-KH News Desk (cbedit@imaws.org)
IQBAR, a Boston-based producer of healthier foods, has received a minority investment from Lotus Bakeries’ capital venture fund FF2032. A Series B funding round for IQBAR included the investment, with Lotus Bakeries serving as the primary investor.
IQBAR is a brand of plant-based nutrition bars for the keto, paleo, and vegan diets that were established in 2017. Twelve grams of protein and six “brain” nutrients, including choline, omega-3 fatty acids, and vitamin E, are included in each gluten- and dairy-free bar.
“The best partnerships are those where all participants think long term and prioritize doing business the right way,” said Will Nitze, founder and chief executive officer of IQBAR. “This is one of those special partnerships. We look forward to leveraging Lotus’ deep operational experience to accelerate IQBAR’s growth.”
The bars come in seven different flavours for now, including matcha chai, chocolate sea salt, and lemon blueberry. The company has also introduced a line of zero-sugar hydration mixes. Products from IQBAR are offered in 8,000 retailers and online at eatiqbar.com.
“So far, IQBAR has already shown good traction with consumers and we have strong belief the brand will continue to perform strong,” said Jan Boone, CEO of Lotus Bakeries. “We believe in the team and we especially admire Will’s hyper focus on business fundamentals, meticulous execution and solid capital efficiency.”
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