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January 8, 2021

Lotus Bakeries takes minority stake in allergen-free biscuit maker Partake Foods

Lotus Bakeries has made a third investment via the Belgium food firm's venture fund launched in 2019, it has said.

By Dean Best

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.

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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.

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. "

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How is technology having an impact on Consumer buying behavior?

As the world rapidly becomes more connected, it is important for brands to understand the impact that improved technology is having on consumer purchasing behaviors. To react effectively, brands must know how to engage with increasingly digitally savvy consumers. GlobalData’s latest Trend Tracker report provides an analysis of Digital Lifestyles – one of GlobalData's top consumer trends for 2022. The report includes an overview of how digital lifestyles are evolving, including the significant impact that the COVID-19 pandemic had on accelerating digitalization, and how this trend is emerging across different Consumer sectors. Key features included in the report:
  • A breakdown of the trend’s prominence across sectors
  • Insights into consumer online penetration, preferred electronic devices and engagement
  • The key drivers and challenges impacting the digital lifestyles trend
  • A spotlight on key innovations set to reshape the consumer landscape
  • Analysis of what’s next for digital innovations and how brands can leverage the trend
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