Mid-Day Squares Secures $8M Funding to Scale Plant Protein Snacks

Canada’s plant protein snack maker Mid-Day Squares has secured $8 million in government-backed debt financing to expand production capacity, targeting wider availability of affordable protein snacks f

Mid-Day Squares, founded by Jake Karls, Leslie Karls, and Nick Saltarelli, secured $8 million in debt financing from Investissement Québec and Canada Economic Development for Québec Regions. This follows the company’s $25 million total funding since 2017 and its current $32 million revenue for fiscal year ending May 2024. The firm targets $250 million annual production capacity by 2028, with its No Bread PB&J bars—delivering 6 grams protein and 5 grams fiber per 35-gram serving—constituting nearly 25% of revenue. Production line installation completes by end of February, enabling Walmart rollouts at 350 Tier A stores and Costco placements at 50% of U.S. sites. Current output caps at $65–70 million annually, with the company projecting $45 million revenue for the current fiscal year.

The funding addresses cocoa market volatility through a 2024 strategic shift, supporting scaling toward $100 million revenue by late 2028 or early 2029. This expansion directly improves access to affordable plant protein snacks—a critical nutrition need—by lowering costs through increased production volume and retail partnerships. However, the company’s current production ceiling and the publication date of August 19, 2026 (likely a typo in the source) indicate the timeline remains contingent on achieving revenue targets. What to watch: Whether production capacity meets projected output and the resolution of the source’s future-dated publication note.

Source: Green Queen