Mushrooms are having a second. Whether or not it’s within the type of a functional beverage, utilizing the mushroom root to make alternative protein, creating leather-like materials or simply the mushroom itself, the fungi is gaining an viewers.
Spacegoods is the newest startup to affix this craze. The London-based wellness model is tapping into useful mushrooms and nootropics to create a line of powder blends that it touts enhances vitality, leisure, temper and normal well-being.
E-commerce entrepreneur Matthew Kelly launched the corporate in April 2022 after constructing an organization known as Neon Seashore that he grew to £10 million however couldn’t withstand supply chain issues during the global pandemic. Within the aftermath, Kelly instructed TechCrunch he was depressed and simply not taking good care of himself.
“I used to be depressed, gained weight and was consuming an excessive amount of espresso,” Kelly stated. “I began studying about useful mushrooms and stylish manufacturers in America. Lots of people have comparable points with an excessive amount of espresso and nervousness, so I wished to stack a number of these components. And within the U.Okay., the manufacturers all look the identical on the shelf, so I wished to face out with one thing pink.”
Spacegoods’ flagship product, known as “Rainbow Mud,” was created to be like espresso, however with out the post-drink jitters and crashes. Rainbow Mud has 80 milligrams of caffeine and is available in flavors like chocolate, vanilla cinnamon and chocolate orange.
It additionally has an “Astro Mud” product formulated for leisure and sleep. They’re meant to be blended with water, milk, a protein shake or added to night tea.
Spacegoods founder Matthew Kelly. Picture Credit: Spacegoods
The 2 formulations embody crops and mushrooms, together with ashwagandha and Cordyceps and Lion’s Mane mushrooms. Lion’s Mane, specifically, was proven to positively influence cognitive perform and temper in younger adults, according to a 2023 National Institutes of Health pilot study.
Within the yr since launching, Spacegoods has attracted greater than 75,000 clients. The corporate is especially direct-to-consumer, by way of its web site and Amazon, and sells in the UK and European markets just like the Netherlands and Germany. It’s also in 400 brick-and-mortar shops within the U.Okay., together with Holland & Barrett. Different retailers are within the works for this yr, Kelly stated.
In the present day, Spacegoods introduced a £2.5 million ($3.1 million) seed spherical led by 5 Seasons Ventures, with participation from Redrice Ventures, Slingshot Ventures and G-FUND. In complete, the corporate has raised £3 million, which features a pre-seed spherical from angel buyers.
Kelly plans to take a position the capital in hiring and accelerating progress. He forecasts that the corporate will have the ability to improve income by 3x what it did in 2023. Spacegoods can also be launching extra powder flavors and a gummy product within the coming months.
In backing Spacegoods, Saskia Hoebée, principal at 5 Seasons Ventures, stated in a press release that the corporate is “a primary mover within the novel class of mushroom-based vitality and dietary supplements.”
“The corporate operates on the crossroads of three fashionable markets: dietary supplements, useful drinks and occasional replacements, all by which excessive progress is anticipated within the coming years as a result of elevated shopper demand for clear vitality and broader wellness,” Hoebée stated.
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