MR BING
FOODS INVESTOR OVERVIEW
Q2 2021 2
WHAT IS
MR BING?
Mr. Bing captures the most exciting elements of Chinese street food and interprets them into accessible condiments for the modern
American foodie and everyday cook.
Mr. Bing Chili Crisp was created in 2012 by Mr Bing Restaurants in Hong Kong and brought to Mr Bing restaurants in NYC, as a healthy replacement to the massively popular,
billion-dollar Laoganma Chili sauce.
Meanwhile, Chili Crisp has become a booming PROPRIETARY & CONFIDENTIAL condiment subcategory with steadily growing
appeal to the diversifying American palate.
MBF is a first mover in this growing market, with raving product reviews, a strong team, commercial validation, and a realistic
go-to-market plan for mass-market appeal.
Founders Brian and Ben 3 WHAT IS CHILI CRISP? OUR CHAMPION PRODUCT
Mr Bing Chili Crisp: “Crazy Delicious and Addictive"
Mr Bing Chili Crisp is a crunchy, umami-packed, mouth-watering condiment that’s just a tad sweet and just spicy enough to make everything tastier. Inspired by Beijing street food, it’s made from crispy garlic, onions, rice bran, mushroom powder, and a blend of spices. Put it on anything - eggs, rice, pizza, pasta, chicken, burgers, or just
eat it straight (seriously).
Made in USA Non-GMO
All-Natural Vegan
No MSG Gluten-Free PROPRIETARY & CONFIDENTIAL 4 SUMMARY Mr Bing Foods is Already Resonating
with Food Lovers:
✔ Early mover in new condiment sub-category
✔ Commercial validation: $300K sales in 2020
✔ Consumer validation: highly reviewed product
PROPRIETARY & CONFIDENTIAL ✔ Healthy COGS model; 50% GM (avg. across channels)
✔ Shelf-stable product with little capex required
✔ Experience in food and startups with previous exits
✔ Scalable cost model for grocery retail sales (in 2022) 5 WHAT IS CHILI CRISP? OUR CHAMPION PRODUCT This Sweet-Spicy, Crunchy Sauce is a $1B+ Global Industry
PROPRIETARY & CONFIDENTIAL 6 WHAT PEOPLE ARE SAYING And It’s Just Now Hitting America: As Palates Evolve from Ketchup to Spice and Crunch
PROPRIETARY & CONFIDENTIAL 7 WHY NOW? Aside from Growth in the Chili Crisp Sub-category, STEADILY GROWING DEMAND FOR FOOD AS THE NUMBER ONE Changing Consumer EXOTIC FOODS SOCIAL MEDIA CAPITAL
Behaviors and Socio-Economic Trends Continue to
Accelerate Demand
BOOM IN POPULARITY FOR FOODS HEALTHY FUNCTIONAL FOODS PROPRIETARY & CONFIDENTIAL WITH CRUNCHY TEXTURE (VEGAN GLUTEN-FREE, NO MSG)
ACCELERATING DTC INDUSTRY COVID’S LONG-LASTING IMPACT ON GROWTH CPG AND HOME COOKING 8 WHAT OUR FANS ARE SAYING But Do Our Customers Really Like It?
The Reviews Speak for Themselves:
Marc B. Matt J. Susan L. PROPRIETARY & CONFIDENTIAL OUTSTANDING, DELICIOUS I can’t get enough Great in ramen! PRODUCT!!! of this stuff! Reviewed in the United States on May 2, 2020 Reviewed in the United States on December 4, 2020 Reviewed in the United States on October 2, 2020
This is so delicious, I enjoy it as a SOOOOO GOOD! My favorite chili crisp. Just the right treat right out of the jar! Of course, amount of spice and “crisp.” it is a great addition to practically Tastes great in ramen. I love that
any food!A very unique and high it is MSG free and made in the US.
quality product.
