Tony's Chocolonely, a leading ethical chocolate company committed to ending exploitation in cocoa, has seen a remarkable increase in revenue and points of distribution in the last two years, signaling a growing appetite for ethical chocolate options among American consumers.
Since 2020, Tony’s Chocolonely has nearly quadrupled its business in the U.S., and over the next year, will be available in 20% more stores than the year prior due to a new national retail partnerships with major U.S. retailer Walmart, adding to its existing distribution through familiar names such as Whole Foods, Target, Safeway and CVS.
According to the company announcement, Tony’s commits to paying a living income for all its cocoa and tackles child labor and deforestation issues with full transparency. As a result, the rapid U.S. growth it has experienced directly benefited more than 18,000 small holder farming families last year.
As Tony's Chocolonely expands rapidly in the U.S., it welcomes Howard Schultz, Starbucks former chief executive officer and chairman emeritus, as a shareholder, who recently took a minority shareholding in the company. This investment follows a 2023 funding round that was raised from existing majority shareholder, Verlinvest, and JamJar Investments.
These investments reflect both the confidence in Tony’s strong growth trajectory and the increasing investor interest in socially responsible businesses that are challenging industry norms. As Tony’s Chocolonely has expanded its shareholder base, it has entered into a unique Mission Lock legal structure to ensure its ambitions to end exploitation in the cocoa industry are locked in for the long term with oversight from an independent set of Tony’s Mission Guardians, led by U.S. impact entrepreneur Seth Goldman.
In response to the accelerating demand for its products, part of the recent funding round has been used by Tony's Chocolonely to invest in U.S. production capabilities in Chicago. This strategic move not only emphasizes the impact company’s commitment to meeting market demand but also enhances its agility and responsiveness in supplying its high-quality, ethically sourced chocolate to U.S. consumers.
“We are incredibly proud of the strides we've made in the U.S. market,” Douglas Lamont, CEO of Tony's Chocolonely, said in the announcement. “Our expanded retail presence, coupled with strategic investments in production and our exciting new investment partnerships, are all part of our larger ambition to end exploitation in the cocoa industry.
On the investment by Howard Schultz, Lamont added: “We are proud to welcome Howard Schultz as an investor in the company, and we are looking forward to drawing on his extensive experience of building a global consumer brand and company. Tony's rapid revenue growth, rising popularity with U.S. consumers and increased investor interest demonstrates that building a company that balances shareholder returns with its impact on people and planet is not only right thing to do but the smart thing to do for companies today.”
About Tony’s Chocolonely
Tony’s Chocolonely was founded in 2005 by three journalists from the Dutch TV show “Keuringsdienst van Waarde” after they discovered that the world’s largest chocolate manufacturers were buying cocoa from plantations that used illegal child labor and forced labor. Since then, Tony’s Chocolonely has dedicated its efforts to raising awareness of and eliminating inequality in the chocolate industry. The brand has grown to become the market leader in the Netherlands, and its bars are now available almost worldwide, with offices in the Netherlands, USA, U.K. and Germany. Tony's Chocolonely is a B-Corp and Fairtrade-certified company.
