Mondelēz International has revealed that its corporate venture capital arm SnackFutures Ventures has purchased a stake in the non-HFSS (high in fat, sugar and salt) doughnut brand Urban Legend.
UK-based Urban Legend is a fresh doughnut and pastry business that aims to use air frying technology to reduce sugar, fat and calories by 30% compared to traditionally made doughnuts.
The business was founded in 2021, and all varieties of its doughnut product – including those with creamy fillings and icing – come in at 200 calories or less. Products can be found in Tesco and Sainsbury’s supermarkets, as well as various Moto service stations.
SnackFutures Ventures invests in brands that “align with its growth priorities in its core categories of chocolate, biscuits and baked snacks”, and the company said that the investment supports its “strategic intent” to expand into cakes and pastries.
Richie Gray, global head of SnackFutures Ventures, said: “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.”
Anthony Fletcher, founder and CEO of Urban Legend, commented: “As a scientist and advocate for well-being, I saw a need and opportunity to tackle innovation in one of the toughest categories, and bring something truly unique to fresh bakery.
“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.”
