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Mid-Day Squares plans fundraise this year

Illustration of a chocolate bar wrapped in a one hundred dollar bill.

Illustration: Gabriella Turrisi/Axios

Mid-Day Squares, a maker of better-for-you chocolate snacks, is looking to raise a round of funding over the next 12 months, co-founder Jake Karls said at the ICR Conference held in Orlando.

Why it matters: The Montreal-based startup is part of the snacking category, which is growing faster than the total food and beverage market.

Details: The financing will likely be half growth equity from VC firms and half government debt, Karls tells Axios, speaking from the conference's sidelines.

  • He notes the Canadian government plays a role in helping startups based there, due to the difficulty they have in raising money.
  • Karls, however, declined to comment on how much money Mid-Day Squares might raise, as it looks to grow revenue past $100 million.

By the numbers: As of March last year, Mid-Day Squares had about C$17 million in revenue and year-over-year growth of 45%, per Forbes.

  • To date, it has raised $17 million, Karls said during the company's presentation.
  • It will be profitable and generating positive EBITDA, he said.

Catch up fast: The company was founded in 2018 by Nick Saltarelli, Lezlie Karls and Karls in 2018.

  • (Nick and Lezlie are married, while Lezlie and Jake are sister and brother.)

Zoom in: Mid-Day Squares' products are a combination of being non-GMO, gluten-free, vegan, dairy-free, soy-free, kosher and fair trade, per its website.

  • Its flavors include almond crunch, brownie batter, cookie dough and peanut butter.
  • What differentiates the brand from other startups is that it owns its manufacturing, Karls said.
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