The nutritional snack industry in Benelux is vibrant and rapidly evolving, characterized by a surge in demand for healthier, convenient food options. Both established companies and startups are innovating to offer snacks made from natural ingredients, targeting health-conscious consumers. Popular products include protein bars, low-sugar snacks, and fortified foods designed for specific dietary needs. With an increased focus on sustainability and transparency in sourcing, this sector also embraces health trends like plant-based diets. Insights show that the market is heading toward personalized nutrition, with companies leveraging technology to create tailored snack options.


The investor landscape in the Benelux nutritional snack sector features a mix of venture capital, private equity, and corporate investors, each with distinct focuses. The firms vary in size, ranging from small entities to major organizations with thousands of employees. Many were established recently, with several coming into being after 2010, suggesting a fresh approach to investments in this field. In 2024, these investors executed numerous transactions, highlighting their growing interest in fostering innovation and sustainability in nutritious snacking options.


Top 14 Nutritional Snack Investors in Benelux


1. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating in the nutrition, health, and beauty sectors. With a workforce of over 10,000 employees, the company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. As a venture capital investor, dsm-firmenich has been involved in several significant transactions within the nutritional snack industry. Notably, they participated in the Series B financing of Frontier Nutrition, a Bangladesh-based fortified snacks company, which raised $6 million. Additionally, they led a funding round for Panaceutics Nutrition, which focuses on scaling production capabilities for nutritional products. These investments highlight dsm-firmenich's strategic interest in enhancing nutritional offerings and addressing health challenges through innovative solutions.


2. EIT Food

  • Website: eitfood.eu
  • Type: Corporate
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2016
  • Headcount: 51-200
  • Number of deals in 2024: 37
  • LinkedIn: eit-food

EIT Food is a not-for-profit organization based in Leuven, Flanders, Belgium, founded in 2016. It aims to transform the food system through innovation, education, and entrepreneurship. EIT Food supports agrifood startups and entrepreneurs by providing resources, funding opportunities, and educational programs aimed at creating healthier and sustainable food solutions. Their initiatives engage various stakeholders, including businesses and the public, to foster collaboration and drive change in the food sector. In 2024, EIT Food was involved in several transactions relevant to the nutritional snack context, including MATR Foods and Neggst, both of which received non-equity assistance. Additionally, they supported Gavan in a Series A funding round, which raised $8 million, indicating their active role in funding innovative food startups. These transactions highlight EIT Food's commitment to fostering innovation in the food industry, including potential nutritional snack ventures.


3. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has been involved in significant transactions, including a $58 million Series B funding round for Infinite Roots, a company focused on mycelium production, which has potential applications in the nutritional snack industry. This investment highlights the EIC's engagement with innovative food technologies, further supporting its relevance in the nutritional snack sector.


4. Astanor

  • Website: astanor.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: astanor-venture

Astanor is an impact investment firm based in Luxembourg, founded in 2017, that specializes in the agrifood tech sector. They aim to support innovative companies that are working towards creating sustainable food systems through strategic guidance and investment. Astanor has been involved in several notable transactions that align with the nutritional snack context, including a $30 million Series B investment in Plantible Foods, a company focused on producing duckweed protein, which can be used in various food applications, including snacks. Additionally, Astanor led a Series C funding round for Ynsect, a startup that is transitioning from insect farming for animal feed to high-margin food ingredients, which could also play a role in the nutritional snack market. Their portfolio reflects a commitment to sustainability and innovation in food production, making them a significant player in the agrifood tech landscape.


5. PeakBridge


PeakBridge VC is a venture capital firm based in Luxembourg, founded in 2018, that specializes in FoodTech investments. The firm supports early-stage founders and businesses in the food industry by providing investment, consulting services, and access to a vast network of industry experts. Their focus is on innovative solutions that address significant challenges in the global food system, making them a key player in the FoodTech sector. Notably, PeakBridge has been involved in several relevant transactions, including investments in Nick's, a Swedish ice cream brand that has raised significant funding to expand its production capacity, and iwi Life, which raised $10 million for its nutritional products. Additionally, their recent investment in CarobWay, which raised $8 million, aligns with the growing demand for healthy snack alternatives. These transactions highlight PeakBridge's commitment to supporting innovative food solutions, particularly in the nutritional snack space.


6. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made significant strides in the nutritional snack sector, notably acquiring Munchy Food Industries, a Malaysia-based snacks group known for its popular Munchy’s Choc-o biscuits, for approximately US$250 million in 2018. This acquisition highlights CVC's strategic interest in the snack market. In 2024, CVC also invested in Sunday Natural, a brand that focuses on premium vitamins and supplements, further emphasizing their commitment to health-oriented products. These transactions illustrate CVC's active role in the nutritional snack industry and its dedication to supporting growth in this sector.


7. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. Among its notable transactions, EIB has invested in Chika's WholeFoods Africa, which focuses on healthy food products, and Carbery Group, a company involved in dairy and food ingredients. Additionally, EIB has supported MATR Foods, which is also relevant to the food sector. These investments highlight EIB's engagement in the nutritional snack industry, making it a significant player in this space.


8. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a specialty chemical distributor and innovation service provider based in Antwerp, Belgium, founded in 2001. The company serves over 63,000 customers across the life sciences and industrial sectors, providing high-quality raw materials and innovative formulations. In recent years, Azelis has made significant strides in the food and nutrition market through strategic acquisitions. Notably, they acquired Hortimex, a Polish distributor specializing in food ingredients and nutraceuticals, to enhance their presence in Poland's Food & Nutrition market. Additionally, the acquisition of Gillco Ingredients, a US-based specialty ingredient provider, further strengthens their portfolio in the food and nutrition industry. These transactions demonstrate Azelis's commitment to expanding its footprint in the nutritional snack sector and related markets.


