News for October 26, 2022

The Dumplings that took TikTok by storm receive $10M investment

Xiao Chi Jie, a frozen dumpling brand, went viral on TikTok this year and now has the funding to match its trending status. Caleb Wang and Jennifer Liao started Xiao Chi Jie four years ago in Bellevue, WA, as a restaurant. Then, Xiao Chi Jie pivoted to direct to consumer during the pandemic. Imaginary Ventures recently led a $10 million Series A funding. This investment will see the authentic Chinese dumplings and sauces arrive on shelves in retail. The brand also announced an upcoming rebrand and a new line of frozen noodles inspired by three different regions of China.

Sustainable wrap brand Peelo raises pre-seed round

Global early-stage investor and accelerator, Rockstart, announced that it recently invested in Peelo and led a pre-seed round alongside CB Investment management. Peelo makes an alternative to plastic wrap that is reusable/washable/compostable and keeps food fresh for longer. The startup will use the new funding to expand its team, develop new products and enter new markets in northern Europe.

Credo Beauty acquires a pioneering clean beauty brand

Credo Beauty, a pioneering clean beauty retailer, announced that it recently acquired Boston-based skincare and beauty brand Follain. Credo will absorb Follain’s online retail business and storefronts. Follain’s founder and CEO, Tara Foley, will support the transition as an advisor and will then begin consulting for purposeful beauty and CPG brands.

Soli Organic raises $125M Series D Round

CDPQ led a multi-million Series D fundraising for the indoor farming company Soli Organic with additional investment from Movendo Capital. This round brings Soli’s total funding to $487.5 million. Soli’s soil and precision fertilizer set Soli apart from other indoor farms that typically use hydroponics and vertical farming technology. The recent funding will build new indoor farming locations across the country.

A colorful acquisition

Sensient Technologies Corporation, a Wisconsin-based manufacturer of colors, flavors and other ingredients, acquired Endemix Doğal Maddeler A.Ş. Endemix is a vertically integrated natural color and extracts company for food and beverages. This acquisition will help Sensient to expand its natural colors portfolio and have operations closer to areas where key botanicals grow. Sensient did not disclose the amount of the deal.

Muddy Bites chews on a new investment

The bite-sized chocolate-filled waffle cone snack brand Muddy Bites recently raised $5 million to expand to more than 15,000 stores in 2023. Investors included Reformation Partners, RXBAR founder Peter Rahal, former RXBAR chief operating officer Sam McBride and barkThins founder Scott Semel. Muddy Bites also recently added new hires to its team from Hershey Co., Lily’s Sweets, Hippeas and barkThins.

Scout finds $4M in seed round

Craft canned seafood maker Scout’s four-million-dollar seed funding round was led by Semillero Partners, a seed and growth-stage responsible food and beverage investment firm, and Export Development Canada. Almanac Insights, an early-stage investor in CPGs with a positive impact on food systems, also participated. The new funding will accelerate Scout’s operational expansion and brand strategy.

Vincere Capital fuels Day One Beverages with investment

Day One Beverages is a CBD sparkling water brand on a mission to democratize CBD. At $2.99 a can, Day One makes adding CBD to one’s daily routine more accessible. The brand recently became the exclusive CBD partner of USA Pickleball. The recent investment from Vincere Capital, facilitated by Aspire Financial LLC and The J Square Investments, will give Day One the capital needed to compete in the CBD wellness market. The team at Day One, which consists of former Red Bull, Anheuser-Busch and other CPG brand executives, plans to rapidly increase retail distribution in California, Colorado, Illinois, Georgia and Florida.

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