Ex-Starbucks CEO Howard Schultz acquires minority stake in Amsterdam’s Tony’s Chocolonely

|

|

Last update:

Amsterdam-based Tony’s Chocolonely, known for its ethical approach to chocolate production, has drawn the interest of former Starbucks Corp CEO Howard Schultz. According to Bloomberg, Schultz has acquired a 2 per cent stake in the Dutch company.

According to Yahoo Finance, discussions regarding the deal have been ongoing for some time, coinciding with Tony’s Chocolonely’s growth in the US.

Since 2020, the Dutch company has quadrupled its sales in the US and looks to expand its presence in 20 per cent more stores over the next year through a partnership with Walmart, alongside its existing distribution in stores like Whole Foods, Target, Safeway, and CVS.

To meet growing product demand, Tony’s Chocolonely has used part of its recent funding to invest in expanding its production capabilities in Chicago, US.

Via a LinkedIn post, Tony’s major shareholder Verlinvest says, “We’re delighted to welcome former Starbucks CEO, Howard Schultz, onboard as a minority shareholder as Tony’s continues to expand in the US to meet huge market demand.”

This latest deal follows Tony’s Chocolonely’s 2023 fundraising round of €20M, which came from investors including Jam Jar, an investment company run by the former founders of London-based Innocent Drinks.

Tony’s Chocolonely: Everything you need to know

Tony’s Chocolonely claims to be a chocolate-making impact company dedicated to ending exploitation in the chocolate industry worldwide. 

Founded in 2005 by three journalists from the Dutch TV show ‘Keuringsdienst van Waarde’, the company was inspired to act after uncovering child labour and modern slavery in cocoa plantations supplying major chocolate makers.

Since its inception, Tony’s Chocolonely has been addressing inequities within the chocolate supply chain. 

The company aims to lead by example, producing chocolate that is delicious and ethically sourced, advocating for fair treatment of cocoa farmers and workers, and striving for a more equitable and sustainable cocoa industry.

It combats modern slavery and child labor by forming direct, lasting partnerships with cocoa farmers in Ghana and Côte d’Ivoire. They pay fair prices and work together to tackle the underlying causes of exploitation.

The Dutch company works to encourage the entire sector to establish cocoa prices that provide farmers with living incomes. They advocate for making ethical practices the standard rather than the exception in business.

Tony’s Chocolonely claims to be one of the fastest-growing chocolate brands in the world with its expansion in the UK, the US, Germany, and many other markets in addition to its native market in the Netherlands.

Tony’s Chocolonely is a B-Corp and Fairtrade-certified.

Several retail and consumer brands, such as Albert Heijn, Aldi, Ben & Jerry’s, and Huel, now procure their cocoa through Tony’s Open Chain. This platform allows businesses to purchase cocoa while adhering to Tony’s Chocolonely’s five sourcing principles.

Tony’s Chocolonely’s five sourcing principles

Image credit: Tony’s Chocolonely

Topics:

Follow us:

Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

Partner eventsMore events

Current Month

02apr(apr 2)8:00 am04(apr 4)6:00 am0100 Europe 2025

Share to...