Mr Bing Foods Is Already Resonating
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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 PROPRIETARY 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 PROPRIETARY 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 PROPRIETARY ✔ 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 PROPRIETARY 6 WHAT PEOPLE ARE SAYING And It’s Just Now Hitting America: As Palates Evolve from Ketchup to Spice and Crunch PROPRIETARY & CONFIDENTIAL PROPRIETARY 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 PROPRIETARY 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 PROPRIETARY 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 PROPRIETARY 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 PROPRIETARY 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 PROPRIETARY 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 PROPRIETARY • 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 PROPRIETARY 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 PROPRIETARY • 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 PROPRIETARY ● 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 PROPRIETARY 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.