Mid-Day Squares raises $8M in debt to fund US Walmart, Costco push
What's the deal? Mid-Day SquaresDealroom has a profile for this one. Try Dealroom → has secured $8 million in debt financing to fund its expansion into US retailers WalmartDealroom has a profile for this one. Try Dealroom → and CostcoDealroom has a profile for this one. Try Dealroom →. Investissement QuébecDealroom has a profile for this one. Try Dealroom → and Canada Economic Development for Québec Regions (CED)Dealroom has a profile for this one. Try Dealroom → led the package.
What's the endgame? The company makes chocolate snack bars. It plans to use the financing to scale its manufacturing operations and lift annual production capacity to roughly $250 million.
Why now? The debt lands as Mid-Day Squares gears up for launches in two of the largest US retailers. Manufacturing capacity must expand to meet the shelf space those chains command.
Co-founder and co-CEO Nick Saltarelli said the raise would allow the company to increase annual production to approximately $250 million.
The signal: Debt, rather than equity, gives a growing consumer brand capital to scale production without diluting ownership. For Mid-Day Squares, backing from two Quebec government agencies signals confidence in a Canadian challenger betting big on the US market.
Read more: Nosh
Image credit: Random Retail
