Diving summary:
- food brand Fly By Jing raised $12 million in a Series B fundraising round, according to a press release.
- Fly By Jing, known for its crispy Sichuan chili, also announced two executive appointments, with Matt Dunaj serving as chief financial officer and operations officer and Jason Parasco serving as chief commercial officer, according to the statement.
- The food company received the money from its current investor Prelude Growth Partners along with Pendulum.
Diving information:
The new capital will help the Chinese food brand grow its wholesale business with retailers like Kroger and Albertsons. Fly By Jing already sells through channels such as its own direct-to-consumer website, Whole Foods Market, wegmansTarget and Costco.
“I am so proud of the Fly By Jing team and how far we have come in four short years to transform the ‘ethnic aisle’ of the grocery store into a destination for bold global flavors and innovation,” Jing Gao, Founder of Fly by Jing, said in a statement. “Fly by Jing has the kind of guidance and management that will really make it a household name.”
Since launching in 2018, the brand has been on the fast track to growth, with its website growing 68% through 2022, according to Similarweb. Shortly after the launch, Fly By Jing also said that its crispy Sichuan chili became one of the best-selling hot sauces on Amazon in the US.
A variety of newcomers in the food category similar to Fly By Jing have been brightening up grocery store aisles. The Fishwife canned fish company, which was founded in 2020, can be found in independent stores and larger retailers like Whole Foods. The Gorgie energy drink launched in January, but is already available at select Whole Foods locations, as well as on its own website.
