Plant-based food and beverages producer, Buddha Brands, has raised $3 million in a funding round to accelerate its expansion in the US.

Based in Quebec, Canada, Buddha Brands offers a range of snack bars and coconut water beverages.

In 2020, the brand expanded into the US market with the introduction of its Hungry Buddha Keto Bars and now supplies more than 1,500 independent retailers and grocery stores nationwide.

The company’s latest funding round was backed by investment corporations BDC Capital and Investissement Quebec.

The new funds will help Buddha Brands to accelerate its US expansion through sales and marketing initiatives, and will support its research and development efforts.

“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, CEO and co-founder at 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-ingredient, plant-powered foods that not only taste good, but make you feel good.”

Mathieu Rinaldi, director, growth and transition capital at BDC Capital, said: “We are very enthusiastic to support Buddha Brands through the next stage of their growth and are confident in the leadership team’s ability to continue to disrupt the growing better-for-you food and beverage industry with their innovative products.”

Buddha Brands’ Hungry Buddha Keto Bars are free from gluten and made without sugar alcohols, palm oil and other major allergens such as dairy, soy or peanuts. The line is produced in a dedicated peanut-free facility.

Magnone added: “We purposely entered the allergy-friendly segment, as we felt those consumers didn’t have many options available…[Hungry Buddha Keto Bars are] made with MCT oil, sunflower seed, pea protein and monk fruit, making them a conscious and purposeful snack.”

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