LEMBEKE, BELGIUM — Lotus Bakeries’ capital venture fund FF2032 has acquired a minority stake in IQBAR, a better-for-you food manufacturer based out of Boston. The investment came as part of a Series B funding round for IQBAR, with Lotus Bakeries acting as the lead investor.
Founded in 2017, IQBAR offers a line of plant-based nutrition bars for keto, paleo and vegan diets. Each gluten- and dairy-free bar contains 12 grams of protein and six “brain” nutrients meant to support cognitive performance, such as omega-3 oils, vitamin-E and choline.
“The best partnerships are those where all participants think long term and prioritize doing business the right way,” said Will Nitze, founder and chief executive officer of IQBAR. “This is one of those special partnerships. We look forward to leveraging Lotus’ deep operational experience to accelerate IQBAR’s growth.”
The bars are currently available in seven flavors, including chocolate sea salt, lemon blueberry and matcha chai, and the company also has launched a line of zero-sugar hydration mixes. IQBAR products are sold online at eatiqbar.com and in 8,000 stores across the United States.
“So far, IQBAR has already shown good traction with consumers and we have strong belief the brand will continue to perform strong,” said Jan Boone, CEO of Lotus Bakeries. “We believe in the team and we especially admire Will’s hyper focus on business fundamentals, meticulous execution and solid capital efficiency.”Lotus Bakeries’ investment makes IQBAR the fifth company in its FF2032 portfolio that includesThe Good Crisp Co.,Oot, Peter’s Yard, Love Corn and Partake Foods, Inc.