Spacegoods raises £2.5M to expand mushroom-based wellness products

London-based e-commerce company, Spacegoods, raises £2.5 million in seed funding to expand its mushroom and nootropic product line.
Spacegoods raises £2.5M to expand mushroom-based wellness products

Spacegoods, a London-based D2C e-commerce outfit specialising in mushrooms and nootropics, has raised £2.5 million in a seed funding round. 

An initiative spearheaded by serial entrepreneur Matthew Kelly, Spacegoods intends to use the investment to mount a recruitment drive in support of market expansion and the development and introduction of new products amongst the company’s lineup of offerings.

While the efficacy of mushrooms as energy and health and wellness supplements, can be seen as subjective, the numbers don’t lie. According to Global Markets Insights — the adaptogenic mushroom market, valued at approximately $10.9 billion in 2022, is expected to grow 10 per cent annually, reaching a projected value of $30 billion by 2032.

With the US market producing champions such as MUD/WTR and Dirtea, European counterparts have remained relatively sidelined. 

On the space that UK-based Spacegoods holds in the European marketplace founder Matthew Kelly shared:

“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 own health, and this led to the creation of Spacegoods and our first product, Rainbow Dust. 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.”

… and put a European company on conscious mushroom drinkers’ minds, and in their cuppa.

Founded in late 2021, Spacegoods growth rate to date has relied mainly on direct-to-consumer sales and says it has a strong market position in the United Kingdom and key continental European markets including the Netherlands and Germany.

On the investment, Five Seasons Ventures’ Saskia Hoebeé commented:
“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.”

Lead image via Spacegoods. Photo: Studio G.

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