MONTREAL — Fody Food Co., a maker of pantry staples formulated for those with gut sensitivities, has closed a Series B equity financing round to support expansion in the United States, new product development and building brand awareness.
Founded in 2016, Fody offers a line of products that are low in fermentable oligosaccharides, disaccharides, monosaccharides and polyols (FODMAP), which may trigger discomfort and bloating for the millions of consumers in North America with irritable bowel syndrome or other digestive challenges.
The lineup includes sauces, ketchups and salsas, salad dressings and snacks, with distribution in more than 10,000 grocery stores in the United States and Canada, including Walmart, Wegmans, Whole Foods Market, Kroger, Loblaws and Metro. Founder and chief executive officer Steven J. Singer previously co-founded the gluten-free brand Glutino.
The funding round was led by Jonathan Ross Goodman of Paladin Labs and Knight Therapeutics, Jonathan Wener of real estate company Canderel, and Ronald Reuben of Medicom Group, a manufacturer and distributor of infection prevention products. Existing investors participating in the round include Clover Vitality, District Ventures, New Acres and EDC.
“The addition of Jonathan Ross Goodman, Jonathan Wener and Ronald Reuben, three highly successful entrepreneurs, is extremely validating,” Mr. Singer said. “I welcome them to the Fody community and look forward to learning from them to the benefit of the 15% of North Americans suffering from some form of irritable bowel syndrome.”
Joel Warady, president of Catalina Crunch, will join the business as chairman of the board. Mr. Warady, who previously led allergen-free brand Enjoy Life Foods at Mondelez International, noted the “growing market opportunity” for products marketed to consumers with digestive discomfort.
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