The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

Functional snack brand Awake Chocolate has successfully closed an CAD $8 million (approx. $6 million) funding round aimed at supporting its rapid growth and product innovation.

The investment was led by Btomorrow Ventures, the corporate venture arm of British American Tobacco (BAT), alongside contributions from BDC Capital. This latest round brings Awake's total funding to CAD $15.5 million (approx. $11.5 million USD), reflecting strong investor confidence in the brand's trajectory.

Since its inception, Awake has experienced remarkable growth, expanding its sales by over tenfold and approaching $30 million CAD (around $22 million USD) in revenue this year.

The brand's products, which include caffeinated chocolate bites and bars made with Fairtrade chocolate, are now available in more than 3,000 retail locations across Canada and over 15,000 locations in the US, including major retailers such as Shoppers Drug Mart, Loblaws and Costco.

The new capital will be strategically allocated to enhance supply chain efficiency, bolster research and development, and expand marketing efforts.

Awake aims to improve its co-manufacturing partnerships and supplier relationships to meet increasing consumer demand. The company will also focus on product innovation and expanding its internal team to support its growth objectives.

Adam Deremo, CEO and founder of Awake Chocolate, said: “This investment is a testament to the incredible growth we’ve achieved and the strong demand for our functional and delicious chocolates. With this infusion, we’re focused on further scaling our operations, innovating our product line and reaching even more consumers across North America.”

Lukasz Garbowski, chief investment officer at Btomorrow Ventures, highlighted the strategic importance of the investment, highlighting the growing consumer interest in functional foods and beverages. "As consumers increasingly look for more from their food, the 'wellness and stimulation' sector is a key focus for us," he added.

Awake Chocolate's product line includes a variety of flavours such as Peanut Butter, Salted Caramel and Salted Almond, catering to diverse consumer preferences. The brand's commitment to quality ingredients and innovative formulations positions it well within the expanding functional snack market.