio; SOSV | $24M | - | Voyage Foods is an Oakland-based food technology company developing sustainable alternative foods, including coffee bean-free cold brew and a Nutella alternative free of hazelnuts and cocoa. The company has raised a total of approximately $88M to $91.25M across 5 to 7 funding rounds, with investors including SOSV, Horizons Ventures, and others. Later rounds include an Incubator/Accelerator - II on 5/1/2024 with Unreasonable Food Cohort and a Series B - II for $3.25M on 12/18/2025. |
| May 2022 | Series A | Level One Fund (lead); UBS O'Connor (lead); Bradley Horowitz; IndieBio; Horizons Ventures; Social Impact Capital; SOSV | $36M | $85M | Voyage Foods is a California-based food technology company that uses reverse engineering and molecular biology to create sustainable, allergen-free alternatives to traditional pantry staples like peanut butter, chocolate, and coffee, addressing environmental, ethical, and health issues in food production. The company emerged from stealth in early 2022 and announced a $36 million Series A funding round on May 5, 2022, co-led by UBS O'Connor and Level One Fund, with participation from Horizons Ventures, SOSV's IndieBio, Social Impact Capital, and Bradley Horowitz, bringing total funding to $41.7 million. This round was raised at a pre-money valuation of $85 million, positioning Voyage as a leader in the ethical food market projected to reach $727.86 billion by 2025. The funding will support scaling manufacturing, including completion of its own factory in California, as the unique processes prevent use of standard co-packers. Voyage plans a dual go-to-market strategy with retail launches and B2B partnerships; its first product, a peanut-free peanut butter spread comparable in taste and price to traditional versions, is slated for select in-store and online retailers in Q2 2022, followed by cacao-free chocolate as an ingredient with a commercial partner in Q3 2022. Coffee alternatives are also in development to counter rising prices and climate vulnerabilities. CEO Adam Maxwell emphasized future-proofing favorite foods against climate change, unjust labor, and allergies affecting millions, such as peanut allergies in 6.1 million Americans. Investors like UBS O'Connor's Kevin Russell highlighted Voyage's unmatched 1:1 replacements at superior cost and lower environmental impact, with potential to transform the food system. At the time, Voyage had no commercial products launched but aimed to shift from R&D to CPG and ingredients supplier amid growing demand for chocolate ($21.1 billion U.S. sales in 2021) and ethical sourcing. |
| Mar 2021 | Seed | Horizons Ventures; Valor Equity Partners; SOSV | $6M | - | - |
Who has invested in Voyage Foods?
11 investors have backed Voyage Foods across its funding rounds, including SOSV, Horizons Ventures, IndieBio, Level One Fund, Collaborative Fund and Valor Equity Partners.
Lead investors include Horizons Ventures, Level One Fund and UBS O'Connor.
Voyage Foods Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Princeton, NJ | 4 | Participant | Mar 2021 | |
 Hong Kong | 3 | Lead | Mar 2021 | |
| United States | 2 | Lead | May 2022 | |
| San Francisco, CA | 2 | Participant | May 2022 | |
| San Francisco, CA | 1 | Participant | May 2024 | |
 Shanghai | 1 | Participant | May 2024 | |
| San Francisco, CA | 1 | Participant | May 2022 | |
| Chicago, IL | 1 | Lead | May 2022 | |
| New York City, NY | 1 | Participant | May 2024 | |
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Start Free TrialVoyage Foods Competitors
Voyage Foods competitors include listed companies like Tigo Energy and Hadron Energy, and private ones like Heura Foods, Locus Fermentation Solutions, Lasso and Kite Hill.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Barcelona | Private | $9M | - | $80M | - | |
| Cleveland, OH | Private | - | - | $100M | - | |
| Boston, MA | Private | - | - | $71M | - | |
| San Francisco, CA | Private | - | - | $121M | - | |
| United States | Publicly listed | $104M | $10M | $75M | 0.6x | |
| United States | Publicly listed | - | ($72M) | $119M | - |
Voyage Foods Public Comps
Voyage Foods is still privately-owned, but its public comps include Umbrella Global Energy, Jiashili Group, Midsummer, HF Foods Group, FitLife Brands, Apetit, Pieno zvaigzdes, Jamaica Broilers Group, Lifevantage and Otovo.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $28M | ($7M) | 3.0x | - | (12.4x) | - | |||
| $243M | $37M | 0.6x | - | 4.1x | - | |||
| $17M | ($396K) | 4.9x | - | (206.7x) | - | |||
| $1.2B | $2M | 0.3x | 0.2x | 196.7x | 6.7x | |||
| $81M | $10M | 1.6x | 1.3x | 12.2x | 8.5x | |||
| $193M | $20M | 0.6x | 0.5x | 5.2x | 7.0x | |||
| $251M | $14M | 0.4x | - | 7.8x | - | |||
| $625M | ($7M) | 0.6x | - | (53.6x) | - | |||
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Common questions about Voyage Foods
| When was Voyage Foods founded? | Voyage Foods was founded in 2021. |
| Where is Voyage Foods headquartered? | Voyage Foods is headquartered in San Francisco, CA, United States. |
| Is Voyage Foods publicly listed? | No, Voyage Foods is a private, VC-backed company. |
| What is Voyage Foods' valuation? | Voyage Foods was last valued at $85M in its Series A in May 2022. |
| How much funding has Voyage Foods raised? | Voyage Foods has raised $121M across 5 funding rounds. |
| What was Voyage Foods' last funding round? | Voyage Foods' last funding round was a $3M undisclosed-stage round in December 2025. |
| Who are Voyage Foods' investors? | Voyage Foods' investors include SOSV, Horizons Ventures, Level One Fund, IndieBio, Nimble Partners, Ventech China, Bradley Horowitz, UBS O'Connor, Collaborative Fund, Valor Equity Partners and 1 other. |
| Which companies are comparable to Voyage Foods? | Companies comparable to Voyage Foods include Heura Foods, Locus Fermentation Solutions, Lasso, Kite Hill, Tigo Energy and Hadron Energy. |
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