2 people found this helpful 3 people found this helpful 1 person found this helpful 9 COMPETITORS Besides us, Who Else Is
Building the Market?
OUR CORE COMPETITION
#1 #2
ADDITIONAL COMPETITORS
Chi Chi - $15.00 PROPRIETARY & CONFIDENTIAL 11 oz.
Chile Crunch - $13.00 8 oz.
Milu - $12.00 7.75 oz.
Momofuku - $12.00 5.3 oz. Heritage (Mass) Brand: Laoganma Specialty Foods Leader: Fly By Jing $3.99 / 8oz $15.00 / 6oz. Yun Hai - $14.00 ($750M in 2019 - China and International) ($1.9M in 2019 - US Market) 5.64 oz. 10 HOW DO WE COMPARE?
Can We Be Better? According to Reviews, We Already Are.
Mr Bing
114 Reviews
4.3 Stars
MR BING VS FLY BY JING PROPRIETARY & CONFIDENTIAL
Fly By Jing
112 Reviews
4.1 Stars 11 MARKET SIZE What’s the Size of
the Opportunity?
Market Size and Growth:
● $22 billion United States condiment market in 2020 (food service 18% (source).
● $1.02 billion United States hot sauce market in 2018 (source).
● 25% growth in United States hot sauce market in less than 4 years (source).
PROPRIETARY & CONFIDENTIAL Indicators and Comparables:
● 2020: Cholula chili sauce acquired for $800 million by McCormick & Co. (source).
● 2018: Huy Fong Sriracha earned $80M in revenue (source).
● 2017: Sir Kensington’s “better for you ketchup” acquired for $140M (source). 12 THE OPPORTUNITY We Already Have Strong Validation Across Three
Focused Channels:
#1 #2 #3 DIRECT TO FOODSERVICE INDEPENDENT RETAIL
CONSUMER & CATERING (ON & OFFLINE)
• $120,000 in 2020 with • $160,000 in 2020 • $20,000 in 2020
no significant ad across 2 SKUs across 8 doors
spend • High-margin; $100K • Diversified growth;
• Competitor at $1.9M in pipeline for 2021 driver of trial
+ in 2020 PROPRIETARY & CONFIDENTIAL • Secondary channel; • Independent retail • Primary channel, contacts from food grew to 40 stores in
2021 demand gen service customers Q1 2021
plan near completion
Chi Chi - $20.00 13 THE OPPORTUNITY With $20M In Projected Annual Sales in 3-5 Years
2021: $875,000 2022: $3,815,000 2023: $9,000,000 2024: $18M +
DTC and Independents Develop Grocery Channel National Distribution Scale and Innovate
• Focus on DTC sales • Close first big box • DTC at $2M at 15% • Expand distribution on shopify and chain (grocery and cost of acquisition across retail
Amazon ($70K / supermarket) deals channels to 15 month by 12/2021) • Foodservice sales at retailers and 7500 • Deals with 4 retailers $1.5M with first chain individual stores. • Focus on short at 2,500 units / month restaurant deals
PROPRIETARY & CONFIDENTIAL sales-cycle deals in • Expand distributor independent retail and • Close 2 white label • Expand grocery relationships for food service deals to achieve scale distribution to at least independent grocery economies in COGS 10 big box retailers and food services. • Drive trial and with a total of 4500 • Expand food service customer acquisition individual stores with • Opportunity for new distribution to 6 to use for retail sales at 16 units / product innovation regional distributors marketing in 2022 store along MBF Street • Introduce 3 new SKUs Food brand (Frozen • Begin long sales-cycle • DIstribute new SKUs Bings, aka Chinese grocery deals for 2022 (Spice Rub, Pure Chili Oil, and Squeezable introduced in 2021 Burritos) Chi Chi - $20.00 Crisp Mayo) 14 THE OPPORTUNITY And a Pipeline of Both Recurring Account Growth and New Business
INDEPENDENT FOODSERVICE GROCERY WHITE ECOMMERCE AND
RETAIL LABEL ONLINE RETAIL
