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Spacegoods: Incorporating Mushroom-based Powders & Nootropics into Functional Beverages

Image Credits: spacegoods
By: Headliners News / February 22, 2024

Meet Spacegoods, a London-based next generation wellness brand, is riding the wave of mushroom-based products, introducing a line of powder blends that claim to enhance energy, relaxation, mood, and overall well-being.

Founded by e-commerce entrepreneur Matthew Kelly back in April 2022, Spacegoods aims to offer an alternative to traditional functional beverages by incorporating functional mushrooms and nootropics into its formulations. The flagship product, “Rainbow Dust,” is positioned as a coffee alternative, containing 80 milligrams of caffeine and flavors such as chocolate, vanilla cinnamon, and chocolate orange.

The use of mushrooms, such as Cordyceps and Lion’s Mane, aligns with the growing interest in their potential health benefits. Lion’s Mane, for instance, has been studied for its positive impact on cognitive function and mood, according to a 2023 National Institutes of Health pilot study. The formulations also include other ingredients like ashwagandha, contributing to the holistic approach Spacegoods takes toward wellness.

Despite launching just a year ago, Spacegoods has achieved significant traction, garnering over 75,000 customers. The company primarily operates in the direct-to-consumer space through its website and Amazon, catering to the United Kingdom and European markets, including the Netherlands and Germany. Additionally, Spacegoods products are available in 400 physical stores in the UK, with plans to expand into more retail locations throughout the year.

In terms of funding, Spacegoods recently secured £2.5 million ($3.1 million) in a seed round led by Five Seasons Ventures, with participation from Redrice Ventures, Slingshot Ventures, and G-FUND. The total funds raised, including the wellness startup‘s pre-seed round from angel investors, amount to £3 million. The support for Spacegoods is very high with investors noting that the company has a first mover advantage in the novel product category of mushroom-based energy and supplements. Spacegoods is operating at the intersection of three growing markets: supplements, functional drinks, and coffee replacements, all driven by increased consumer demand for clean energy and broader wellness.

With the fresh capital injection, Spacegoods aims to focus on hiring and accelerating its growth trajectory. The company foresees a threefold increase in revenue compared to 2023 and plans to introduce additional powder flavors and a gummy product in the near future. The strategic expansion into new product offerings aligns with Spacegoods’ goal of establishing a unique presence in the competitive health & wellness market by providing consumers with innovative and functional alternatives.

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