# LUB foods

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/lub-foods

- Industry: Food
- Headquarters: Stockholm, Sweden
- Website: www.nicks.se
- Total disclosed funding: $100M
- Latest round: Series C (Oct 28, 2021)
- Investors on record: 7

## About

Based in Sundbyberg, Sweden, and founded in 2013 by its CEO, Carl Backlund, and co-founder, Niclas Luthman, LUB Foods AB, doing business under the name Nick's is a manufacturer of healthy food products. In October 2021, LUB Foods AB raised USD 100 million in series C funding led by Kinnevik, Ambrosia Investments, and Ambrosia Investments, with Nicoya Ventures. As of November 2021, LUB Foods AB had expanded to 16 markets, including Britain, and had 6,700 stores in the U.S.

Nick's product line includes the manufacturing of healthy products like snacks, chocolates, protein bars, ice cream, chocolate drinks, and sugar.

LUB Foods AB will use the funding to further bolster North American and European growth through expanding their product portfolio and doubling Nick's store count in 2022. The company will also use the funding to make significant investments in research and development, hire key talent, and strategic marketing initiatives.

## Funding rounds

- Series C, Oct 28, 2021, $100M — Temasek Holdings, Kinnevik, Capagro, Ambrosia Investments, Gullspång Invest, PeakBridge, Nicoya Ventures

## Investors

- Temasek Holdings — Series C
- Kinnevik (https://capitalatlas.ai/funds/kinnevik) — Series C
- Capagro (https://capitalatlas.ai/funds/capagro) — Series C
- Ambrosia Investments (https://capitalatlas.ai/funds/ambrosia-investments) — Series C
- Gullspång Invest (https://capitalatlas.ai/funds/gullspang-invest) — Series C
- PeakBridge (https://capitalatlas.ai/funds/peakbridge) — Series C
- Nicoya Ventures (https://capitalatlas.ai/funds/nicoya-ventures) — Series C