• Eli’s Market (Zabars) • Compass Group / • The Fresh Market • Whole Foods • Blue Apron • Farm to People FoodBuy (Submitted for Market (in • Faire.com • Bonberi Mart • Restaurant Category Review submission for • SayWeee.com • Deli Edison Associates Q1 2021) white label listing • Yamibuy.com • Friendly St Mkt • Aramark Publix (Submitted for Q2 2022) • Asian-Veggies.com • SNUK Foods • Sodexo Category Review Q2 • Kroger (in • Food52.com PROPRIETARY & CONFIDENTIAL • Grace’s Marketplace • Dakine Poke 2021) discussions for • My Panier • Pearl River Mart • Ess-A-Bagel • King Kullen listing in Q1 2022) • Butcher & Booze • Key Foods • Friendly Street • Morton Williams Market • H Mart • And 40 others • Giant Foods across 15 states... (Submitted for Category Review Q2 2021)
Chi Chi - $20.00 15 OUR TEAM A Team Experienced in Food,
Retail, Culinary, and Entrepreneurship
Brian Goldberg Benjamin Duvall Grace Hsieh Bill Duvall Rob Babakin Doug Beacom Rachel Flanigan VISION & SALES FINANCE AND DTC CUSTOMER CARE & B2B SALES B2B SALES MANUFACTURING R&D & CONTENT CO-FOUNDER (F/T) CO-FOUNDER (F/T) LOGISTICS (F/T) (F/T CONTRACT) (P/T CONTRACT) (P/T CONTRACT) (P/T CONTRACT)
PROPRIETARY & CONFIDENTIAL ● 8 years start-up ● 12 years start-up ● 14 years of ● Culinary ● Sales leader with a ● Manufacturing ● Sous Chef with 10 experience in food experience in experience in professional with 10 360 degree career professional with 8 year experience (founded Mr Bing consumer insight operations, years experience as including years experience in including Michelin restaurants in Hong and martech marketing, and a line cook, sous foodservice and plant and co-man Star restaurant Kong & NYC). (founded ActSocial sales for Fortune chef, consultant, retail management. Agern (NYC) ● 9 years experience in China and 100 brands and whole animal (manufacturing, ● VP Manufacturing at ● BA Culinary Institute in banking (Greater Singapore, acquired (including Nestlé butcher. distribution, national Siddhi Operations, of America (CIA) China equities). in 2015). and Diageo). ● Sous Chef with accounts, Broker, production ● 3 years TV news ● 20 years experience ● Co-Founder, Union Square and Dot Foods). management production (CNBC & in marketing Accelerate Yale and Hospitality Group consulting firm Channel News including consulting Yale Angels; Former ● Head Butcher with Asia). for major CPG food President, Yale Club A&E Supply ● Qualified 2002 brands (Kraft Foods, of Beijing. Company Winter Olympics in Nestle, Danone, ● 4 solo piano luge. Unilever, and performances at ● MA Columbia, others). Carnegie Hall. Brandeis. ● MBA INSEAD. ● BA Yale. 16 OUR ADVISORS An Advisory Board of
Industry Veterans
Ian Kelleher Stephanie Lind Joanna Wei Phillip Denis Allison Rittman A seasoned CPG entrepreneur, Stephanie Lind is the Chief Investor, entrepreneur, and Successful entrepreneur and Chef Allison Rittman is one of consultant, board member, and Business Development Officer founder of New Frontier sales leader in SEO, digital the first women to become a cheer-leader who's absolutely of Elohi Strategic Advisors. She Investments, LLC. A marketing, and consumer Certified Research Chef PROPRIETARY & CONFIDENTIAL in love with the Food-&-Bev works with natural and well-known and connected insights, including sales (CRC®) in the United States. space. Led both Peeled & sustainable food and beverage leader in the Chinese and leadership roles at Oracle and She has 25+ years of Whisps to successful co’s and their investors. Elohi Chinese-American food WeWork. Currently Chief experience in the food industry acquisitions. acts as commercialization community, including in online Revenue Officer at Linkfluence specializing in product and engine and provides holistic and offline CPG retail. Meltwater, the leading menu development, national