This red velvet Funfetti cake recipe is made easy with a food processor. Combine flour, sugar, cocoa powder, baking powder, and salt in the food processor, then add in butter, eggs, vanilla extract, buttermilk, and red food coloring. Pulse until the batter is smooth, then fold in rainbow sprinkles. Bake in a preheated oven for 25-30 minutes, or until a toothpick inserted in the center comes out clean. Let cool before frosting with a cream cheese frosting made with cream cheese, butter, and powdered sugar.