MONTREAL — Buddha Brands, maker of plant-based snacks and beverages, raised $5.25 million in a funding round led by Canadian investment fund Fondaction.
Founded in 2012, Buddha Brands markets Thirsty Buddha coconut water and Hungry Buddha nutrition bars that are sold in more than 5,000 retail stores throughout the United States and Canada. The bars are formulated with a blend of sunflower seeds, coconut oil, pea protein and chicory root fiber. Flavors include chocolate chip, coconut cocoa, lemon blueberry, triple chocolate and mint chip.
The capital will be used to expand staff, develop new products, increase production of nutrition bars and accelerate the company’s penetration in the US market.
“We are part of a lasting consumer trend that only continues to accelerate, where better-for-you consumer products are in high demand,” said Christopher Magnone, co-founder and chief executive officer of Buddha Brands. “Fondaction's support comes at the right time as we continue to expand distribution and push forward with promoting better eating habits in North America. Generating more market awareness for Buddha Brands and our plant-powered, clean-ingredient snacks and beverages will remain a key focus for the business.”
Fondaction represents investors and companies committed to advancing the Quebec economy, with more than $3.1 billion in net assets.“Supporting Buddha Brands means supporting the production of plant-based foods with simple and healthy ingredients,” said Claire Bisson, deputy head of investment, impact and sustainability. “This investment is thus encouraging the supply and accessibility of plant-based, better-for-you foods, which will positively impact society’s overall health and wellness.”