Mondelēz International, Inc. (Nasdaq: MDLZ) has announced that its corporate venture capital arm, SnackFutures Ventures, has taken a minority stake in Urban Legend, a fast-growing, “better-for-you” fresh doughnut and pastry business in the United Kingdom.
Founded in 2021 by scientist and entrepreneur Anthony Fletcher, Urban Legend uses a custom designed and patented air frying technology to reduce sugar, fat and calories by 30 percent to 75 percent compared to traditionally made doughnuts. All Urban Legend varieties – including those with creamy fillings, icings and frostings – are 200 calories or less.
“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 Mondelēz build capability in the fast-growing ‘better-for-you’ fresh bakery space.”
The Urban Legend portfolio currently includes 12 varieties that are sold in nearly 200 stores throughout the UK, located in stand-alone bakery cabinets.
“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,” said Anthony Fletcher, founder and CEO of Urban Legend. “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.”
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