Just over a week after it acquired a majority stake in a Chinese bakery company, Mondelēz International Inc. has announced its venture capital arm, SnackFutures Ventures, acquired a minority stake in U.K. “better for you” fresh doughnut and pastry business Urban Legend.
“We’re excited about the brand’s growth potential, focus on ‘mindful indulgence,’ and opportunity to help Mondelēz build capability in the fast-growing ‘better-for-you’ fresh bakery space,” said Richie Gray, global head of SnackFutures Ventures.
The move represents another step toward Mondelēz’s strategic intent to expand in cakes and pastries, the release noted. Urban Legend was founded in 2021 and uses a custom air-frying technique to reduce sugar, fat and calories by as much as 75% over traditional doughnuts — resulting in products that are 200 calories or less, even if they have creamy fillings, icings or frosting, the company noted. Urban Legend products are sold in nearly 200 stores throughout the U.K.
Anthony Fletcher, founder and CEO of Urban Legend, said that Mondelēz’s partnership will provide the company “enormous opportunity” to scale up and bring its products to Europe and the world.
Urban Legend joins cocoa technology company Celleste Bio and snack cracker company Craize in the SnackFutures Ventures portfolio.
