April 13, 2021, 8:16 a.m. EDT

General Mills venture capital arm invests in U.K.-based dessert company

General Mills Inc.'s (NYS:GIS) venture capital arm, 301 INC, said Tuesday that it will invest up to $20 million in Pots & Co., a London-based company that specializes in potted desserts. Now sold in U.K. supermarkets, the investment will help fund the company's growth strategy. Founded in 2012, Pots & Co. had $19.5 million in sales in 2020 and is known for the ceramic pots from Valencia, Spain in which its desserts are sold. Pots & Co. is expanding distribution to the West Coast and Rocky Mountain regions of the U.S., exploring U.S. manufacturing options, and the company is working on savory pots, including mezze-style dips. General Mills brands include Old El Paso and Nature Valley while 301 INC seeks out emerging brands. General Mills stock is up 3.7% for the year to date while the S&P 500 index (S&P:SPX) has gained 9.9% for the period.

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