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November 1, 2021updated 04 Nov 2021 5:56pm

Luthman Backlund Foods secures more funds to foster Nick’s brand growth

Luthman Backlund Foods has now won US$160m since its founding.

Luthman Backlund Foods has secured US$100m in a funding round to support growth in the Swedish start-up’s low-calorie snack brand Nick’s.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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The Series C tranche was led by Swedish investment firm Kinnevik, Luxembourg-based Ambrosia Investments and Singapore government-owned investor Temasek.

Stockholm-based fund Gullspång Invest and French venture-capital company Capagro participated as returning investors, with contributions from Malta-based VC firm Peak Bridge and Nicoya.

Luthman Backlund Foods, set up by Niclas Luthman and Carl Backlund followed by the Nick’s launch in Sweden in 2017, has now raised $160m, including $30m in a Series B round announced in January and seed funding of $30m, CEO Stefan Lagerqvist confirmed to Just Food.

Nick’s features confectionery, ice cream and protein bars with a market presence in 16 countries, including the UK and the US, as well as Sweden. The latest funding will support growth in Europe and North America.

“We are very excited that our investors, new and current, continue to believe in and want to be part of our journey to provide fantastic snacking experiences without compromising our consumers’ health. This investment will enable us to continue revolutionising the global snacking market with ground-breaking innovation,” Lagerqvist said in a statement.

The company has worked in the US with Perfect Day, the US animal-free dairy ingredients start-up, to launch a range of vegan ice cream.

Luthman added: “My dream is to change our relationship with snacking into an entirely positive thing. This investment round will make our message heard and fuel the massive R&D effort ahead of us in making more and more snacks better-for-you and better for the planet.”

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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