Better-for-You Food and Drink Innovator Announces Major Investment to Support Rapid Growth of Clean Snack Space
MONTREAL, July 07, 2021– (BUSINESS WIRE) – Buddha Brands ™, maker of healthier plant-based foods and beverages, today announced a $ 3 million round of funding from leading companies in capital investment, BDC Capital and Investissement Québec. In 2020, Buddha Brands ™ expanded into the US market with the introduction of its Hungry Buddha® Keto Bars and is now present in more than 1,500 independent natural retailers and grocery stores nationwide. The new investment will help accelerate the brand’s expansion in the United States through sales and marketing initiatives, as well as research and development of future projects to continue its momentum within the category.
“My co-founders and I launched Buddha Brands ™ with all our savings and we voluntarily self-financed from the start, so we are delighted to benefit from this support from BDC Capital and Investissement Québec,” said Chris Magnone, CEO and co. -Founder of Buddha Brands ™. “From the start, our goal was to take our business to a specific stage before taking outside capital in order to push us to be strategic, thoughtful and impactful with the funds we had. This investment comes at the perfect time for us, giving us the opportunity to further increase our speed and distribution, support the retailers who have supported us, invest in our team and increase market awareness of our own ingredients and low in sugar, plant-based foods that not only taste great, but make you feel good. “
According to data from SPINS, the snack category fell 20-40% in 2020, however, plant-based and low-sugar bars topped the segment by 20-50%. Although COVID-19 has decimated the industry, Buddha Brands ™ has seen tremendous growth and success with its Hungry Buddha® Keto Bars. Since launch, the bars have garnered significant support from consumers and major retailers on both sides of the border including Sprouts, HEB, Wegmans, Meijer, Costco, Thrive Market, Amazon, Loblaws, Whole Foods, Metro, and more. , and are on a clear path to exponentially increase speed and delivery with this investment.
Focused on building a business that reflects a conscious effort to live better, eat better, and do better, the co-founders set out to create a snack bar with only clean, plant-based, and useful ingredients. As a category disruptor, Hungry Buddha® Keto Bars are the first keto-friendly bars on the market made without sugar alcohols, palm oils, and other major allergens like dairy, soy or peanuts. The range is certified vegan and keto, verified by a non-GMO, gluten-free project and produced in a dedicated peanut-free facility. “We deliberately entered the antiallergic segment because we felt these consumers didn’t have a lot of options available,” Magnone said. “Keto Hungry Buddha® Bars are a snack that anyone can enjoy regardless of dietary restrictions or allergens. They are made with MCT oil, sunflower seeds, pea protein and monk fruit. , which makes it a conscious and useful snack. ” Hungry Buddha® Keto Bars are available in four deliciously delicious flavors: Chocolate Chip, Coconut Cacao, Espresso Brownie, and Triple Chocolate.
“We are very excited to support Buddha Brands ™ throughout the next stage of their growth and are confident in the ability of the leadership team to continue to disrupt the growing premium food and beverage industry. for health with their innovative products, ”said Mathieu Rinaldi, Director, Growth and Transition Capital, BDC Capital.
To learn more about Buddha Brands ™ and Hungry Buddha® Keto Bars, visit www.buddhabrands.com, or follow Buddha Brands ™ on Instagram (@BuddhaBrandsCo), Facebook (@BuddhaBrandsCo) and Twitter (@BouddhaBrandsCo).
About Buddha Marks™
Buddha Brands ™ makes healthier herbal snacks and drinks that you can happily eat. The founders set out to create a brand that reflects their conscious efforts to live better, eat better, and do better. Buddha Brands ™ promises to empower its community to live well with positive choices that nourish mind, body and spirit, creating products that are low in sugar, plant-based and clean. , partnerships with natural lifestyle brands and like-minded environmental charities. Every product sold is plant-based, verified by a non-GMO project and supports 1% for the planet. To learn more about Buddha Brands ™, visit www.buddhabrands.com, or follow Buddha Brands ™ on Instagram (@BuddhaBrandsCo), Facebook (@BuddhaBrandsCo) and Twitter (@BouddhaBrandsCo).
About BDC Capital
BDC Capital is the investment arm of BDC – the only bank in Canada dedicated exclusively to entrepreneurs. With more than $ 3 billion under management, BDC Capital is the strategic partner of the country’s most innovative companies. It offers a full suite of venture capital, from start-up investments to bridging capital, to support Canadian entrepreneurs who wish to transform their businesses into global champions. To learn more, visit www.bdc.ca/capital.
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