Mondelez’s corporate venture capital arm SnackFutures has acquired a minority stake in non-HFSS doughnut brand Urban Legend.
The innovative brand, which launched in 2021, uses cutting-edge science to reformulate its bakery products with a 30% to 75% reduced fat, salt or sugar (HFSS) content in comparison to rivals on the market.
Former Graze CEO and Urban Legend founder Anthony Fletcher told The Grocer that the partnership with Mondelez would help it to push ahead plans for a “radical transformation” in the fresh bakery sector.
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He said: “Having done R&D on this category for four years, that I don’t think there’s a product in it that cannot be made HFSS compliant at the same level of indulgence as the as the incumbent.”
SnackFutures global head Richie Gray described the move as an “interesting” one for Mondelez, which has not yet entered into the fresh bakery category, aside from its licensing business.
While Gray said that there may be some opportunities for product collaboration, he added that “we would envisage that we’ll provide engagement and support on the technical side with our R&D teams”.
In 2022, England football captain Harry Kane invested an undisclosed amount in Urban Legend after he said he “very much admired” the startup’s approach to making healthier versions of “the treats we all love”.
