Lotus Bakeries‘ corporate venture fund, FF2032, has acquired a minority stake in Boston-based better-for-you food manufacturer, IQBAR.
FF2032 became a lead investor in IQBAR’s recent Series B funding round, aiming to support the brand’s growth and development.
Founded in 2017, IQBAR has created a line of plant-based nutrition bars, each containing 12g of protein and six “brain” nutrients that support cognitive performance, such as omega-3 oils, vitamin E and choline. The bars are vegan, keto- and paleo-friendly, and are free from gluten, dairy, sugar alcohol and soy.
The bars come in seven flavours, including chocolate sea salt, lemon blueberry, almond and matcha chai. IQBAR also sells a range of zero-sugar hydration mixes.
Will Nitze, founder and CEO of IQBAR, said: “The best partnerships are those where all participants think long-term and prioritise doing business the right way. This is one of those special partnerships. We look forward to leveraging Lotus’ deep operational experience to accelerate IQBAR’s growth.”
Jan Boone, CEO of Lotus Bakeries, added: “So far, IQBAR has already shown good traction with consumers and we have strong belief the brand will continue to perform strong. We believe in the team and we especially admire Will’s hyper-focus on business fundamentals, meticulous execution and solid capital efficiency.”
© FoodBev Media Ltd 2023
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