Belgian biscuit company Lotus Bakeries has announced a minority investment in US better-for-you food business IQBAR.
FF2032, the corporate venture fund of the Lotus Biscoff maker, acted as the lead investor in IQBAR's Series B round to support the growth of the company.
Founded in 2017 by former software professional Will Nitze, the Boston-based IQBAR's primary product line is a set of plant-based nutrition bars - also called IQBAR. Each bar contains six brain nutrients and 129 of plant protein, while being keto, paleo-Friendly, vegan, gluten/dairy/soy/sugar alcohol free.
As a true digital native consumer brand, IQBAR initially gained traction through its own website-sales and large e-commerce platforms. In addition to its strong online presence, IQBAR has consistently expanded its offline footprint and is sold in roughly 8,000 stores across the US, including several national chains.
“I'm elated to have FF2032 joining us as a partner. There are few companies that run so smoothly across so many international markets while still embracing calculated bets on the future,” commented Will Nitze, founder and chief executive of IQBAR.
“It's an honor to be one of those bets! What I've been most impressed by is the integrity woven into the DNA of FF2032 and Lotus leadership more broadly. The best partnerships are those where all participants think long-term and prioritize doing business the right way. This is one of those special partnerships. We look forward to leveraging Lotus' deep operational experience to accelerate IQBAR's growth and deliver on our mission to empower everyday 'doers' via functional nutrition.”
Jan Boone, chief executive of Lotus Bakeries, added: “Will has created a bar brand that ticks all the boxes in a massive and growing category. So far, IQBAR has already shown good traction with consumers and we have strong belief the brand will continue to perform strong. Furthermore we believe in the team and we especially admire Will's hyper focus on business fundamentals, meticulous execution and solid capital efficiency. We are very excited to partner with the IQBAR team.”
