The investment for an undisclosed sum was made through the firm’s corporate venture fund FF2032 which positioned Lotus as a lead investor in IQBAR.
The partnership is part of IQBAR’s series B funding round which is aimed at supporting the brand’s growth and development.
Founded in 2017, IQBAR makes a line of plant-based nutrition bars for keto, paleo, and vegan diets. The company also specializes in the healthy category of gluten- and dairy-free bars.
The bars contain 12 grams of protein and six “brain” nutrients meant to support cognitive performance, such as omega-3 oils, vitamin E, and choline. The company has also launched a line of zero-sugar hydration mixes.
The bars come in seven flavors, including chocolate sea salt, lemon blueberry, almond, and matcha chai which are sold online and in 8,000 stores across the US, including in branches of several national chains
The partnership was backed up by Will Nitze, founder, and CEO of IQBAR who said that the best partnerships are those where all participants think long-term and prioritize doing business the right way.
He added that this is one of those special partnerships and they are “looking forward to leveraging Lotus’ deep operational experience to accelerate IQBAR’s growth.”
“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,” commented Will Nitze, founder and CEO of IQBAR
Jan Boone, the CEO of Lotus Bakeries on the other hand said that acquiring IQBAR is a plus since the company has already shown good traction with consumers and has created a bar brand that ticks all the boxes in a massive and growing category.
Mr. Boone further added that Lotus has a strong belief in the team and especially admires “Will’s hyper-focus on business fundamentals, meticulous execution, and solid capital efficiency.”
Lotus Bakeries’ investment makes IQBAR the fifth company in its FF2032 portfolio, which already includes The Good Crisp Co., Oot, Peter’s Yard, Love Corn, and Partake Foods, Inc.