Buddha Brands, a Canadian plant-based snack bar manufacturer, has raised $ 3 million ($ 2.4 million) in funding to expand sales in the United States, a market it entered last year.
BDC Cital, the investment arm of the Canadian BDC bank that focuses on supporting entrepreneurial companies, provided the financing together with finance company Investissement Quebec.
The company’s Hungry Buddha keto snack bars contain powdered pea protein at ten grams per serving. The bars are made with MCT oil or medium chain triglyceride fats found in coconut oil instead of palm oil. They are free from gluten, GMOs, dairy products, soy, nuts and artificial sweeteners.
Buddha Brands, based in Quebec, also produces a range of coconut waters, either pure, with pulp, or with aloe vera, as well as a sparkling variety.
Co-Founder and CEO Chris Magnone said, “Our goal from the start has been to get our business into a phase before we cite ourselves outside of the company to push ourselves to do it, with the resources we had, strategic, thoughtful and deal effectively.
“My co-founders and I founded Buddha Brands with all of our savings and deliberately financed ourselves from the start, so we are very happy about this support from BDC Cital and Investissement Quebec.”
The bars are available at independent retailers and grocery stores in Canada and the United States, including Sprouts, Costco, Wegmans, Whole Foods, Thrive Market, Loblaws, and online on Amazon. The funds acquired will support the expansion in the USA through sales and marketing measures and also finance the development of new products.
“This investment comes at the perfect time for us and gives us the opportunity to further increase our speed and distribution, support the retailers who have supported us, invest in our team and generate more market awareness of our low-sugar, clean ingredients . Plant-based foods that not only taste great but also make you feel good, ”added Magnone.
Hungry Buddha bars are also made from sunflower seeds and monk fruits and are available in four flavors: Chocolate Chip, Coconut Cocoa, Espresso Brownie and Triple Chocolate.
“We are very excited to support Buddha Brands in the next phase of growth and are confident that the leadership team is able to further transform the growing food and beverage industry with their innovative products,” said Mathieu Rinaldi, a director of growth and Transition Cital at BDC Cital said in a statement.