Momofuku Goods, a US-based supplier of noodles and sauces, has raised $11.5m in funding to try to speed up its nationwide distribution.
The funding round was led by Alliance Consumer Growth (ACG), a consumer-focused equity firm, and the company’s existing investor, Siddhi Capital.
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Josh Goldin, co-founder of ACG, said grocery consumers have just begun to discover Momofuku’s products.
“Momofuku Goods is one of the most exciting emerging brands in food. In our view, Momofuku’s the most authentic, trusted brand in its category, given David Chang’s [the founder] role as one of the most accomplished chefs of this generation, and the company’s heritage of cult-favourite restaurants,” he said.
The company producer spun out of restaurant chain Momofuku in 2020. Its product portfolio includes noodles, soy sauce, rice vinegar and seasoned salts.
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The group’s products are available in more than 3,500 stores in the US, including at Target, Whole Foods and Wegmans. It also sells via the direct-to-consumer channel.
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By GlobalData“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 Marguerite Zabar Mariscal, the CEO of Momofuku Goods and Momofuku.
US food giant Kraft Heinz backed the business’ parent company in 2019 when it rolled out its signature Sesam Sauce through e-commerce giant Amazon.
Momofuku worked with Kraft Heinz’s Springboard Brands incubator unit, which at the time said its aim was “nurturing, scaling, and accelerating” the growth of “disruptive” US food and beverage brands.
Alliance Consumer Growth was set up in 2011 and has investments across food, beverage, beauty, personal care, pet products, apparel and accessories.
