Dive Brief:
- Bringing in fresh capital, food brand Fly By Jing raised $12 million in a Series B round of fundraising, according to a Wednesday press release.
- Fly By Jing — known for its Sichuan chili crisp — also announced two new executive appointments, with Matt Dunaj as chief financial and operations officer, and Jason Parasco as chief commercial officer, per the release.
- The food company received the money from its existing investor Prelude Growth Partners along with Pendulum.
Dive Insight:
The new capital will help the Chinese food brand continue to grow its wholesale business with retailers such as Kroger and Albertsons. Fly By Jing already sells through channels such as its own direct-to-consumer website, Whole Foods Market, Wegmans, Target and Costco.
“I’m so proud of the Fly By Jing team and how far we’ve come in four short years to transform the ‘ethnic aisle’ of the grocery store into a destination of bold, global flavors and innovation,” Jing Gao, founder of Fly by Jing, said in a statement. “In the continued, unwavering support from the woman-led team at Prelude Growth Partners, combined with Pendulum’s dedication to underrepresented founders of color, Fly by Jing has the kind of guidance and stewardship that will truly make it a household name. We look forward to partnering with our retailers to make our flavors accessible to even more people and to further our mission to evolve culture through taste.”
Since launching in 2018, the brand has been on the fast track to growth, with its website growing 68% during 2022, according to to Similarweb. Shortly after launching, Fly By Jing also said that its Sichuan chili crisp became one of the top-selling hot sauces on Amazon in the U.S.
A variety of newcomers in the food category similar to Fly By Jing have been brightening up grocery store aisles. Tinned fish company Fishwife, which was founded in 2020, can be found at indie stores and larger retailers such as Whole Foods. Energy drink Gorgie just launched in January, but is already available at select Whole Foods locations in addition to its own website.
