Buddha Brands, a producer of plant-based food and beverages based in Quebec Canada, today announced a $3 million round to fund further expansion across the US. Its Hungry Buddha® Keto Bars were the first keto-friendly bars on the market made without sugar alcohols, palm oils, and other major allergens like dairy, soy, or peanuts.
The fresh funds, from leading capital investment corporations, BDC Capital and Investissement Quebec, will help accelerate the brand’s US expansion via sales and marketing initiatives, as well as research and development for future projects to further its momentum within the category.
Buddha Brands first expanded into the US market with its Hungry Buddha® Keto Bars which are now in more than 1,500 natural independent retailers and grocery stores nationwide. According to SPINS data, the snack bar category was down 20-40% during 2020, however, plant-based and low-sugar bars were outpacing the segment by 20-50%.
Buddha Brands states that the company has seen tremendous growth and success with its Keto Bars. Since the launch, the bars have gained significant support from consumers and major retailers on both sides of the border, including Sprouts, H-E-B, Wegmans, Meijer, Costco, Thrive Market, Amazon, Loblaws, Whole Foods, Metro, and more, and are on a clear path to exponentially increase velocity and distribution with this investment.
“We purposely entered the allergy-friendly segment, as we felt those consumers didn’t have many options available,” said Magnone. “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.”
“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,” said Mathieu Rinaldi, Director, Growth and Transition Capital, of BDC Capital.
Hungry Buddha® Keto Bars are available in Chocolate Chip, Coconut Cocoa, Espresso Brownie, and Triple Chocolate.