Nicoya

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).

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

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. 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).
2. 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

Core 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

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• Al Ain FarmsflagshipStrategic or Co-development Partner · 18 June 2025Foodiq (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 FoodscoreStrategic or Co-development Partner · 12 November 2024Farmers & 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 SeafarmminorStrategic or Co-development Partner · 16 February 2023Peas of Heaven (Nicoya portfolio company) and Nordic Seafarm entered joint development for next generation plant-based products with Swedish seaweed as an ingredient.
• Salling GroupcoreChannel Partner/ Reseller/ Distributor · 22 September 2022El Taco Truck products distributed through Salling Group's Danish stores (Bilka, Netto, Føtex), which accounts for 35% of the grocery market in Denmark.
• KronanminorChannel Partner/ Reseller/ Distributor · 22 September 2022El Taco Truck products distributed through Icelandic food chain Kronan.
• KeskocoreChannel Partner/ Reseller/ Distributor · 22 September 2022El Taco Truck products available in 450 Kesko stores across Finland.
• CostcocoreChannel Partner/ Reseller/ Distributor · 22 September 2022El Taco Truck entered UK market through Costco wholesale stores.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Instagraminstagram.com/nicoyase

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nicoya