Canada’s Awake chocolate celebrates attaining significant $8 million funding

Canada’s Awake chocolate, specialist manufacturer of caffeinated chocolate bites and bars, has confirmed a successful $8 million investment round, writes Neill Barston.

It was founded in 2012 by Canadians Adam Deremo, Matt Schnarr, and Dan Tzotzis, who spotted a gap in the market for fun, functional products that tapped into the energy bar market.

As the business noted, its latest funding comprises a significant 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).

According to the innovative company, latest investment brings AWAKE Chocolate’s total funding to date to an impressive $15.5 million CAD, underscoring strong investor confidence in the brand’s rapid growth and innovative product offerings. 

Awake offers functional bites and bars crafted with Fairtrade chocolate and caffeine, offering a perfect boost without the need for coffee or energy drinks, and has experienced notable growth.

Its presence has grown more than 10x since its inception and approaching $30 million in sales this year. The brand’s chocolate is now available in more than 3,000 locations across Canada, including major retailers like Shoppers Drug Mart, Loblaws, Bulk Barn, Shell, and Costco. In the United States, AWAKE is sold in 15,000 food service and vending locations, with a growing presence in retailers such as The Fresh Market, Meijer, and Big Y.

“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.” 

The new capital will be strategically deployed to support key initiatives designed to 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 escalating consumer demand.

The company will dive deeper into research and development to foster new product innovation and continue to expand its internal team to support its ambitious growth trajectory.

With a variety of flavour offerings such as Peanut Butter, Salted Caramel, and Salted Almond, as well as Dark and Milk Chocolate, Awake has been developed for a broad base of potential audience.