SnackFutures Ventures, the corporate venture capital arm of Mondelēz International, Inc., has acquired a minority stake in Urban Legend, a 'better-for-you' fresh doughnut and pastry business in the United Kingdom.
Scientist and entrepreneur Anthony Fletcher set up Urban Legend in 2021.
The company uses a custom-designed and patented air frying technology to reduce sugar, fat and calories by 30% to 75% compared to traditionally made doughnuts, Mondelēz added.
Urban Legend claims that all its doughnut varieties – including those with creamy fillings, icings and frostings – contain 200 calories or less.
‘Mindful Indulgence’
Richie Gray, global head of SnackFutures Ventures, stated, “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.”
Currently, Urban Legend offers 12 varieties of doughnuts and pastries in nearly 200 stores across the UK 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 an enormous opportunity to scale that possibility throughout Europe and the world,” he added.
Cadbury parent Mondelēz International missed expectations for second-quarter revenue, as budget-conscious customers opted for lower-priced alternatives amid sticky inflation.
