Swedish FoodTech N!CK’S Snags $100M for Worldwide Growth

Sweden-based FoodTech N!CK’S, which makes healthy snacks and ice cream, on Thursday (Oct. 28) announced it has wrapped up a $100 million Series C fundraising round that will fuel increased European and North American growth, product portfolio expansion and doubling its store count in 2022, according to a UK Tech News report.

Kinnevik, Ambrosia Investments and Temasek led the funding effort, which also included backing from Gullspång, early investor Oatly, Peak Bridge, Capagro and Nicoya filling out the round.

N!CK’S plans to make “significant investments in R&D efforts concentrated on innovative solutions that make the world a healthier place,” and will also hire new employees and ramp up its marketing efforts.

“Healthier lifestyles and nutritional science just got a $100 million boost,” said Niclas Luthman, Founder & Head of R&D, in the UKTN report. “My dream is to change our relationship with snacking into an entirely positive thing.

“This investment round will make our message heard and fuel the massive R&D effort ahead of us in making more and more snacks better for you and better for the planet,” he said.

N!CK’S products are available in 16 markets, including the U.K. and U.S. It expanded from 4,500 stores in U.S. in 2020 to 6,700 in 2021.

Related: India’s Food Delivery Startup Zomato Files $1.11 Billion IPO

In April, India food delivery platform Zomato went public in Mumbai with an estimated $1.1 billion initial public offering. Zomato, backed by China’s Ant Group, has more than 5,000 employees and is available in 10,000 cities across 24 countries.

The startup recently teamed up with Indian FinTech InCred on a program that gives credit access to restaurant partners. InCred extends loans to small businesses, including channel finance, term debt and capital debt.

Zomato acquired the Indian food delivery unit of Uber Eats last year, gaving Uber Eats India a valuation between $160 million and $200 million.