AWAKE Chocolate, known for its delicious caffeinated chocolate bites and bars, has successfully raised C$8 million in its latest investment round. This includes C$5 million from Btomorrow Ventures, the corporate venturing arm of British American Tobacco, and C$3 million from BDC Capital. The latest funding round boosts AWAKE’s total investment to C$15.5 million.
AWAKE’s products, crafted with Fairtrade chocolate and caffeine, provide an energy boost without the need for coffee or energy drinks. Since its inception, the company has grown over tenfold and is expected to approach $30 million in sales this year. AWAKE products are available in over 3,000 Canadian locations, including Shoppers Drug Mart and Costco, as well as in 15,000 food service and vending sites in the U.S., including retailers such as The Fresh Market.
The new capital will support initiatives for long-term growth and market leadership, particularly in improving supply chain efficiency through new partnerships and expanding research and development for product innovation. AWAKE also plans to enhance its marketing efforts, including influencer partnerships and ambassador programs, to boost brand awareness.
The brand offers a variety of flavors, such as Peanut Butter, Salted Caramel, Salted Almond, and Dark and Milk Chocolate, catering to diverse tastes.
KEY QUOTES:
“We are thrilled to close this latest funding round with the continued support of Btomorrow Ventures and a new partnership with BDC. 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.”
Adam Deremo, CEO and Founder of AWAKE Chocolate
“Our continued investment in AWAKE reflects our strong belief in its performance and the depth of the management team. As consumers increasingly look for more from their food, the ‘wellness and stimulation’ sector, particularly functional food and beverages, is a key focus area for BTV to deliver on BAT’s mission to create A Better Tomorrow.”
Lukasz Garbowski, BTV’s Chief Investment Officer
