[Funding alert] London-based Spacegoods Secures €2.9 Million in Seed Funding

Wednesday 14, 2024 | By Startup Rise EU

London-based Spacegoods secures €2.9 million in seed funding. Five Seasons Ventures, a specialized venture capital firm focused on foodtech, led the investment, with Redrice Ventures, Slingshot Ventures, and G-FUND also participating.

London-based Spacegoods secures €2.9 million in seed funding. Five Seasons Ventures, a specialized venture capital firm focused on foodtech, led the investment, with Redrice Ventures, Slingshot Ventures, and G-FUND also participating.

Read also - Copenhagen-based Pluto.markets Secures €2.4 Million in Funding

With the help of the funding, Spacegoods will be able to develop new products, grow its team, and establish itself as the top mushroom-based wellness brand in Europe. Angel investors had already contributed £500k to Spacegoods' pre-seed round.

Matthew Kelly, Founder of Spacegoods, said: “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.”

Kelly continued: “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.”

The market for adaptogenic mushrooms, which was estimated to be worth $10.9 billion in 2022, is predicted to expand by 10% a year by 2032, when it is expected to be worth $30 billion.

Read also - Stockholm-based MANTLE Raises over €2.8 Million in Funding

Saskia Hoebée, Principal at Five Seasons Ventures, 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”.

Customers may improve overall well-being and manage stress and anxiety with the help of Spacegoods' well-researched and inventive wellness products. Thanks mainly to direct-to-consumer sales on its webshop, it has achieved an exceptional growth rate and garnered substantial momentum.

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The organization develops very effective solutions by working with testing labs and nutritional specialists. While its night blend, Astro Dust, encourages relaxation and sound sleep without sleepiness, its day blend, Rainbow Dust, boosts energy and focus.

Robert Senior, Partner at Redrice Ventures, added: “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.”

About Spacegoods

Established in April 2022 by seasoned e-commerce businessman Matthew Kelly, Spacegoods harnesses the potential of adaptogens and functional mushrooms to support attention, energy, and general well-being. These blends, which are made in England, combine adaptogen mushrooms with nootropics like lion's mane and ashwagandha. They are completely safe and natural.

Read also - Barcelona-based habitacion.com Secures €400k in Pre-Seed Funding

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