AWAKE Chocolate Secures $8 Million CAD Investment for Growth and Innovation

AWAKE Chocolate, renowned for its innovative range of delicious, caffeinated chocolate bites and bars, has announced a successful closing of an $8 million CAD funding round. This latest investment round saw a significant injection of $5 million CAD from Btomorrow Ventures (BTV), the investment arm of British American Tobacco (BAT), along with an additional $3 million CAD from BDC Capital. This brings the total funding for AWAKE Chocolate to an impressive $15.5 million CAD, underscoring the solid investor confidence in the brand's remarkable growth trajectory and innovative products.

Founded in 2012 by Adam Deremo, Matt Schnarr, and Dan Tzotzis, AWAKE Chocolate has carved out a niche in the functional food space, combining delightful flavors with caffeine to serve as a healthy alternative to coffee and energy drinks. The company's stellar growth rate is highlighted by a tenfold increase since its inception, with sales nearing $30 million this year. Their products are now widely available in over 3,000 retail locations across Canada, partnering with major retailers like Shoppers Drug Mart, Costco, and Loblaws. In the U.S., AWAKE is present in approximately 15,000 food service and vending locations, expanding its reach into retailers such as Meijer and The Fresh Market.

Adam Deremo, CEO and founder of AWAKE Chocolate, expressed his excitement regarding the funding: "We are thrilled to close this latest funding round with the continued support of Btomorrow Ventures and a new partnership with BDC. This investment reflects our incredible growth and the high demand for functional chocolates. With this financial boost, we aim to scale our operations, innovate our product line, and capture more consumers across North America."

The capital gained from this investment will be utilized strategically to bolster several key initiatives to ensure AWAKE's long-term growth and leadership in the market. A major portion of the funding will focus on enhancing supply chain efficiency through expanded partnerships and new supplier relationships, ensuring that AWAKE can meet the growing consumer demand. The company plans to intensify its research and development efforts to foster product innovation and expand its team to support its ambitious growth targets.

Marketing will also receive significant attention, with initiatives aimed at increasing brand awareness and penetrating new customer segments. Plans include impactful partnerships with influencers, engaging ambassador programs, participation in industry events, and extensive sampling initiatives.

Lukasz Garbowski, BTV's Chief Investment Officer, commented: "Our continued investment in AWAKE reflects our strong belief in its performance and the depth of the management team. As consumers increasingly seek more from their food, the functional food and beverage sector is a pivotal area for BTV to drive BAT's mission to create A Better Tomorrow™." Furthermore, BTV's investment portfolio includes numerous innovative consumer packaged goods (CPG) companies such as HOPWTR, Tru, Moment among others.

AWAKE Chocolate presents a variety of flavors, including Peanut Butter, Salted Caramel, and Salted Almond, catering to diverse taste preferences. Every product is crafted with Fairtrade chocolate and contains caffeine to provide energy and focus without resorting to traditional energy sources like coffee.

Founded as the first functional chocolate brand, AWAKE Chocolate's mission is not only to provide a convenient caffeine alternative but also to deliver delightful flavors through simple, high-quality ingredients. All AWAKE products are made free from artificial colors and flavors, certified gluten-free, kosher, and many are also Non-GMO and vegan-friendly.

For those interested in exploring AWAKE Chocolate's full product range or learning more about the brand, additional information can be found on their official site at awakechocolate.com. Stay updated with AWAKE Chocolate’s latest offerings by following them on social media platforms such as Instagram, Facebook, and Twitter @AwakeChocolate.

This investment marks a significant step in bolstering AWAKE Chocolate's operational capabilities and market presence, paving the way for future innovations that harness the power of delicious chocolate combined with functional benefits.