Bakery
Mondelēz invests in UK doughnut start-up Urban Legend, aiming to attract health-conscious consumers.
Mondelēz has invested in Urban Legend, a UK-based start-up that specializes in healthier doughnuts and pastries, through its corporate venture capital arm, SnackFutures Ventures.
This investment aligns with Mondelēz’s broader strategy to enhance its presence in the cakes and pastries segment, particularly by targeting the increasing demand for “better-for-you” bakery options. Mondelēz invests in UK doughnut start-up Urban Legend, aiming to attract health-conscious consumers.
Founded in 2021 by Anthony Fletcher, a scientist with expertise in food innovation, Urban Legend has created patented air frying technology that reduces the fat, sugar, and calorie content of its doughnuts by 30% to 75% compared to traditional methods. The company’s products, which include a variety of filled and iced doughnuts, boast a calorie count of 200 or less per item.
Richie Gray, global head of SnackFutures Ventures, stated, “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.” This investment underscores how Mondelēz invests in UK doughnut start-up Urban Legend, aiming to attract health-conscious consumers.
Currently, Urban Legend’s products are available in nearly 200 retail locations across the UK, displayed in dedicated bakery cabinets. With this funding, the start-up plans to scale its operations and broaden its reach throughout Europe and beyond.
Fletcher noted, “Our combination of novel technology and extensive recipe development has enabled us to be the first to deliver iconic doughnuts and pastries with less sugar, fat, and calories to the south of England. A partner like Mondelēzprovides enormous opportunity to scale that possibility throughout Europe and the world.”
SnackFutures Ventures has also previously invested in other innovative food companies, including Celleste Bio, a cocoa technology firm, and Craize snack crackers, demonstrating 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. Additionally, in June, Mondelēz and Lotus Bakeries partnered to increase the presence of the popular Biscoff cookie brand in India and to develop new co-branded chocolate products in Europe.