Keto Snack Bar Maker Closes $ 3M Funding Round | 2021-07-07
MONTREAL – Buddha Brands, maker of healthier plant-based foods, has closed a $ 3 million round of funding led by BDC Capital and Investissement Québec. The new injection of capital will help accelerate Buddha Brands’ expansion in the United States through sales and marketing initiatives as well as research and development for future projects, the company said.
“My co-founders and I launched Buddha Brands with all our savings and we have voluntarily self-financed from the start, so we are delighted to benefit from this support from BDC Capital and Investissement Québec,” said Chris Magnone, Head of director 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 right time for us, giving us the opportunity to further increase our speed and distribution, to support the retailers who have supported us, to invest in our team and to increase market awareness of our own ingredients and low in sugar, our plants – powerful foods that not only taste great, but make you feel good.
Buddha Brands expanded into the US market in 2020 with a line of Hungry Buddha Keto Bars which are now available in over 1,500 natural retailers and grocery stores nationwide. Made without sugar alcohols, palm oils, or other allergens, including dairy, soy, and peanuts, the bars are certified vegan and keto, gluten-free, and verified by the Non-GMO Project. Hungry Buddha Keto Bars come in four flavors: Chocolate Chip, Coconut Cacao, Espresso Brownie, and Triple Chocolate.
“We deliberately entered the hypoallergenic segment because we felt that these consumers did not have a lot of options available,” said Magnone. “Hungry Buddha Keto Bars are a snack that anyone can enjoy, regardless of dietary restrictions or allergens. They’re made with MCT oil, sunflower seeds, pea protein, and monk fruit, making them a mindful and useful snack.