MONTREAL — Buddha Brands, maker of plant-based, better-for-you foods, has closed a $3 million funding round led by BDC Capital and Investissement Quebec. The new capital infusion will aid in accelerating Buddha Brands’ US expansion via sales and marketing initiatives as well as research and development for future projects, the company said.
“My co-founders and I started Buddha Brands with all of our savings and have been purposely self-funded from the start, so we are thrilled to have this support from BDC Capital and Investissement Quebec,” said Chris Magnone, chief executive officer and co-founder of Buddha Brands. “Our goal from the beginning was to get our business to a specific stage before taking outside capital in order to push ourselves to be strategic, thoughtful and impactful with the funds we had. This investment comes at the perfect moment for us, giving us the opportunity to further increase our velocity 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-powered foods that not only taste good, but make you feel good.”
Buddha Brands expanded into the US market in 2020 with a line of Hungry Buddha Keto Bars that are now available in more than 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 Non-GMO Project verified. Hungry Buddha Keto Bars come in four flavors: chocolate chip, coconut cocoa, espresso brownie and triple chocolate.
“We purposely entered the allergy-friendly segment, as we felt those consumers didn’t have many options available,” Mr. Magnone said. “Hungry Buddha Keto Bars are a snack everyone can enjoy, regardless of dietary or allergen restrictions. They’re made with MCT oil, sunflower seed, pea protein, and monk fruit, making them a conscious and purposeful snack.”