The funding raise comes as Immi releases a reformulation of their product this year aimed at replicating traditional instant ramen in broth taste, mouthfeel, texture and slurpability.
Siddhi Capital led the round and was joined by Palm Tree Crew, Constellation Capital, Animal Capital, Pear Ventures, Collaborative Fund and a group of individuals, including Patrick Schwarzenegger, Kat Cole and Nik Sharma, as well as executives from Thrive Market, Caviar, Daring Foods, Madhappy, Twitch, Kettle & Fire, MUDWTR, Native, Amity Supply, Visionary Music Group, Italic, Tatcha and Casper.
Melissa Facchina, co-founder and general partner at Siddhi Capital, said her firm invests in food and beverage brands and its investment arm is a mentor to the Immi team.
“We were blown away by them,” she said. “It costs a lot of money to innovate in this industry, and it is exciting for myself and family to have something that we can grab and go. The second version launching looks exactly like the traditional brick pack and now has adult flavors that attach to a different culinary pallet.”
The natural or better-for-you foods industry has changed “dramatically” in the last decade, Facchina said. Most of it is driven by consumers that want transparency in the supply chain, cleaner ingredients and authentic brands.
Consumer packaged goods brands that are reinventing themselves already have successful product lines, but few brands are taking a look at certain categories she said are ripe for reinvention, like cereal. Her firm is an investor in Magic Spoon, and she sees Immi reinventing ramen and Asian cuisine, saying “the Kevins as a founder group are highly moldable, high-achieving and want to surround themselves with best-in-class people.”
Immi is putting a healthy spin on instant ramen by going plant-based and offering more bold tastes. The company announced Tuesday that it raised $3.8 million in seed funding.
Co-founders Kevin Lee and Kevin Chanthasiriphan both grew up in food families from Taiwan and Thailand, respectively, and met a decade ago while working at the same tech company. They bonded over getting noodles every day.
Fast-forward to today, and they both saw family members stricken with diabetes and high blood pressure and started thinking about what a better-for-you food and beverage brand would look like.
Taking the love of the Asian food they grew up with, they wanted to develop one of those brands for the U.S.
“We immediately agreed on instant ramen,” Chanthasiriphan told TechCrunch. “My dad still eats instant ramen each night, and it is such a massive market: 4 billion packets are sold per year, but it is also a product that has been dominated by the same three incumbents for years.”
Data-driven iteration helped China’s Genki Forest become a $6B beverage giant in 5 years
The global instant noodle space is projected to be a $32 billion industry by 2027, with $7.7 billion of value in the U.S. However, …read more
Source:: TechCrunch – Startups
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