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Sichuan convenience meal brand Fansaoguang has completed a Series B financing round of 100 million RMB, led by Shenzhen Venture Capital, followed by local industry funds, with Fangchuang Capital acting as the exclusive financial advisor for the round. Gao Yinjiang, the founder and general manager of Fansaoguang, said that the funds in this round will be mainly used for new product development, channel construction and brand operation.

Fansaoguang is a representative brand in the field of Sichuan-style convenience meals, with 18 years of business history, focusing on Sichuan-style rice dishes and seasoning sauces. Previously, Fansaoguang had received 100 million RMB Series A investment from Tiantu Capital.

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Gao Yinjiang said to the media that Fansaoguang focuses on the Sichuan-style convenient meal market and promotes the authentic “Sichuan home-style flavor”. On the one hand, it provides a wide range of meal options for individuals and families in the C-side convenience fast food scenario, while providing customized Sichuan-style meal products for B-side restaurant chains.

As an investment institution focusing on big consumption, Tiantu has always been optimistic about the segmentation track of condiments, according to Li Kanglin, partner of Tiantu Capital, the Series A investor of Fansaoguang. After years of focus and deep plowing, it has become a nationwide famous brand with its unique product power and channel coverage ability. Meanwhile, it is good at insight into young consumers and keeps pushing new ideas. We are optimistic about the development prospect of the brand and the company in the long run.

With 3B omni-channel layout, our products have been stationed in more than 5,000 large supermarkets in China, with a 96% coverage rate in supermarkets, and sold to many countries such as the United States, Japan, the United Kingdom and Canada. According to 36 Krypton, Fansaoguang’s revenue is expected to grow 30% year-on-year in 2020.

Benefiting from the trillion-dollar market size of Chinese food, there is also a good growth in the food condiments, including soy sauce, vinegar, wine, oil, chicken essence, MSG and other basic condiment categories, as well as squash, pickles, compound seasonings and other products. The restaurant channel belongs to the main position of condiments, and the retail channel is still in the growth stage, with representative brands such as Haitian Flavor, Yihai International, Tianwei Food and Lao Ganma.

However, Chinese cuisine is diversed, and the demand for condiments and seasonings varies, which makes the market pattern of condiments less concentrated, and shows strong regional competition, with higher bargaining power of regional brands. According to Gao Yinjiang, the growth point of condiments in the catering market lies in the standardization of local special sauce products to catering chains, which helps catering companies to serve meals quickly and better serve C-end consumers.

In addition to the development of new products, Fansaoguang is also investing in innovative condiment products and process technology research and development. One of the main seasoning sauce single product Pixian bean paste. For example, different from other brands of high-salt and low-freshness product drawbacks, Fansaoguang applied biological fermentation technology on this product to provide “high-freshness and low-salt” qualities. According to Gao Yinjiang introduction, the application of the fermentation technology can shorten the Pixian bean paste production cycle of about 1/3 time.

It is reported that the current design of the annual production capacity of 100,000 tons of Fansaoguang, including 50,000 tons of its green food, 40,000 tons of Sichuan Laohui Pixian bean paste, and 10,000 tons of Sichuan Laohui various seasoning oil.

In addition, this year by the epidemic, the growth in home cooking and convenient ready-to-eat market is obvious. From Fansaoguang’s data, the data of the Generation Z as the representative of young users has the most obvious growth. Gao Yinjiang told reporters, Fansaoguang also try to bring more new products into the online retail channel, the younger generation’s love and perception of Sichuan taste is stronger, and has a more active consumption willingness and repurchase habits.

For the online retail channel, Fansaoguang has also launched a variety of rice convenience foods, including beef rice, marinated meat rice and backpot meat rice. According to Gao Yinjiang, Fansaoguang will further explore new products of pre-made dishes.

Daniel Liu, the project director of Fangchuang Capital, said that as a famous brand in the field of food and condiments, Fanoguang has precipitated in foof research and development, brand operation and channels over the years, and is very optimistic about the team’s ability to continuously iterate on products and accurate grasp of new consumer experience. With the refinement of the supply chain and channels, the solid comprehensive ability of the brand will be able to better meet the market demand.

Source: 36Kr.com