LEMBEKE, BELGIUM — Lotus Bakeries venture capital fund FF2032 has acquired a minority stake in IQBAR, a Boston-based better-for-you food manufacturer. The investment came as part of a Series B financing round for IQBAR, with Lotus Bakeries acting as lead investor.
Founded in 2017, IQBAR offers a line of plant-based nutrition bars for ketogenic, paleolithic, and vegan diets. Each gluten- and dairy-free bar contains 12 grams of protein and six “brain” nutrients intended to support cognitive performance, including omega-3 oils, vitamin E, and choline.
“The best partnerships are the ones where all participants think long term and prioritize doing business the right way,” said Will Nitze, founder and CEO of IQBAR. “This is one of those special associations. We look forward to leveraging Lotus’ deep operating experience to accelerate IQBAR’s growth.”
The bars are currently available in seven flavors, including sea salt chocolate, blueberry lemon, and matcha chai, and the company has also launched a line of sugar-free hydration mixes. IQBAR products are sold online at eatiqbar.com and in 8,000 stores in the United States.
“So far, IQBAR has already shown good traction with consumers and we strongly believe the brand will continue to perform strongly,” said Jan Boone, CEO of Lotus Bakeries. “We believe in the team and especially admire Will’s hyper-focus on business fundamentals, meticulous execution and strong capital efficiency.”
The Lotus Bakeries investment makes IQBAR the fifth company in its FF2032 portfolio which includes The Good Crisp Co., Oot, Peter’s Yard, Love Corn and Partake Foods, Inc.