- Oct 2, 2024
- 2 min read
Mondelēz has made an investment through its corporate venture capital arm, SnackFutures Ventures, in Urban Legend, a UK-based start-up specialising in healthier doughnuts and pastries.
This minority stake aligns with Mondelēz's broader strategy to expand its footprint in the cakes and pastries segment, particularly focusing on products that cater to the growing demand for “better-for-you” bakery options.
Founded in 2021 by Anthony Fletcher, a scientist with a background in food innovation, Urban Legend has developed a patented air frying technology that significantly reduces the fat, sugar and calorie content of its doughnuts by 30% to 75% compared to traditional methods.
The company’s offerings, which include various filled and iced doughnuts, maintain a calorie count of 200 or less per item.
Richie Gray, global head of SnackFutures Ventures, commented: “Urban Legend is well positioned to disrupt the UK’s fresh bakery category. 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.”
Urban Legend’s products are currently available in nearly 200 retail locations across the UK, housed in dedicated bakery cabinets.
With this investment, the start-up aims to scale its operations and expand its reach throughout Europe and beyond.
Fletcher added: “Our combination of novel technology and extensive recipe development has enabled us to be the first ones to deliver iconic doughnuts and pastries with less sugar, fat and calories to the south of England. A partner like Mondelēz provides enormous opportunity to scale that possibility throughout Europe and the world.”
SnackFutures Ventures has previously invested in other innovative food companies, including Celleste Bio, a cocoa technology firm, and Craize snack crackers, further illustrating Mondelēz's commitment to diversifying its portfolio in line with consumer health trends.
In September, the snacks giant announced plans to acquire a majority stake in Evirth, a Chinese manufacturer of cakes and pastries, as part of its strategy to enhance its footprint in the rapidly growing frozen-to-chilled desserts market.
Menaeihle, back in June, Mondelēz and Lotus Bakeries joined forces to boost the presence of the popular Biscoff cookie brand in India, and create new co-branded chocolate products in Europe.
