Buddha Brands, maker of better-for-you plant-based snacks and beverages, announced a $5.25 million round of funding from capital investor, Fondaction, whose commitment to the positive transformation of the local Quebec economy will help support its new phase of growth.
The company, headquartered in Montreal, Quebec, makes plant-based snacks and beverages that are low in added sugar and stand out due to their nutritional value, with an emphasis on clean, purposeful ingredients. The investment will allow Buddha Brands to hire more resources, develop new products, increase production of its Hungry Buddha nutrition bars in Quebec and accelerate its penetration in the U.S. market.
Founded in 2012, Buddha Brands offers a range of plant-based snacks and beverages including Thirsty Buddha coconut water, Thirsty Buddha sparkling coconut water, and Hungry Buddha nutrition bars. Having diversified its product portfolio in Canada, it began distributing products in the U.S. market in 2020.
Buddha Brands can be found in over 5,000 retail locations across Canada and the United States with distribution in natural and independent food stores, grocery chains, including Loblaws, Metro, Sobeys, Costco, and more, as well as big box retailers, convenience stores, and online shopping platforms like Amazon. As members of the 1% For the Planet, Buddha Brands is committed to donating 1% of its annual sales to environmental organizations such as Oceana, Second Harvest, and many others.
Buddha Brands’ CEO and co-founder, Christopher Magnone, said in the announcement, “We are part of a lasting consumer trend that only continues to accelerate, where better-for-you consumer products are in high demand. 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. We have lofty visions for where we can take Buddha Brands, and we are excited about our next chapter with Fondaction by our side!”
Stifel GMP acted as financial advisor to Buddha Brands in connection with the transaction.