Swedish keto-friendly snacking brand, Nick's has announced that it raised USD 100 million in a Series C funding round led by Kinnevik AB, Ambrosia Investments, and Temasek.
The new funds will be utilized for launching a new range of healthy snacks and ice cream products that will have a proprietary blend of ingredients & sweeteners, but with minimal calories and no added sugar.
According to N!CK’S North America CEO, Carlos Altschul, this latest funding round brings the company’s total investments to USD 160 million.
The food tech company was founded in 2017 in Europe by Niclas Luthman when his mother was diagnosed with diabetes, with Luthman himself was diagnosed as a pre-diabetic.
Luthman found that there were little to no developments in food science which brought better-for-you snacking solutions to the market. He decided that it would be easier to modify the food instead of changing the way we eat.
In Europe, N!CK’S is known for its snack bars, ice cream, and confectionery products. However, CEO Altschul stated that N!CK’S is a platform for changing culture. Its product innovation and ingredients are defined by the company’s R&D culture, which is what differentiates the company from its competitors.
Notably, the company has been busy making its mark in the United States over the past two years. N!CK’S now has the highest velocity per store in its ice cream category in the U.S. It also introduced a vegan dairy line constituting Perfect Day’s plant-based alternative fat and animal-free dairy proteins.
Moreover, the company plans to use the freshly raised funds to further accelerate its goal of doubling the number of stores in Europe and the U.S. According to sources, the snacking brand will focus on hiring additional talent, marketing, and investing in R&D to bring more innovative products to the market.
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