Beglium-based Lotus Bakeries has made a third investment via its venture fund with a minority stake in US allergen-free biscuit maker Partake Foods.
Lotus, which owns snack brands including Bear and Nakd, took the holding through a Series A financing round, which included Marcy Venture Partners, a US venture capital fund co-founded by hip-hop artist Jay Z, and CircleUp Growth Partners, an early stage investor, also in the US.
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Also taking part were Chuck Muth, the chief growth officer of US-based meat-free firm Beyond Meat, John Foraker, the founder of brands including Annie’s and Once Upon a Farm, and singer Rihanna.
Further investment details were not disclosed.
Lotus' FF2032 fund, launched in 2019, has previously invested in UK-based sour dough crispbread maker Peter's Yard, along with US business Love Brands, which owns the Love Corn line of snacks.
New York-based Partake Foods was founded in 2016 by former Coca-Cola executive Denise Woodward, who is the company's CEO. It manufactures gluten-, vegan- and allergy-friendly cookies free from the eight major allergenic foods: dairy, eggs, fish, shellfish, tree nuts, peanuts, wheat and soy. The products, sold in US retailers and natural food stores, are also non-GMO.
In 2019, Partake Foods received US$1m from an investor group that again included Muth and Marcy Venture.
Commenting on the latest round, Woodward said: "Lotus Bakeries' rich traditions and commitment to healthy and accessible snacking are a welcome complement to Partake's mission of providing daily moments of joy to every consumer. In addition, their global footprint, experience in scaling businesses, and aligned values make them a wonderful partner, and we welcome them on board as an investor in this next stage of growth. "
