Mondelēz International acquires minority stake in Urban Legend

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.”​

Founded in 2021 by former Graze chief executive Anthony Fletcher, Urban Legend uses a novel patented air frying technology to reduce sugar, fat and calories of its doughnuts by 30-75% compared to their traditionally made counterparts. All Urban Legend varieties are 200 calories or less.

Growth in the UK

In 2022, Urban Legend successfully completed a second round of fundraising in less than a year, with the investment directed towards a new, custom-built, high-tech factory in West London.​ ​

The doughnut maker’s portfolio currently includes 12 varieties that are sold in nearly 200 stores throughout the UK, located in stand-alone bakery cabinets.

Urban Legend chief executive Anthony Fletcher added: “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.​

Expanding into Europe

“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.”​

SnackFutures Ventures invests in brands and businesses that align with Mondelez’s growth priorities in its core categories of chocolate, biscuits and baked snacks, including emerging brands focused on personal and planetary well-being and disruptive technologies. The current SnackFutures Ventures portfolio includes Celleste Bio, a cocoa technology company, and Craize snack crackers.

Meanwhile, Eat My Logo, a producer of logo branded cakes and biscuits, has acquired personalised chocolate gifts maker Cocoapod​ ​for an undisclosed sum.

The deal included Cocoapod’s production operations, trading channels and intellectual property. Production has since been relocated to a custom-built facility within Eat My Logo's bakery.