Buddha Manufacturers, a Canadian plant-based snack bar maker, has obtained CAD3m (US$2.4m) in funding to develop distribution within the US, a promote it entered final yr.
BDC Capital, the funding arm of Canada’s BDC financial institution, which is targeted on supporting entrepreneurial companies, provided the funding together with financing firm Investissement Quebec.
The corporate’s Hungry Buddha keto snack bars incorporate powdered pea protein providing ten grams per serving. The bars are made utilizing MCT oil, or medium-chain triglycerides fat present in coconut oil, as an alternative of palm oil. They’re free-from gluten, GMOs, dairy, soy, nuts and synthetic sweeteners.
Buddha Manufacturers, which is predicated in Quebec, additionally produces a spread of coconut waters, both plain, with pulp or with aloe vera, in addition to a glowing selection.
Co-founder and chief government Chris Magnone mentioned: “Our aim from the start was to get our enterprise to a selected stage earlier than taking exterior capital to be able to push ourselves to be strategic, considerate and impactful with the funds we had.
“My co-founders and I began Buddha Manufacturers with all of our financial savings and have been purposely self-funded from the beginning, so we’re thrilled to have this assist from BDC Capital and Investissement Quebec.”
The bars are stocked in unbiased retailers and grocers in Canada and the US, together with Sprouts, Costco, Wegmans, Complete Meals, Thrive Market, Loblaws and on-line at Amazon. The acquired funds will assist growth within the US through gross sales and advertising and marketing efforts and in addition to finance new product improvement.
“This funding comes on the excellent second for us, giving us the chance to additional enhance our velocity and distribution, assist the retailers who’ve supported us, spend money on our staff, and generate extra market consciousness of our low-sugar, clear substances, plant-powered meals that not solely style good, however make you’re feeling good,” Magnone added.
Hungry Buddha bars are additionally made with sunflower seeds and monk fruit and can be found in 4 flavours: Chocolate Chip, Coconut Cocoa, Espresso Brownie and Triple Chocolate.
“We’re very enthusiastic to assist Buddha Manufacturers via the subsequent stage of their development and are assured within the management staff’s capacity to proceed to disrupt the rising better-for-you meals and beverage trade with their progressive merchandise,” Mathieu Rinaldi, a director of development and transition capital at BDC Capital, mentioned in an announcement.