Nick’s, a Swedish brand of sugar-free ice cream and snacks, announced today that it has raised a $30 million round of funding. The new round was led by Stockholm-based investment group Gullspång Invest and European food tech fund Capagro. Khosla Ventures, DNS capital, Djursholm Investment Group, and Skandrenting AB also participated in the round.
Nick’s creates a wide variety of healthier snacks that have no added sugar, gluten or palm oil. The company says its most recent product, an ice cream, has 70 percent fewer calories than other leading brands on the market. Nick’s has the exclusive license to use EPG, a plant-based fat replacement ingredient created by Epogee. Nick’s also worked with Perfect Day to launch a vegan ice cream collaboration.
Nick’s is among a rising cohort of smaller CPG brands looking to reinvent the ice cream space. As noted, Perfect Day’s animal-free dairy proteins are being uses in ice creams with Nick’s and also through Perfect Day’s own Brave Robot brand. Oatly’s oat milk-based ice cream is firmly ensconced in stores. And Eclipse has its own line of plant-based ice creams.
At the height of the pandemic last year, many consumers turned to snacks and other comfort foods. As the pandemic continues to rage on, consumers could be looking for “healthier” snack alternatives that still provide solace without so much of the waistline side effects.
Nick’s products are currently available in 15 markets across Europe and the U.S. The company said it will use the new funding for international expansion, primarily in the U.S. and Germany, and that it will build a production facility in Europe.