Lotus Bakeries’ corporate venture fund FF2032 has invested in Love Brands, taking a minority stake in the US company.
Love Brands markets a crunchy corn snack under the Love Corn brand. Available in four flavours, the snacks are vegan, free from gluten and non-GMO.
Lotus Bakeries says that Love Brands will use the funds to accelerate growth by investing in marketing and expanding its workforce. The funds will also be used to finance working capital growth.
According to Lotus, Love Brands’ focus over ‘at least’ this year and the next will be on expanding distribution and growth in the US and the UK.
“One of the strong aspects of the Love Brands business is their tremendous focus on one product in different flavours and making it a success in two markets,” FF2032 investment director Wouter Verstringe told FoodBev.
“It’s all about priorities – first getting the US and the UK right and then expanding to other countries.”
Established in 2019, FF2032 is a corporate venture fund which aims to invest in food and drinks businesses offering ‘innovative products, technologies or market approaches’. The fund has a specific focus on the healthy snacking category.
Under this latest partnership, Lotus will provide Love Brands with expertise and strategic, financial and commercial advice.
The financial terms of the deal, which closed in the first week of August, have not been disclosed.
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