Buddha Brands Announces $3M round accelerating expansion in U.S. market
Buddha Brands, maker of better-for-you, plant-powered food and beverages, has announced a $3 million round of funding from leading capital investment corporations BDC Capital and Investissement Quebec. In 2020, Buddha Brands expanded into the U.S. market with the introduction of its Hungry Buddha Keto Bars and are now in more than 1,500 natural independent retailers and grocery stores nationwide. The new investment will help accelerate the brand’s U.S. expansion via sales and marketing initiatives, as well as research and development for future projects to further its momentum within the category.
“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 ingredients, plant-powered foods that not only taste good, but make you feel good.”