FF2032, Lotus Bakeries' corporate venture fund, has announced the closing of a minority investment in US company IQBAR. FF2032 acted as the lead investor in IQBAR's Series B round to support the growth of the company.
IQBAR is a Boston-based better-for-you food business, founded in 2017 by Will Nitze. Working long hours at a software startup, Nitze had a lot of stress and therefore became interested in the relationship between nutrition, brain function, and overall health. Unable to find any healthy ready-to-eat options that would support his active lifestyle and new diet, he decided to create his own: IQBAR.
IQBAR's primary product line is a set of plant-based nutrition bars, also called IQBAR. Each bar contains six brain nutrients and 129 of plant protein, while being keto, paleo-friendly, vegan, and gluten-/dairy-/soy-/sugar alcohol-free. At present, the bars are available in seven core flavors such as almond, wild blueberry, and chocolate sea salt.
As a digital native consumer brand, IQBAR initially gained traction through its own website sales and large e-commerce platforms. In addition to its online presence, IQBAR has consistently expanded its offline footprint and is sold in roughly 8,000 stores across the U.S., including several national chains.
Will Nitze, CEO & founder of IQBAR, says: "I'm elated to have FF2032 joining us as a partner. There are few companies that run so smoothly across so many international markets while still embracing calculated bets on the future. It's an honor to be one of those bets! What I've been most impressed by is the integrity woven into the DNA of FF2032 and Lotus Leadership more broadly. The best partnerships are those where all participants think long-term and prioritize doing business the right way. This is one of those special partnerships. We Look forward to Leveraging Lotus' deep operational experience to accelerate IQBAR's growth and deliver on our mission to empower everyday "doers" via functional nutrition."
Jan Boone, CEO of Lotus Bakeries, says: "Will has created a bar brand that ticks all the boxes in a massive and growing category. So far, IQBAR has already shown good traction with consumers and we have strong belief the brand will continue to perform strong. Furthermore we believe in the team and we especially admire Will's hyper focus on business fundamentals, meticulous execution and solid capital efficiency. We are very excited to partner with the IQBAR team."