Swedish food tech company N!CK’S raises $100m in Series C round

Swedish food technology innovator N!CK’S has secured $100 million in a Series C funding round led by Kinnevik, Temasek, and Ambrosia Investments.

Gullspang, Capagro, Peak Bridge, and Nicoya also took part in the funding round of the healthy and indulgent snacks and ice cream maker.

Magnus Jakobson — Investment Director at Kinnevik said: “We are incredibly excited to support N!CK’S on their mission of providing consumers with more choices of healthy ice cream and snacks. When we look at potential food investments, we look for companies that are addressing and taking advantage of tail winds within consumption patterns, the importance of health and sustainability.

“N!CK’S fits squarely into these areas and we have been impressed by the strong market traction across the US and Europe, we look forward to joining their journey of building a global brand.”

N!CK’S plans to use the funding to further consolidate its growth in North America and Europe by growing its product portfolio and doubling the count of its stores to 6,700 in 2022.

The Swedish food tech innovator also plans to considerably invest in research and development (R&D) efforts focused on innovative solutions. Its other priorities are recruiting key talent and also strategic marketing initiatives.

Founded by Niclas Luthman (Nick) in 2017, N!CK’S currently offers its products in 16 international markets, including the UK and the US.

Niclas Luthman said: “Healthier lifestyles and nutritional science just got a 100 million dollar boost.

“My dream is to change our relationship with snacking into an entirely positive thing. This investment round will make our message heard, and fuel the massive R&D effort ahead of us in making more and more snacks better-for-you and better for the planet.”