Oatly’s spin-off company Aventure declared bankrupt: 'It has been a very challenging time'

Björn and Rickard Öste, the brothers behind the oat drink giant Oatly, launched Aventure in 2006. The companies main focus was developing innovative food products based on scientific research.

Now the company has entered bankruptcy, according to Sweden's company filings.

Björn Öste writes in a text message to Impact Loop that he can "confirm and deeply regret that Aventure AB has been declared bankrupt."

He continues:

"It has been a very challenging time for raising capital, not least considering the geopolitical uncertainty affecting the market right now. Nevertheless, we have seen great interest in Aventure and our vision to develop the healthy foods of the future. Unfortunately, a creditor chose to file for bankruptcy, which we opposed, but we respect the district court’s decision."

Food and nutrition on the agenda

Over time, Aventure spun off several independent ventures in different areas of food and nutrition. At the time of the bankruptcy, Aventure was the main owner of four Lund companies:

• Double Good – flavored, blood sugar–regulating sparkling water, sold under the brand Good Idea, including through Swedish pharmacy chain Apoteket.
• Lument – developer of Lumentin, an egg-protein–based contrast agent designed to improve abdominal CT scan results.
• Glucanova – developing new fiber-rich foods based on oats and barley, primarily in liquid form.
• Swebol Biotech – maker of Quiny, a quinoa drink concept based on Bolivian quinoa.

A few months ago, Aventure’s subsidiary Arwa Foodtech was also declared bankrupt. The company developed foods based on the nutrient-rich fruit of African baobab trees.

The largest creditor in the bankruptcy appears to be the Lund-based company Propco, which earlier this year applied for a payment order against Aventure for SEK 8.3m (€752,000) and also filed the bankruptcy petition.