Nicoya
Nicoya AB (publ) is a Stockholm-based, publicly listed Swedish investment company that builds and backs a portfolio of future-foods brands and technologies — including plant-based consumer brands, food production platforms (Foodiq), vertical farming (Vertical Harvest), and F&B SaaS (InsightMe) — generating returns through active ownership and portfolio exits.
- Company typePublic
- Founded2020
- HeadquartersStockholm, Sweden
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Nicoya does
Nicoya AB (publ) is a Stockholm-based, publicly listed Swedish investment company specializing in future foods. Founded in 2020, the firm invests across both demand and supply of the food system — backing consumer-facing brands (El Taco Truck, N!CK's, Peas of Heaven, Julienne Bruno, Farmers & Chefs, Oatlaws, KIANO) as well as production technologies, ingredients, and infrastructure (Foodiq, Vertical Harvest). The stated thesis is that converging pressures — rising health challenges, climate stress, and fragile supply chains — are creating a structural shift in where value is created in food, and that long-term capital can capture compounding returns by backing system-level change.
The company's portfolio spans plant-based and clean-label consumer brands, a SaaS consumer-research platform specialized in food and beverage (InsightMe), a US-based plant-based meal-delivery subscription service (Splendid Spoon), controlled-environment agriculture (Vertical Harvest's hydroponic vertical farms in underserved US communities), and an e-commerce superfood retailer (KIANO). Notable technical components in the portfolio include Foodiq's patented multi-layer cooking (MLC) platform — used to localize plant-based manufacturing in the UAE via Al Ain Farms — and its fermented fava-bean ingredient Fabea+. Distribution runs through major Nordic retailers (ICA, Coop, Kesko, SOK, Salling Group's Bilka/Netto/Føtex, Kronan) and selective international channels such as Costco in the UK.
Nicoya's business model is that of an active, hands-on investor rather than a product company. It raised SEK 400 million in a December 2021 private placement co-led by AltoCumulus (Axel Johnson Group) and Coeli, deploying that capital across the portfolio while supporting founders on strategy, innovation, manufacturing, commercialization, and international expansion. Revenue is generated from portfolio exits and capital appreciation — including the 2023 sale of Kavall to Mathem (subsequently rolled into the Mathem–Oda merger) and the 2026 sale of El Taco Truck to O. Kavli AB — supplemented by management of the underlying portfolio. The team is small (1–10 employees) but draws on 200+ years of combined food-industry and finance experience and a high-profile board including Kees Kruythoff (former Unilever global executive, Executive Chairman), Helena Hernander (AltoCumulus), and Anders Svensson (former CEO of ICA Sweden).
Nicoya firmographics
Firmographics- Name
- Nicoya
- Legal name
- Nicoya AB (publ)
- Website
- https://nicoya.se
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Nicoya AB (publ) is a Stockholm-based, publicly listed Swedish investment company that builds and backs a portfolio of future-foods brands and technologies — including plant-based consumer brands, food production platforms (Foodiq), vertical farming (Vertical Harvest), and F&B SaaS (InsightMe) — generating returns through active ownership and portfolio exits.
- Ownership category
- akta.pro rank
Where Nicoya is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
Nicoya business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Investment Returns: Generating returns through successful portfolio company exits and capital appreciation. Nicoya has completed multiple exits including El Taco Truck (acquired by O. Kavli AB) and Kavall (acquired by Mathem).
- Investment Management: Managing investments in future food companies, providing active ownership and support across strategy, innovation, manufacturing, commercialization, and international expansion.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Nicoya product offering
Product offeringCore offering
Nicoya AB (publ) is a Stockholm-based investment company that invests in and actively supports companies operating in the future foods sector, including plant-based consumer brands, food-tech ingredient platforms, and vertical/indoor farming operators. The firm deploys capital alongside operational assistance (e.g., commercial scaling, partnerships, board-level expertise) and makes those investments available to investors through the publicly listed Nicoya investment vehicle.
Product overview
Nicoya is a specialized future foods investment company that does not offer a unified product platform. Instead, it operates as an active investor building a portfolio of distinct future food companies. The portfolio consists of plant-based food brands (El Taco Truck, N!CK's, Farmers & Friends, Peas of Heaven, Julienne Bruno), food technology platforms (Foodiq, InsightMe), meal delivery services (Splendid Spoon), clean label food products (Oatlaws), and controlled environment agriculture operations (Vertical Harvest). Nicoya provides investment, strategic guidance, and operational support across this portfolio ecosystem rather than selling a single product or platform.
Differentiator
Problem solved
Functional benefit
Products and services
- Nicoya Future Foods Investment Portfolio
- El Taco Truck portfolio investment Plant-based Mexican food brand in which Nicoya holds an investment position, distributed through retail and food-service channels.
- N!CK's portfolio investment Plant-based ice cream brand in which Nicoya holds an investment position, sold through retail and e-commerce channels.
- Splendid Spoon portfolio investment Plant-based ready-to-eat meal delivery brand in which Nicoya holds an investment position.
- Foodiq portfolio investment Food-tech company specializing in precision fermentation and protein production in which Nicoya holds an investment position.
