Low-calorie snack brand Nick’s secures $30m in funding

Swedish better-for-you snack brand Nick’s has raised $30 million in its largest investment round to date.

Through its portfolio of chocolate, protein bars, ice cream and baking sweeteners, Nick’s aims to cater for health-conscious consumers by providing options that are free from added sugar.

Last year, the company launched a range of low-calorie ice cream that replaced refined sugar with plant-based sweeteners.

The new funding round was led by early investor in Oatly, Gullspång Invest, and European venture capital fund, Capagro.   

The company’s latest financing push was also backed by Khosla Ventures, DNS capital and Djursholm Investment Group, among others.

According to Nick’s, the new funds will support the company’s international expansion with a primary focus on the US and Germany. In addition, capital will be used to build a new production facility in Europe.

The brand’s products are currently available in over 15 markets, including the US where Nick’s launched in 2019.

“Together with an engaged and visionary team of people, we can now accelerate our business outside of Sweden with a focus on building distribution in the US and Germany,” said Nick’s CEO, Stefan Lagerqvist.

“Our latest launch of low-calorie ice cream, without added sugar, during the spring has been very successful and we are now the market leader in the better-for-you ice cream segment.

“Our ambition is to replicate the success outside of Sweden and that’s why we raise capital – to fuel our global growth.”