(BRAIN) — Swedish sports nutrition brand Maurten has closed on a 20 million euro ($21.7 million) investment led by IRIS Ventures. The investment round also had participation from existing investors including Dan Sten Olsson, the CEO of Stena Sphere, a Swedish investment firm.
Maurten, founded in 2015, offers high-carbohydrate gells, drinks and bars, as well as a bicarb system, sold by sports nutrition retailers including The Feed.
"It's an important moment that strengthens the diversity of our board," said Olof Sköld, Maurten's founder and CEO. "I have no doubt that accessing the expertise and network of female-founded Iris Ventures, and their deep understanding of the sports culture scene, will greatly benefit our ambitions to expand the reach of our innovations — across new markets and industries."
In a statement, the company said it would explore applications for its technology outside of sports nutrition, including the medical arena.
Montse Suarez, the founder and managing partner of IRIS Ventures, said, "Maurten is a game changer and has, from the outset, redefined athletic performance through world class innovation in the sports nutrition category, seamlessly marrying product excellence with brand uniqueness and edge. The company consistently delivers on their ambitious plans and we are thrilled to join forces with Olof and team."
