Fody Food Co., a company specializing in pantry essentials designed for individuals with digestive sensitivities, has successfully concluded a Series B equity financing round. The funds raised will be utilized to fuel the company’s growth in the United States, facilitate new product development, and enhance brand awareness.
Established in 2016, Fody provides a range of products that are designed to be low in fermentable oligosaccharides, disaccharides, monosaccharides, and polyols (FODMAP). This composition addresses the potential discomfort and bloating experienced by millions of consumers in North America dealing with irritable bowel syndrome or other digestive challenges.
The product range comprises sauces, ketchups, salsas, salad dressings, and snacks. These items are available in over 10,000 grocery stores across the United States and Canada, including major retailers such as Walmart, Wegmans, Whole Foods Market, Kroger, Loblaws, and Metro.
Steven J. Singer, the founder and chief executive officer, has a prior co-founding experience with the gluten-free brand Glutino.
Jonathan Ross Goodman, from Paladin Labs and Knight Therapeutics, spearheaded the funding round. Joining him were Jonathan Wener from the real estate firm Canderel and Ronald Reuben from Medicom Group, a company specializing in the manufacturing and distribution of infection prevention products. Notably, existing investors such as Clover Vitality, District Ventures, New Acres, and EDC also contributed to the funding round.
“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, currently the president of Catalina Crunch, is set to assume the role of chairman of the board within the company. Having previously overseen the allergen-free brand Enjoy Life Foods at Mondelez International, Mr. Warady acknowledged the expanding market potential for products targeted at consumers experiencing digestive discomfort.