Sourdough crispbreads supplier Peter’s Yard has been the first business to receive backing from an incubator fund set up by Lotus Bakeries.

Lotus, which owns brands including Nakd snack bars and Bear snacks, has set up the FF2032 (Fast Forward 2032) fund to invest in promising US and European brands and companies “offering innovative products, technologies or market approaches within the food sector”.

The companies Lotus invests in will receive financial and strategic support, which Lotus said could ultimately lead to a full acquisition.

Lotus has acquired 20% of the shares in UK business Peter’s Yard, which was founded by Ian Tencor and Wendy Wilson-Bett, who left corporate jobs to pursue their ambition of introducing Swedish-inspired bakery to the UK.

Shipton Mill founder John Lister later joined the business, which produces its breads in Lister’s bakery using organic Shipton Mill flour, organic fresh milk and a sourdough that ferments for 16 hours before each batch is made.

Commenting on the investment, Peter’s Yard Co-Founder Ian Tencor said: "Having established the Peter’s Yard brand with strong foundations, we are now investing in growing awareness and distribution in the UK and supporting focused innovation and selective export growth,” said Tencor.

“We are delighted to be working with Lotus, a business and brand that we have admired for many years and who share our values and enthusiasm for the Peter’s Yard brand."

Lotus CEO Jan Boone said the FF2032 fund was a “perfect fit” for the group’s long-term vision.

“I am very much looking forward to supporting Peter’s Yard on its growth path, together with the founders.”

Peter’s Yard last month launched a range of flatbreads designed to be eaten with dips.