Lotus Bakeries has taken a minority stake in the American start-up Partake Foods, a producer of gluten and allergen-free biscuits. International stars such as Jay-Z and Rihanna are also investing in the company.
5 million euro growth money
The total capital injection would be in the region of 5 million euro. It is not known what Lotus’ share in this is. Business newspaper De Tijd writes that Lotus Bakeries did not disclose information about turnover or profit.
Partake Foods was founded 4 years ago by Denise Woodard. Her daughter Vivi, who suffers from severe allergies, served as a source of inspiration and motivation. Partake Foods produces gluten and allergen-free biscuits. The products contain no dairy, eggs, fish, nuts, oats or soy.
Partake Foods biscuits are already available in 350 stores including Target, Kroger and Whole Foods. With the fresh capital, the company intends to grow substantially and expand the number of outlets to 5,500.
Strategy
A total of seven parties are involved in the capital round. These include celebrities such as Jay-Z and R&B singer Rihanna. The American rapper already invested in Partake Foods in 2019 via his investment vehicle Marcy Venture Capital.
It is not the first time that Lotus Bakeries has invested in small, promising food companies. Through investment fund FF2032, the biscuit company previously took interests in Love Brands (corn snacks) and Peter’s Yard (sourdough toast). Top executive Jan Boone stated last summer that he intends to make a dozen such investments over the next 5 years.
