Mid-Day Squares raises $8 million

MONTREAL — Mid-Day Squares, which self-manufactures refrigerated snack bars, has raised $8 million in a debt funding round led by Investissement Quebec and Canada Economic Development for Quebec Regions.

The funding round will be used to expand its Montreal manufacturing facility and launch into Walmart and Costco in the United States.

“This fundraise will get us to be able to handle $250 million of capacity,” said Nick Saltarelli, co-founder and co-chief executive officer of Mid-Day Squares. “We launched across the country in 300 Walmart stores as a test. We’ll be launching into Costco by Sept. 1.”

The company’s facility will expand from approximately 16,000 square feet to 35,000 square feet and will receive a new production line.

The expansion is happening to handle demand from the rise of consumers taking GLP-1 drugs, Saltarelli said.

“GLP-1 are completely changing snacking habits and what we’re seeing is demand from our retailers to bring to market smaller snacks,” he said. “So typically sub 40 grams in weight, snackable packages, items that can bring value to their customers in forms of protein, fiber, satiation, etc. Mid-Day Squares happens to fit that white space perfectly and as a result we’re seeing it in our revenue and volume.”

Additional growth has come from the company’s first non-chocolate product launch, a No Bread PB&J line that debuted in January.

The bars, available in strawberry and grape flavors, feature a fruit-based top layer formulated with tapioca syrup, grapes and or strawberries, fruit and veggie concentrate, soluble tapioca fiber, Jerusalem artichoke fiber, water, blackcurrant, fruit pectin, okra powder and agar agar.

The peanut butter bottom is formulated with tapioca syrup, pea protein, Jerusalem artichoke fiber, fava bean protein, coconut oil, and shea butter among other ingredients.

“They’re already almost 20% of our entire business,” Saltarelli said. “We can’t keep those things on the shelf. America loves peanut butter and jam sandwiches, that’s why we built them.” 

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