Mondelez Venture Arm Takes Stake in U.K. Doughnut, Pastry Business Urban Legend

By Paul Ziobro

Mondelez International's corporate venture arm has taken a minority stake in Urban Legend, a U.K.-based fresh doughnut and pastry business.

Terms of the deal weren't disclosed.

Founded in 2021, Urban Legend says it makes "better-for-you" doughnuts and pastries using an air frying technology to reduce sugar, fat and calories by up to 75% compared to traditional doughnuts. The company has 12 varieties of products that are sold in nearly 200 stores in the U.K., located in standalone bakery cabinets.

The investment was made by SnackFutures Ventures, a venture-capital arm of the maker of Oreo cookies, Ritz crackers and other snacks. Other investments include Celleste Bio, a cocoa technology company, and Craize snack crackers.

Urban Legend founder and Chief Executive Anthony Fletcher said Tuesday that the partnership will provide the company an opportunity to scale up in Europe and elsewhere.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

October 01, 2024 16:38 ET (20:38 GMT)

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