9. Lotus Bakeries


Lotus Bakeries NV, founded in 1932 and based in Kaprijke, Flanders, Belgium, is a prominent snack food manufacturer known for its iconic Biscoff cookies and a variety of healthy snack bars. The company caters to both consumers seeking tasty snacks and businesses in the retail and food service sectors. With a focus on quality and innovation, Lotus Bakeries operates multiple production facilities across several countries. Notably, Lotus Bakeries has made significant strides in the nutritional snack industry through strategic acquisitions. In 2015, they acquired Urban Fresh Foods, the maker of Bear fruit snacks, for £70 million, enhancing their presence in the healthy snacking segment. In 2018, they further expanded their portfolio by acquiring Kiddylicious, a UK-based baby-and-toddler food business, for approximately GBP42 million, aiming to leverage its international growth potential. More recently, in 2022, Lotus Bakeries acquired the remaining 80% of Peter’s Yard, a UK-based maker of sourdough crackers and crisps, further solidifying their commitment to healthier snack options. These transactions highlight Lotus Bakeries' strategic focus on the nutritional snack market.


10. Sofina

  • Website: sofinagroup.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1898
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: sofina

Sofina is a venture capital investment company based in Brussels, Belgium, founded in 1898. It specializes in providing patient capital to growing businesses across various sectors, including telecommunications, consumer goods, and energy. Sofina partners with entrepreneurs and family-owned businesses, offering strategic advice and long-term investment solutions to foster sustainable growth. In the nutritional snack context, Sofina has made significant investments, including a Series C funding round for Paper Boat, a brand known for its beverages and snacks, which has recently ventured into the FMCG segment with Indian snacks. Additionally, Sofina invested in HealthKart, which is expanding its omnichannel nutrition platform and launching new direct-to-consumer nutrition brands. These transactions highlight Sofina's commitment to the nutritional snack industry and its potential for future growth in this sector.


11. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a venture capital firm based in Brussels, Belgium, founded in 1995. The firm specializes in high-growth consumer brands across various sectors, including food, beverage, health, and technology. Verlinvest provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, they have invested in Sambazon, a company known for its premium acai products, which emphasizes health and wellness. Additionally, they have been involved with Epigamia, a Greek yogurt brand that has raised multiple funding rounds, including Series A, B, and C, to enhance its product offerings and market presence. These investments reflect Verlinvest's focus on brands that prioritize consumer needs and sustainable practices, particularly in the nutritional snack space.


12. Wessanen Benelux (B Corp)


Wessanen Benelux (B Corp) is a corporate investor based in Amsterdam, Netherlands, specializing in organic and plant-based food products. Founded in 1765, the company has a long history of promoting sustainability and biodiversity through its diverse range of offerings, which include dairy-free drinks, breakfast cereals, and vegetarian spreads. Wessanen has made several strategic acquisitions to strengthen its position in the organic food market, particularly in the nutritional snack segment. Notable transactions include the acquisition of Mrs Crimble's, a leading gluten-free brand in the UK, which reported a net turnover of 12.7 million pounds in 2015, and Abbot Kinney's, known for its organic almond and coconut yogurts and ice creams. These acquisitions reflect Wessanen's commitment to enhancing its plant-based food offerings and catering to health-conscious consumers, further solidifying its role in the nutritional snack industry.


13. Icos Capital


Icos Capital is a venture capital firm based in Rotterdam, South Holland, Netherlands, founded in 2005. The firm specializes in ClimateTech investments, partnering with startups and corporations to accelerate sustainability through innovative technologies. Their focus includes sectors such as Food Systems and Circular Economy, providing funding and strategic support to help clients achieve significant reductions in greenhouse gas emissions. Notably, Icos Capital has invested in several companies relevant to the nutritional snack industry, including WholeFiber, which aims to enhance production capacity for health-focused products, and BioActor, a health ingredients company that launched its product BONOLIVE in the USA. Additionally, they led a Series B funding round for NutriLeads, which is focused on health ingredients and commercialization of innovative food products. These transactions highlight Icos Capital's commitment to supporting health-oriented ventures within the food sector.


14. NPM Capital

  • Website: npm-capital.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1948
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: npm-capital

NPM Capital is a private equity investment firm based in Amsterdam, Netherlands, founded in 1948. The firm specializes in supporting medium-sized and large family-owned enterprises in the Benelux region, providing capital and strategic advisory services to foster growth and sustainability. NPM Capital operates across various sectors, including technology and education, but has also made significant investments in the food industry. Notably, they acquired Continental Bakeries in 2006, a company known for its baked goods, and HAK in 2005, which produces a range of processed foods, including vegetables and snacks. These transactions highlight NPM Capital's engagement in the nutritional snack sector, demonstrating their capability and interest in this market.



Nutritional Snack Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
EIT FoodLeuven, Flanders, Belgium51-200201637
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
AstanorLuxembourg11-50201710
PeakBridgeLuxembourg11-5020188
CvcLuxembourg1001-5000200516
European Investment Bank (EIB)Luxembourg1001-5000195899
AzelisAntwerp, Flanders, Belgium1001-500020015
Lotus BakeriesKaprijke, Flanders, Belgium1001-500019320
SofinaBrussels, Brussels, Belgium51-20018984
VerlinvestBrussels, Brussels, Belgium11-5019955
Wessanen Benelux (B Corp)Amsterdam, North Holland, Netherlands51-20017650
Icos CapitalRotterdam, South Holland, Netherlands11-5020054
NPM CapitalAmsterdam, North Holland, Netherlands11-5019481


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