Stockeld Dreamery Raises $20M for Legume-Based Cheese

The Rise of Plant-Based Cheese: Stockeld Dreamery Secures $20 Million

For those who appreciate cheese, a genuine fondness often develops. However, crafting a convincing alternative to traditional cheese, utilizing anything other than dairy milk, presents a significant challenge. Stockeld Dreamery has successfully addressed this difficulty, developing a unique product.

Series A Funding and Key Investors

The Stockholm-based company recently announced the completion of its Series A funding round, totaling $20 million. This round was co-led by Astanor Ventures and Northzone. Additional investors included Gullspång Re:food, Eurazeo, Norrsken VC, Edastra, Trellis Road, and angel investors David Frenkiel and Alexander Ljung.

From Videoplaza to Sustainable Food

Sorosh Tavakoli, the founder of Stockeld Dreamery, previously established video advertising startup Videoplaza, which was acquired by Ooyala in 2014. Driven by a desire to create a company with a positive environmental impact, Tavakoli turned his attention to the food industry, specifically plant-based alternatives.

He explained to TechCrunch that eliminating animal agriculture significantly reduces the strain on land, water resources, and greenhouse gas emissions, while also addressing concerns related to factory farming. He identified cheese production as particularly impactful, yet existing plant-based alternatives often fail to satisfy consumer palates.

The Science Behind Stockeld

To overcome this hurdle, Tavakoli sought a co-founder with a strong scientific background. He partnered with Anja Leissner, an expert in biotechnology and food science, and together they launched Stockeld Dreamery in 2019.

Pär-Jörgen Pärson, a general partner at Northzone and an earlier investor in Videoplaza, highlighted the company’s success as a result of combining cutting-edge technology with robust scientific principles. He emphasized the rarity of seeing such a strong application of scientific knowledge and forward-thinking vision within the foodtech sector.

Developing Stockeld Chunk

The company’s initial product, Stockeld Chunk, was launched in May after an extensive development process. The team meticulously tested over 1,000 iterations to achieve a desirable texture and flavor profile, according to Tavakoli.

While plant-based milk alternatives have largely succeeded due to their taste, innovation in plant-based meat and, especially, cheese has proven more difficult. Many existing alternatives rely on starch and coconut oil, often resulting in undesirable flavors, textures, and a lack of protein.

A Protein-Rich Alternative

Stockeld prioritized protein content, formulating Chunk using fermented legumes – specifically peas and fava beans. This results in a cheese with a feta-like consistency and a protein content of 13%.

Initially, Chunk was introduced to restaurants and chefs in Sweden. The company’s product pipeline includes spreadable and melting cheese varieties, anticipated to be available within the next 12 months. Successfully developing a melting cheese would significantly expand the company’s potential, potentially including applications in pizza production.

Growth and Expansion Plans

With the latest funding, Stockeld’s total raised capital exceeds $24 million. The company has grown from an initial team of four to 23 employees, with plans to reach 50 by the end of the following year.

The new funding will be allocated to research and development, the construction of a pilot plant, and relocation to a new headquarters in Stockholm. Furthermore, Stockeld intends to expand its market presence beyond Sweden, with a focus on entering the U.S. market.

Tavakoli expressed confidence in the company’s unique position, emphasizing their use of legumes as a protein source and envisioning a new category within fermented legume products.

Investor Confidence

Eric Archambeau, co-founder and partner at Astanor Ventures, initially connected with Tavakoli through his previous venture. He expressed his enthusiasm for the concept of creating a next-generation plant-based cheese.

Archambeau lauded the Stockeld team’s dedication, determination, and commitment to developing a truly innovative and delicious product. He believes they have created a product that challenges conventional norms and paves the way for a more sustainable future for the global cheese industry.