Momofuku Goods Raises $11.5M in Second Round This Year
Asian-inspired pantry staples maker Momofuku Goods has raised $11.5 million in a funding round led by Alliance Consumer Growth to further its national expansion strategy. This is the “restaurant-grade” brand’s second, eight-figure raise this year.
Founded in 2019 as a subsidiary of chef David Chang’s Momofuku restaurant group, the brand was spun out into its own company in 2020, with a portfolio that includes a Chili Crunch line (its top performer), as well as air-dried noodles, soy sauce, rice vinegar and seasoned salts. While the restaurant group has shrunk its holdings from 15 to six restaurants over the last few years, the CPG line has been expanding. The brand is currently available in over 3,500 doors nationwide including Target, Whole Foods and Wegmans locations.
Momofuku’s new financing follows a $17.5 million round announced in March which was led by Siddhi Capital. Siddhi also participated in this latest round. To-date, Momofuku Goods has raised over $27 million.
“Alliance Consumer Growth has a remarkable track record of supporting consumer brands that have gone on to become iconic, and we’re thrilled that they see similar potential in Momofuku Goods,” said co-founder and CEO Marguerite Zabar Mariscal, in a release. “We’re grateful to have ACG’s expertise, alongside Siddhi, as we continue to navigate the world of consumer packaged goods.”
Alliance Consumer Growth – which has invested in CPG brands like Krave Jerky, Suja, Evol Foods and Athletic Brewing – also has experience with foodservice concepts and has backed Shake Shack, Tender Greens, Blaze Pizza and Snooze Eatery.
“Momofuku Goods is one of the most exciting emerging brands in food. In our view, it’s the most authentic, trusted brand in its category,” added Josh Goldin, co-founder of Alliance Consumer Growth, in a release. “Grocery consumers everywhere have just begun to discover Momofuku’s incredibly delicious and authentic products, which enable home cooks to make restaurant-quality food in minutes.”
The raise also marks another significant institutional investment for Asian pantry items. In 2022 alone, competing chili crisp maker Fly By Jing closed a $12 million round, Japanese barbecue sauce Bachans raised $13 million, and dumpling producer XCJ (now Mila) took in an additional $21 million.
While Chang certainly gives Momofuku a leg up when it comes to marketing, competition in both chili crisp and heat-and-eat noodles is fierce. Sauce maker Omsom added its own premium noodle kits earlier this year and Trader Joes has launched a private label “Squiggly Knife Cut” noodle offering. There’s also overseas entrants, with Taiwanese brand A-Sha Noodle debuting a revamped, “clean label” formula in Sprouts and Whole Foods earlier this summer.