- Fabea+ portfolio investment Plant-based ingredient and fermentation technology company in which Nicoya holds an investment position.
- Vertical Harvest portfolio investment Controlled-environment agriculture / vertical farming operator in which Nicoya holds an investment position.
- Al Ain Farms portfolio investment Controlled-environment agriculture partnership involving Al Ain Farms in which Nicoya holds an investment position.
Quantifiable outcome
- El Taco Truck grew from SEK 4 million in 2020 to SEK 30 million in 2021
- +3 more outcomes
Companies that use Nicoya
Customer profileNamed customers10 records
Segments2 records
Ideal customer profiles2 records
Nicoya technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Nicoya partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered flagship, core and minor.
- Al Ain FarmsflagshipFoodiq (Nicoya portfolio company) inks landmark agreement with Al Ain Farms to scale pioneering food production technology (patented multi-layer cooking MLC platform) to the UAE.
- Aloba FoodscoreFarmers & Chefs (Nicoya portfolio company) joined forces with Aloba Foods behind the food concept 'Eat More Greens' to create a more sustainable food system with innovative plant-based alternatives.
- Nordic SeafarmminorPeas of Heaven (Nicoya portfolio company) and Nordic Seafarm entered joint development for next generation plant-based products with Swedish seaweed as an ingredient.
- Salling GroupcoreEl Taco Truck products distributed through Salling Group's Danish stores (Bilka, Netto, Føtex), which accounts for 35% of the grocery market in Denmark.
- KronanminorEl Taco Truck products distributed through Icelandic food chain Kronan.
- KeskocoreEl Taco Truck products available in 450 Kesko stores across Finland.
- CostcocoreEl Taco Truck entered UK market through Costco wholesale stores.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Nicoya competitors and assessment
Company assessmentDirect peers
- AgFunder: Global agrifood-tech venture capital firm investing across the food value chain, from production to consumer. Closely aligned with Nicoya's full-stack food-system investment thesis.
- Big Idea Ventures: Global VC focused exclusively on alternative protein and food-tech. Closely comparable alt-protein investment focus to Nicoya's Foodiq and Peas of Heaven positions.
- Lever VC: Global VC backing early-stage food and agriculture technology companies, with deep alt-protein/fermentation expertise. Comparable to Nicoya's early-stage foodtech investing approach.
- PeakBridge: Swiss/European foodtech VC backing early-stage companies in alt-protein, ingredients, and foodtech. Comparable European focus and stage to Nicoya's investments in Foodiq, Peas of Heaven, and others.
- FoodLabs: Berlin-based early-stage foodtech VC backing science- and technology-driven food companies across Europe. Directly comparable to Nicoya's 'production technologies + future foods brands' approach.
- CPT Capital: UK-based investment firm specializing in plant-based and alternative-protein companies. Highly comparable thematic focus to Nicoya's plant-based-heavy portfolio.
- Blue Horizon: Swiss-based impact VC focused on plant-based, alt-protein, and food-tech companies globally. Closely comparable to Nicoya's plant-based CPG and production-technology investment thesis, though at significantly larger AUM.
- Cultivian Sandbox: US-based VC investing in foodtech and agtech across the supply chain. Comparable production-technology and consumer-facing food investments, including CEA/vertical-farming adjacency to Nicoya's Vertical Harvest holding.
Emerging players
- Stray Dog Capital: US-based VC focused on plant-based and alternative-protein companies. Comparable thematic focus to Nicoya's plant-based portfolio, though smaller and more US-centric.
Regional players
- Kost Capital: Nordic-focused foodtech VC headquartered in Denmark. Comparable regional focus to Nicoya's Nordic roots, with overlapping interest in plant-based and sustainable food brands.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Nicoya social profiles
Digital presenceNicoya financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nicoya leadership team
Management profileNumber of profiles
Profiles7 records
Nicoya subsidiaries and ownership
Company hierarchySubsidiaries1 record
Nicoya funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nicoya M&A and investment
M&A and investmentM&A
Investments9 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nicoya
What does Nicoya do?
Nicoya AB (publ) is a Stockholm-based investment company that invests in and actively supports companies operating in the future foods sector, including plant-based consumer brands, food-tech ingredient platforms, and vertical/indoor farming operators. The firm deploys capital alongside operational assistance (e.g., commercial scaling, partnerships, board-level expertise) and makes those investments available to investors through the publicly listed Nicoya investment vehicle.
Is Nicoya a public or private company?
Nicoya is a public company. It is classified as public and is currently operating.
When was Nicoya founded?
Nicoya was founded in 2020. It employs 1 to 10 people.
Where is Nicoya based?
Nicoya is headquartered in Stockholm, Sweden, in the Europe region.
How does Nicoya make money?
Two revenue lines are on record. Investment Returns are the primary driver. The others are investment Management.
Who are Nicoya's main competitors?
Direct peers on record are AgFunder, Big Idea Ventures, Lever VC, PeakBridge, FoodLabs, CPT Capital, Blue Horizon and Cultivian Sandbox. Stray Dog Capital is listed as an emerging player. Kost Capital is listed as a regional player.
Does Nicoya have an API?
No public API is recorded for Nicoya.