In a large mixing bowl, beat the softened cream cheese with an electric mixer until smooth and creamy.
Gradually add in the powdered sugar, continuing to mix until fully incorporated and fluffy.
Stir in the sour cream and vanilla extract, mixing until well combined.
Carefully fold in the Funfetti cake mix and rainbow sprinkles, making sure to retain the sprinkles' vibrant colors.
Transfer the dip to a serving bowl and top with a few extra sprinkles for decoration.
Chill in the refrigerator for at least 30 minutes to allow flavors to meld.
Serve with fresh strawberries and graham crackers for dipping.
Notes
Serve the dip in a colorful bowl and sprinkle extra rainbow sprinkles on top. Arrange the strawberries and graham crackers around the bowl for a festive look.