Spacegoods, a wellness entity in the functional mushroom and nootropics sector, has successfully secured a €2.9 million seed investment, spearheaded by Five Seasons Ventures, a venture capital firm with a focus on foodtech, alongside contributions from Redrice Ventures, Slingshot Ventures, and G-FUND.
This financial injection is earmarked for bolstering Spacegoods' dominance in the European mushroom-based wellness market, facilitating market penetration, team expansion, and the innovation of new product lines. The company, founded in April 2022 by e-commerce veteran Matthew Kelly, aims to leverage functional mushrooms and adaptogens to enhance focus, energy, and overall well-being.
Matthew Kelly highlighted the inception of Spacegoods as a response to personal health and wellness hurdles, emphasizing the brand's flagship product, Rainbow Dust, an all-in-one blend designed to improve focus and provide an energy surge without the adverse effects associated with coffee. "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 remarked. The adaptogenic mushroom sector, with a valuation of $10.9 billion in 2022, is on a trajectory to hit $30 billion by 2032, growing at an annual rate of 10%.
Source: eu-startups.com