Mushrooms are having a second. Whether or not it’s within the type of a practical beverage, utilizing the mushroom root to make various protein, creating leather-like supplies or simply the mushroom itself, the fungi is gaining an viewers.
Spacegoods is the most recent startup to affix this craze. The London-based wellness model is tapping into practical mushrooms and nootropics to create a line of powder blends that it touts enhances power, leisure, temper and common well-being.
E-commerce entrepreneur Matthew Kelly launched the corporate in April 2022 after constructing an organization referred to as Neon Seaside that he grew to £10 million however couldn’t stand up to provide chain points through the international 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 practical mushrooms and stylish manufacturers in America. Lots of people have comparable points with an excessive amount of espresso and anxiousness, so I needed to stack plenty of these components. And within the U.Okay., the manufacturers all look the identical on the shelf, so I needed to face out with one thing pink.”
Spacegoods’ flagship product, referred to 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 combined 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 affect cognitive perform and temper in younger adults, based on a 2023 Nationwide Institutes of Well being pilot research.
Within the yr since launching, Spacegoods has attracted greater than 75,000 prospects. The corporate is especially direct-to-consumer, through 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.
At this time, 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 speculate the capital in hiring and accelerating progress. He forecasts that the corporate will be capable of improve income by 3x what it did in 2023. Spacegoods can also be launching further powder flavors and a gummy product within the coming months.
In backing Spacegoods, Saskia Hoebée, principal at 5 Seasons Ventures, stated in an announcement that the corporate is “a primary mover within the novel class of mushroom-based power and dietary supplements.”
“The corporate operates on the crossroads of three fashionable markets: dietary supplements, practical drinks and low replacements, all through which excessive progress is predicted within the coming years on account of elevated shopper demand for clear power and broader wellness,” Hoebée stated.
