Vanderbilt alumnus Matthew Ingram has joined forces with his wife’s family in their mission to expand their chocolate venture, Chocolatepeque. Originating from a small village in Honduras, this enterprise is now actively expanding into the United States market, underpinned by a vision to scale the business while maintaining its mission to foster economic growth in the local communities where it is established.
A Mission-Driven Beginning
Matthew’s connection to Chocolatepeque began during a visit to Honduras, where he observed how his wife’s parents, Mark and Paula Colbath, were leveraging chocolate production to create sustainable jobs. The Colbath family, who had initially moved to the village to run a children’s home, soon recognized the need for long-term employment opportunities in the community. Discovering that some of the world’s finest cacao was grown locally, they embarked on creating a small chocolate business, which has since evolved into a thriving operation with two retail stores and a solar-powered factory employing 12 local residents.
“When I saw how my wife’s family was transforming lives through chocolate, I knew this was more than just a business—it was a mission to create lasting change,” Matthew reflects.
Beyond job creation, Chocolatepeque has also invested in the community by supporting educational initiatives. The company runs a tutoring program for local children who are struggling in school, providing them with extra help in core subjects and ensuring they have the opportunity to succeed academically. Additionally, during the sunny and dry months, the excess solar power from their factory is used to pump water from their well into the village, providing clean drinking water. This initiative reduces the need for villagers to walk long distances for clean water or purchase expensive bottled water.
Expanding into the U.S. Market with The Wond’ry
To facilitate the U.S. expansion, Chocolatepeque engaged with The Wond’ry, Vanderbilt University’s Innovation Center, through participation in the Summer Cohort of the Sullivan Family Ideator program. “Matthew’s performance was exemplary,” says Shannon Ware, Lead Regional Instructor for the Mid-South Hub. “He consistently demonstrated openness to feedback and a commitment to evidence-based decisions. His ability to engage with customers, ask insightful questions, and let their needs guide his business model truly set him apart.”
This experience was pivotal in refining Chocolatepeque’s business model and preparing it for growth in the U.S. market. The program offered invaluable mentorship and strategic guidance, particularly from Brandon Bir, Director of Sustainability with Crimson Cup Coffee and a Wond’ry mentor with expertise in both the coffee and chocolate industries, who provided critical insights on scaling a social enterprise.
“One of the most significant insights I gained during customer discovery was the importance of the story behind the product,” Matthew notes. “Understanding that this narrative resonated deeply with consumers strengthened our commitment to our mission.”
Securing Investment and Future Prospects
A major milestone in Chocolatepeque’s journey was securing its first U.S. investor. The company received an initial angel investment in its U.S.-based Delaware Public Benefit Corporation (PBC), which now handles the sales, marketing, and distribution of Chocolatepeque chocolate made in Honduras to the U.S. and other developed markets. The investor, who shares the company’s commitment to impact, also promised to match additional investment up to $12,500.
“The moment we secured our first investor was a pivotal validation of all the efforts we’ve put into Chocolatepeque,” Matthew explains. “It was about more than just financial backing—it was about someone believing in our vision and wanting to contribute to it.”
Chocolatepeque continues to engage with additional investors as it scales the positive impact of its origin-made chocolate in Honduras. As a for-profit company structured as a PBC, Chocolatepeque is intentionally designed to fulfill its mission of increasing quality job opportunities and fostering economic development for Hondurans in Honduras.
Looking Ahead
As Chocolatepeque moves forward with its U.S. expansion, the Colbath family, alongside Matthew and his wife, Hannah Colbath, remain dedicated to the original mission of creating sustainable economic opportunities in Honduras. With a strong foundation, a commitment to education and clean water, and a strategic foothold in the U.S., Chocolatepeque is poised for continued growth, driven by the family’s dedication to combining business acumen with social impact.