Buddha Brands has announced the closing of a $5.25 million round of financing with Fondaction.

Mathieu Sasseville from Fondaction has joined Buddha Brands board of directors.

Stifel Nicolaus Canada Inc. acted as financial advisor to Buddha Brands in connection with the transaction

Christopher Magnone, Michael Magnone, Kaila Magnone, and Mark Cigos, Montréal, Québec based Buddha Brands is the makers of better-for-you, plant-based snacks and beverages. With 21 employees, the company offers a range of plant-based snacks and beverages including Thirsty Buddha® coconut water, Thirsty Buddha® sparkling coconut water, and Hungry Buddha® nutrition bars.

New 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.

In 2021, Buddha Brands raised $3 million in growth capital funding from BDC Capital and Investissement Quebec.