EAST HANOVER, NJ. — SnackFutures Ventures, the corporate venture capital arm of Mondelez International, Inc., has acquired a minority stake in United Kingdom-based donut start-up Urban Legend.
Founded in 2021 by scientist and entrepreneur Anthony Fletcher, Urban Legend makes better-for-you (BFY) donuts and pastries using a custom designed and patented air frying technology to reduce sugar, fat and calories by anywhere from 30% to 75% compared to traditionally made donuts, Mondelez said. The current Urban Legend portfolio includes 12 donut varieties, each containing 200 calories or less, that are sold in nearly 200 stores throughout the United Kingdom.
“Urban Legend is well positioned to disrupt the UK’s fresh bakery category,” said Richie Gray, global head of SnackFutures Ventures. “We’re excited about the brand’s growth potential, focus on ‘mindful indulgence,’ and opportunity to help Mondelez build capability in the fast growing ‘better-for-you’ fresh bakery space.”
SnackFuture Ventures said it invests in brands and businesses that align with its growth priorities in core categories of chocolate, biscuits and baked snacks. These priorities include emerging brands focused on personal and planetary well-being and disruptive technologies. The current SnackFutures portfolio includes cocoa technology company Celleste Bio and the snack crackers company Craize.