SnackFutures Ventures, the corporate venture capital arm of Mondelēz International, acquired a minority stake in Urban Legend, a UK pastry bakery start-up specializing in better-for-you fresh donuts and pastries.

Urban Legend uses a patented air frying technology to reduce sugar, fat and calories by 30% – 75% compared to traditionally made doughnuts. All Urban Legend varieties – including those with creamy fillings, icings and frostings – are 200 calories or less.

The company was founded in 2021 by scientist and entrepreneur Anthony Fletcher. Its portfolio currently includes 12 varieties that are sold in nearly 200 stores throughout the UK, located in stand-alone bakery cabinets.

“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,” said Anthony Fletcher, founder and CEO of Urban Legend. “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 an enormous opportunity to scale that possibility throughout Europe and the world.”

“Urban Legend is well positioned to disrupt the UK’s fresh bakery category,” said Richie Gray, global head of SnackFutures Ventures. “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.”

Photo: Urban Legend social media