For our friend’s 30th birthday, I wanted to make him a rainbow chip cake since that was his favorite flavor. Along with the rest of the world, I was very disappointed when Betty Crocker discontinued the rainbow chip frosting and cake mix. Funfetti is just not the same, so I decided to make my own version. I based it off of a basic recipe for cream cheese frosting and added my own rainbow chips. I was excited to see what everyone thought of it and from their reactions, it definitely comes close to the real stuff!
Rainbow chip is known for being very sweet, so I used vanilla candy melts to achieve this flavor. The “rainbow” came from a four-pack of food coloring, which included orange, purple, teal and pink. I divided the candy melts into four separate bowls and added one color to each. After melting, I spread them onto parchment paper to cool, then chopped them up into small pieces. It’s easy and fun to make! For these cupcakes, I just used a boxed Funfetti mix since it’s the frosting that really makes all the difference.
Cover a baking sheet with parchment paper and set aside.
Take 1/4 of the candy melts and place into a microwave-safe bowl. Add 6 drops of one food color. Microwave for 30 seconds, then stir; repeat until completely melted. Pour onto prepared cookie sheet and spread out the melted candy so that it is about ¼ inch thick. Repeat the process with the three remaining colors. Place in fridge for about 10 minutes to harden.
Once it has completely hardened, remove from parchment paper and place on a cutting board. Chop into pieces so that they are about the size of a mini chocolate chip. Set aside.
In the bowl of a standing mixer, beat together the butter and cream cheese on medium speed, until light and fluffy (about 2 –3 minutes). You might want to switch to medium-high towards the end. Add vanilla and mix until combined. Gradually add powdered sugar, mixing on medium speed until combined. Add more powdered sugar if it isn’t thick enough or add a little bit of heavy cream if it gets too thick. Add desired amount of rainbow chips and mix on low until completely combined. I ended up using about half and saved the rest for another cake.