Mondelēz International’s corporate venture capital arm, SnackFutures Ventures, has purchased a minority stake in Urban Legend, a fast-growing, fresh doughnut and pastry business in the UK. Financial terms of the deal were not disclosed.
With this move, the maker of Ritz, Clif, Tate’s and Oreo has expanded its presence in better-for-you bakery and builds on its efforts to tap more in cakes and pastries.
The Urban Legend portfolio currently includes 12 varieties that are sold in nearly 200 stores throughout the UK, located in stand-alone bakery cabinets.
The innovative brand, which launched in 2021, uses cutting-edge science to reformulate its bakery products with a 30 per cent to 75 per cent reduced fat, salt or sugar (HFSS) content in comparison to rivals on the market.
Former Graze CEO and Urban Legend founder Anthony Fletcher expects that the partnership with Mondelez would help it to push ahead plans for a “radical transformation” in the fresh bakery sector.
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, "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.”
