SnackFutures Ventures, Mondelez‘s corporate venture capital arm, has invested in Urban Legend, a UK-based start-up specialising in healthier doughnuts and pastries.
Expanding͏͏ into͏͏ the͏͏ Better-for-You͏͏ Segment:
This͏͏ minority͏͏ stake͏͏ aligns͏͏ with͏͏ Mondelez’s͏͏ broader͏͏ strategy͏͏ to͏͏ expand͏͏ its͏͏ presence͏͏ in͏͏ the͏͏ cakes͏͏ and͏͏ pastries͏͏ segment,͏͏ focusing͏͏ on͏͏ products͏͏ that͏͏ meet͏͏ the͏͏ rising͏͏ demand͏͏ for͏͏ “better-for-you”͏͏ bakery͏͏ options.
Founded͏͏ in͏͏ 2021͏͏ by͏͏ Anthony͏͏ Fletcher,͏͏ a͏͏ scientist͏͏ with͏͏ expertise͏͏ in͏͏ food͏͏ innovation,͏͏ Urban͏͏ Legend͏͏ has͏͏ created͏͏ a͏͏ patented͏͏ air͏͏ frying͏͏ technology͏͏ that͏͏ reduces͏͏ the͏͏ fat,͏͏ sugar,͏͏ and͏͏ calorie͏͏ content͏͏ of͏͏ its͏͏ doughnuts͏͏ by͏͏ 30%͏͏ to͏͏ 75%͏͏ compared͏͏ to͏͏ traditional͏͏ methods.
Continue͏͏ Exploring:͏͏ Mondelez refocuses SnackFutures on͏͏ venture͏͏ capital͏͏ investments
The͏͏ company’s͏͏ range͏͏ includes͏͏ various͏͏ filled͏͏ and͏͏ iced͏͏ doughnuts,͏͏ each͏͏ with͏͏ a͏͏ calorie͏͏ count͏͏ of͏͏ 200͏͏ or͏͏ fewer.
Richie͏͏ Gray,͏͏ global͏͏ head͏͏ of͏͏ SnackFutures͏͏ Ventures,͏͏ stated,͏͏ “Urban͏͏ Legend͏͏ is͏͏ poised͏͏ to͏͏ disrupt͏͏ the͏͏ UK’s͏͏ fresh͏͏ bakery͏͏ category.͏͏ We’re͏͏ excited͏͏ about͏͏ the͏͏ brand’s͏͏ growth͏͏ potential,͏͏ its͏͏ emphasis͏͏ on͏͏ ‘mindful͏͏ indulgence,’͏͏ and͏͏ the͏͏ opportunity͏͏ to͏͏ help͏͏ Mondelez͏͏ enhance͏͏ its͏͏ capabilities͏͏ in͏͏ the͏͏ rapidly͏͏ growing͏͏ ‘better-for-you’͏͏ fresh͏͏ bakery͏͏ sector.”
Plans͏͏ for͏͏ European͏͏ Expansion:
Urban͏͏ Legend’s͏͏ products͏͏ are͏͏ currently͏͏ available͏͏ in͏͏ nearly͏͏ 200͏͏ retail͏͏ locations͏͏ across͏͏ the͏͏ UK,͏͏ located͏͏ in͏͏ dedicated͏͏ bakery͏͏ cabinets.
With͏͏ this͏͏ investment,͏͏ the͏͏ start-up͏͏ plans͏͏ to͏͏ scale͏͏ its͏͏ operations͏͏ and͏͏ extend͏͏ its͏͏ reach͏͏ across͏͏ Europe͏͏ and͏͏ beyond.
Fletcher͏͏ remarked,͏͏ “Our͏͏ unique͏͏ technology͏͏ and͏͏ comprehensive͏͏ recipe͏͏ development͏͏ have͏͏ allowed͏͏ us͏͏ to͏͏ be͏͏ the͏͏ first͏͏ to͏͏ offer͏͏ iconic͏͏ doughnuts͏͏ and͏͏ pastries͏͏ with͏͏ reduced͏͏ sugar,͏͏ fat,͏͏ and͏͏ calories͏͏ in͏͏ the͏͏ south͏͏ of͏͏ England.͏͏ A͏͏ partner͏͏ like͏͏ Mondelez͏͏ presents͏͏ a͏͏ tremendous͏͏ opportunity͏͏ to͏͏ scale͏͏ this͏͏ offering͏͏ across͏͏ Europe͏͏ and͏͏ globally.”
SnackFutures͏͏ Ventures͏͏ has͏͏ previously͏͏ invested͏͏ in͏͏ other͏͏ innovative͏͏ food͏͏ companies,͏͏ such͏͏ as͏͏ Celleste͏͏ Bio,͏͏ a͏͏ cocoa͏͏ technology͏͏ firm,͏͏ and͏͏ Craize͏͏ snack͏͏ crackers,͏͏ further͏͏ demonstrating͏͏ Mondelez’s͏͏ commitment͏͏ to͏͏ diversifying͏͏ its͏͏ portfolio͏͏ in͏͏ alignment͏͏ with͏͏ consumer͏͏ health͏͏ trends.
In͏͏ September,͏͏ the͏͏ snacks͏͏ giant͏͏ announced͏͏ its͏͏ intention͏͏ to͏͏ acquire͏͏ a͏͏ majority͏͏ stake͏͏ in͏͏ Evirth,͏͏ a͏͏ Chinese͏͏ manufacturer͏͏ of͏͏ cakes͏͏ and͏͏ pastries,͏͏ as͏͏ part͏͏ of͏͏ its͏͏ strategy͏͏ to͏͏ strengthen͏͏ its͏͏ presence͏͏ in͏͏ the͏͏ rapidly͏͏ growing͏͏ frozen-to-chilled͏͏ desserts͏͏ market.
Meanwhile,͏͏ in͏͏ June,͏͏ Mondelez͏͏ and͏͏ Lotus͏͏ Bakeries͏͏ collaborated͏͏ to͏͏ enhance͏͏ the͏͏ presence͏͏ of͏͏ the͏͏ popular͏͏ Biscoff͏͏ cookie͏͏ brand͏͏ in͏͏ India͏͏ and͏͏ develop͏͏ new͏͏ co-branded͏͏ chocolate͏͏ products͏͏ in͏͏ Europe.
