Key Takeaways:
- Seed Funding Achievement: Spacegoods has secured a €2.9 million seed investment led by Five Seasons Ventures, with participation from Redrice Ventures, Slingshot Ventures, and G-FUND.
- Growth Strategy: The funding will be used for market expansion, team growth, and the development of innovative products, enhancing Spacegoods’ position as a leading mushroom-based wellness brand in Europe.
- Foundational Background: Founded by e-commerce entrepreneur Matthew Kelly in April 2022, Spacegoods focuses on the benefits of functional mushrooms and adaptogens for improving focus, energy, and overall wellness.
- Product Innovation: Spacegoods offers products like Rainbow Dust, an all-in-one blend designed to enhance focus and energy without the negative effects of coffee consumption.
- Market Outlook: The adaptogenic mushroom market is anticipated to grow significantly, with an expected annual growth rate of 10 percent, aiming for a market value of $30 billion by 2032.
Fundraising and Vision for Growth
Spacegoods, a burgeoning wellness brand specializing in functional mushrooms and nootropics, announced a €2.9 million seed round to fuel its growth and product development initiatives. This investment round, led by foodtech venture capital firm Five Seasons Ventures and supported by Redrice Ventures, Slingshot Ventures, and G-FUND, underscores the brand’s commitment to becoming a leader in mushroom-based wellness solutions across Europe.
Matthew Kelly, the founder of Spacegoods, reflected on the company’s inception and mission, stating, “Spacegoods emerged as the solution to health and wellness challenges I experienced building previous companies. I explored the benefits of functional mushrooms and natural adaptogens for my health, which led to creating Spacegoods and our first product, Rainbow Dust. It is an all-in-one blend that helps focus and provides an energy boost similar to coffee but free from anxiety, jitters, and crashes. We want to help more people to feel their best through the benefits of functional mushrooms.”
Strategic Market Position and Expansion
The investment is seen as a strategic move to capitalize on Europe’s relatively untapped functional mushroom market. “The functional mushroom space is relatively untapped in Europe – with this investment and the support of our investors, Spacegoods has a huge opportunity to be the European market leader,” Kelly emphasized, highlighting the potential for growth and innovation.
Saskia Hoebée, Principal at Five Seasons Ventures, commented on the investment, “Spacegoods is a first mover in a novel category of mushroom-based energy and supplements and has the vision to become a category leader in the space. The company operates at the crossroads of three trendy markets: supplements, functional drinks, and coffee replacements, all in which high growth is expected in the coming years due to increased consumer demand for clean energy and broader wellness.”
Product Line and Market Impact
Spacegoods is recognized for its well-researched and innovative wellness products, such as Rainbow Dust and Astro Dust, designed to support stress management, anxiety reduction, and overall well-being. Produced in England, these blends combine adaptogen mushrooms with nootropics and are presented as vegan, cruelty-free options for consumers seeking natural wellness solutions.
Robert Senior, Partner at Redrice Ventures, expressed confidence in the company’s direction and leadership: “We are delighted to participate in the Spacegoods fundraise. We were drawn by the combination of a prescient thematic and an irrepressible founder. If anyone can scale a mushroom and nootropics wellness drink, Matt can.”
