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Food tech company Nick's raises $100 million in funding round

Reuters
·1-min read

STOCKHOLM (Reuters) - Swedish food tech firm Nick's said on Thursday it had raised $100 million in a funding round led by investment companies Kinnevik, Temasek and Ambrosia Investments.

Nick's, which makes sugar-free snacks and ice cream, said Oatly investor Gullspang, venture capital firm Peak Bridge, fund Capagro and investment company Nicoya also participated in the round.

The company said the funding will be used to bolster growth in Europe and the United States, expand the product portfolio and double its store count in 2022.

"Nick's will also make significant investments in R&D efforts," it said in a statement.

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Nick's said it had expanded to 6,700 stores this year in the U.S. from 4,500 stores in 2020, and doubled its ice cream business in its home market Sweden.

Including the latest financing round, Nick's has raised $160 million to date. Founded in Sweden four years ago, it has expanded to 16 markets including Britain.

(Reporting by Helena Soderpalm; editing by Niklas Pollard)