Mondelēz International announced that it has made a minority investment in Hu Master Holdings, the parent company of both Hu Products and Hu Kitchen. The U.S-based company makes products described as "minimally processed, high-quality snacks." This is the second venture investment Mondelēz International is making as part of SnackFutures, its venture hub aimed at unlocking snacking growth opportunities around the world. This investment is seen as checking two key boxes - well-being and premium offering.
Founded in 2012 as a family business by Jason H. Karp and siblings Jordan Brown and Jessica (Brown) Karp, Hu began as Hu Kitchen in New York City. The high-end kitchen and market focused on paleo-inspired foods with simple ingredients. The Hu Kitchen market section quickly became a proof-of-concept CPG testing ground, prompting the company to expand its vegan and paleo-friendly chocolate products (free of refined sugar, soy, dairy and gluten).
Today, Hu has developed into a premium, multi-SKU brand portfolio of wellness-focused, vegan/paleo-friendly snacking products with a devoted following. “As the global snacking leader, we’re on a mission to lead the future of snacking and push the boundaries of what’s possible. Investing in Hu offers our company an opportunity to do exactly that,” said Tim Cofer, Executive Vice President and Chief Growth Officer of Mondelēz International.
“The Hu brand sits at the convergence of key growing consumer trends. Building on its initial success in chocolate, we believe there’s an exciting opportunity to continue expanding the Hu proposition into a broad health-focused snacking platform across categories. And, with an in-house test kitchen and insights lab, they have a unique ability to quickly test and learn.”