Cdn. Chocolate Manufacturer Receives $8M Investment

MISSISSAUGA — AWAKE Chocolate announced the successful close of an $8 million CAD investment round. The funding comprises of a contribution of $5 million CAD from Btomorrow Ventures (BTV), the corporate venturing arm of British American Tobacco (BAT), and an additional $3 million CAD from the BDC Capital (BDC). This latest investment reportedly brings AWAKE Chocolate’s total funding to date to $15.5 million CAD.

AWAKE manufactures bars crafted with chocolate and caffeine. AWAKE Chocolate says it has experienced growth of more than 10x since its inception and is reportedly approaching $30 million in sales this year.

“We are thrilled to close this latest funding round with the continued support of BtomorrowVentures and a new partnership with BDC,” said Adam Deremo, CEO and Founder of AWAKE Chocolate. “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.”

AWAKE Chocolate says that the new capital will be strategically deployed to support key initiatives designed to try and position AWAKE for long-term growth and market leadership. A significant portion of the investment will enhance supply chain efficiency through expanded co-manufacturing partnerships and new supplier relationships, ensuring the brand can meet consumer demand. The company says it will also invest into research and development to foster new products and continue to expand its internal team to support intended growth. In a press release, AWAKE Chocolate also said that it will focus more on marketing efforts, including “impactful influencer partnerships, engaging ambassador programs, and participation in key industry events.”

“Our continued investment in AWAKE reflects our strong belief in its performance and the depth of the management team,” said Lukasz Garbowski, BTV’s Chief Investment Officer “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™.’”