Lub Foods raises $25 million in a round including Cap Agro, Khosla Ventures, DNS Capital and local investors from Sweden.

France Luxembourg Sweden United States Investments 11 January 2021
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Lub Foods, a Sundbyberg, Sweden-based food manufacturing company, announced the completion of a $25 million capital invstment round.

The money was raised from investors led by the French investor Capagro, and included contributions from a range of other backers including Khosla Ventures, Dig Investment (Djursholm Investment Group), the Erna & Victor Hasselblad Foundation, the Inga Britt & Arne Lundberg Research Foundation and the Chicago-based DNS Capital.

Other shareholders include Gullspång Invest, Ambrosia Investments, Nicoya and Peakbridge Partners as well as local angel investors Eva Redhe, Mats Lederhausen and Jessica Lederhausen, Robert Ahldin and Mats Gustafsson.

The transaction puts a value on the company at $90 million.

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 bets on an accelerated growth in the American market, where it already is present in 3500 stores.

Lub Foods has its production in a factory in Bitola, Northern Macedonia and employs 70 people, of which 10 in the USA led by Carlos Altschul.

Lub Foods has previously raised about $30 million.