Former Starbucks CEO, Howard Schultz, has acquired a minority stake in the Dutch chocolate company, Tony’s Chocolonely.
Schultz made his investment “recently,” the company announced in a statement.
The support comes after a successful €20 million ($21.7 million) fundraising round last June, with continued backing from existing investors such as Verlinvest and JamJar Investment. Both investors increased their stakes in the group during this round.
Tony’s Chocolonely opted not to disclose the total amount of funds it has raised to date.
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Regarding Schultz’s investment, Douglas Lamont, the CEO of Tony’s Chocolonely, stated, “We are proud to have Howard Schultz as an investor in our company and eagerly anticipate benefiting from his vast experience in building a global consumer brand and company.”
“Tony’s swift revenue growth, growing appeal among U.S. consumers, and heightened investor interest illustrate that creating a company that balances shareholder returns with its impact on people and the planet is not only the right thing to do but also a smart strategy for modern businesses.”
The group plans to utilize the recent investment to enhance its “U.S. production capabilities” at its Chicago factory, which commenced operations in June of last year.
Tony’s Chocolonely intends to use the funds to further the brand’s expansion in the U.S. and to support the growth of “Tony’s Open Chain,” their business-to-business bean-sourcing operation, the company stated.
The chocolate bar producer also owns a facility in Belgium, which it acquired in 2021.
When inquired about the business’s plans for growth in the U.S. in 2024, Tony’s indicated a focus on “local production” and highlighted their “first year partnering with Walmart.”
Tony’s Chocolonely bars are now available in over 4,000 Walmart stores across the U.S., marking a 20% increase in store presence compared to 2023, the group announced.
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The company will now be available in 31,000 points of sale across the country, including retailers like Whole Foods Market, Safeway, CVS, and Target.
Regarding the U.S. expansion, Lamont remarked, “We are immensely proud of the progress we’ve made in the U.S. market… Our increased retail footprint, combined with strategic investments in production and our new investment partnerships, align with our broader goal to eradicate exploitation in the cocoa industry.”
Tony’s Chocolonely saw a 23% year-on-year growth in annual revenue in 2023, reaching $162 million.
