Mid-Day Square has had an interesting journey from where it is today, with an idea that started in the kitchen, scuttled by a takeover by a chocolate giant, and a music video debunking.
The Canadian company was founded in 2018 by Nick Saltarelli, his wife Leslie Carles and his brother Jake Carles after various career successes in product development and marketing.
The startup grew out of Lesley Carles’ initial desire to start eating plant-based foods when she conceived the idea for Mid-Day Square’s first product, Fudge Yah, in her kitchen. It’s a double layer of chocolate, thick on top and soft on the bottom, that contains the fiber, protein, and omega-3s that satisfy after-dinner food cravings—hence the afternoon serving.
“Walking past the grocery aisle, we saw that people were looking for more protein and less sugar,” CEO Leslie Carles told gaming-updates. “We saw an empty space for functional chocolate. There are many chocolate bars out there, but none of them produce chocolate that has the same benefits as fiber and fills you up. ,
Nearly four years later, the line now features flavor number three: Almond Crunch and Peanut Butta.
Leslie Carles and Saltarelli describe themselves as introverts and want to recruit someone who can help build a community. This is where Jake Carles comes in. At the time, she ran a clothing company on college campuses, threw parties for hundreds of people, and worked on social media.
One thing that inspired him to connect with his sister and brother-in-law was that he realized that food and drink served the old script and didn’t make much of a fuss. What he saw in the midday square was the opposite.
“I asked him, ‘What if we’re apart, telling a story that’s emotionally connected? Jake Carles said. “I showed them a slide of a rock band and said the strategy was: We are going to be a rock band, but we are going to sell chocolate and show the good, the bad and the ugly of the company. use of social networks. Then people will feel like they are buying something from a friend because they know us.”
The method was tested when Hershey plans to acquire the company in 2021. Deciding the deal wasn’t for them, the company received a letter from Hershey regarding the use of orange packaging paint, which was no problem. In response, he released a music video called “Chocolate Gone Crazy”.
Today, the company accounts for 65% of in-store retail sales and 35% of online sales. The bar is available at over 2,400 stores, including Whole Foods and Sprouts across the country. He also partnered with Target to make daytime plazas within a six-mile radius of most Americans.
Mid-Day Square is now looking to Fourth Flavor, its third $10 million fundraiser, to kick-start and expand to other retailers, convenience stores and internationally in the UK, Latin America and Asia.
In addition to the fourth fragrance, they plan to launch a fifth in 2023 and have two more products in development.
Saltarelli considered the new financing to be Series C, mainly because the company did not want to take on convertible bonds. Mid-Day Square previously raised $7.5 million, with a preliminary valuation of $35 million including the latest investment.
The main investor in the round was Siddhi Capital, which included BFG (Boulder Food Group), Selva Ventures, Harlow Entertainment and a group of individual investors including Peter Burns, David Cinnamon, Mike Fat, Bobby Parrish, David Meltzer, Noah Brennan and Peter Burns. , Clayton Christopher, Gurdip Preval, Dylan Barbour, Rachel Mansfield, Ellie Trussdale and Alexander Gerten.
The company sells an average of 13 fragrances per week and ended 2021 with $8 million in sales. Saltarelli expects to see a double by the end of this year. They have an ambitious goal of reaching $100 million in sales by 2025, and the company has its own factory capable of producing what it takes to reach that goal.
Saltarelli also indicated that when the investment ran out, Mid-Day Square would likely go public in Canada.
“We are building a brand not only to be a product on the shelf, but also to create a deeper community,” said Leslie Carles. “People are tired of group purchases without knowing who is behind them. We are offering a $3.99 class to be a part of this journey with us. I