GTM strategies, outsourced Previous China Head of AI-enabled consumer insights account presentations and sales, product innovation road Indiegogo. company serving major global culinary trends. She has a maps and B2B marketing. Prior packaged food brands. degree from The Culinary to Elohi, Stephanie lead global Institute of America and a B.S. sales for Impossible Foods. from the University of Iowa. She has 25+ years of Chef Allison is an active experience across Sales, member of the Research Marketing and Supply Chain at Chef’s Association, American PepsiCo, Sysco, McDonald’s Culinary Federation, and the supply chain partner Havi Institute of Food Logistics as well as smaller, Technologists. privately owned businesses. 17 OUR ADVISORS A Stack of CPG-Focused Lean Model Partners
Gawronski Media Babbit Bodner Response Media Egan Nelson
ADVERTISING PUBLIC RELATIONS LOYALTY AND CRM LEGAL
PROPRIETARY & CONFIDENTIAL At Gawronski Media we understand Babbit Bodner is a communications Response Media is a digital and From formation and early-stage early stage and established food consultancy that helps gazelle direct agency who combines transactions through complex and beverage/CPG brands needs to brands - companies in high-growth customer acquisition/lead high-stakes financings and exits, reach consumers in today’s mode - leap toward their future generation with personalized and Egan Nelson combines highly fragmented media space. We are successes. Whether it's a relevant email marketing. Our experienced top-tier lawyers with a considerate and mindful to working completed round of funding, proven approach integrates lean, tech-enabled platform built to with investors, how distribution transition in leadership or launch of data-driven strategy, maximize both the caliber of works, lean budgets, lower a product or service, we guarantee performance-based media, strategic legal counsel and the level bandwidth etc. Given our that your communications are at marketing automation, and of efficiency delivered to clients understanding of the industry, we pace with your innovations. behavioral email marketing to then marry our digital expertise to deliver measurable growth in formulate an effective digital media customer acquisition, loyalty, and campaign. ROI. 18 OUR ASK
Allocation: What’s The Raise and
$300,000 What’s It For? Team of 4 F/T and 3 P/T staff 2021: $600K convertible note in two tranches to scale DTC and 90% OPEX $50,000 online wholesale business, and 10% CAPEX build team and inventory. Contract sales (foodservice and indie retail)
2023: $5M Series A at 20M $200,000 valuation for national foodservice Digital marketing / customer acquisition and retail distribution of Mr Bing Foods condiment and food line. $50,000 Inventory and working capital H1 2020 – Seed Tranche 1
PROPRIETARY & CONFIDENTIAL $300K January 2022 (CONVERTIBLE NOTE)
January 2021 H2 2020 – Seed Tranche 2 PROFIT AND LOSS $300K FORECAST (CONVERTIBLE NOTE) Proforma and COGS Model Available in Separate Document 19 TIMELINE
Milestones
Q1 2014 Q3 2020 Q4 2020 Q2 2021 Q3 2021 Q4 2021 Q4 2022
Mr Bing Chili $300K in $300K in $300K in $862K in 2021 $3.8M in Crisp first revenues seed round seed round revenues revenues
formulated in financing financing (forecasted) (forecasted) Hong Kong at New Mr Bing First big box the original Mr First $5M in Series A Foods CPG retail sales Bing Restaurant employee financing for company closed (4 hired expansion into founded accounts in (operations) national retail and 2022) Chili Crisp and foodservice Spice Mix
PROPRIETARY & CONFIDENTIAL introduced AND MORE TO COME… THANK YOU!