Lub Foods in a $100 million series C co-led by Kinnevik, Ambrosia and Temasek.

Lub Foods, a Sundbyberg, Sweden-based food manufacturing company, announced raising $100 million in a series C equity financing round.

The money was raised from investors co-led by Kinnevik from Sweden, Ambrosia from Luxembourg and Temasek from Singapore, joined by Gullspång, Peak Bridge, Capagro and Nicoya.

Proceeds will be used for massive business expansion, as the company eyes doubling its N!CK’S stores in the U.S. and Europe, hiring additional talent, marketing and making investments in R&D so that it can launch new products.

Lub Foods (Luthman Backlund Foods), founded in 2014 by Carl Bäcklund and Niclas Luthman and led by CEO Stefan Lagerqvist, manufactures and markets tasty and healthy snacks, protein bars, confectionery, ice cream, sweeteners and other "functional foods" under the brand names NICK's, Sukrin and Baby Foot.

The company had sales of just over 20 million dollars in 2020 and says that between 2020 and 2021, it expanded from 4,500 to 6,700 stores in the US, while in the UK it made a distribution deal with WHSmith.

Lub Foods has previously raised about $55 million, with a $25 million round closed in January 2021 and a total of 20 million secured throughout two rounds from 2020 - 1, 2.