Buddha Brands, makers of better-for-you, plant-based snacks and beverages, has 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 their new phase of growth. The company, which is 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.
Buddha Brands was founded in 2012 with a simple mission to redefine what it means to live well. Today, the company employs 21 people and 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 and begun distributing products in the U.S. market in 2020, Buddha Brands’ CEO and co-founder, Christopher Magnone believes it is now time to take the next step.
“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.”
For Claire Bisson, deputy head of investment, impact, and sustainability, “supporting Buddha Brands means supporting the production of plant-based foods with simple and healthy ingredients. 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.”
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.
Stifel GMP acted as financial advisor to Buddha Brands in connection with the transaction.
