Spacegoods: Innovating the Functional Beverage Industry with Mushroom-Based Powders
Mushrooms are emerging as a prominent ingredient in various industries, from functional beverages to alternative protein sources and sustainable materials. London-based wellness brand Spacegoods is at the forefront of this trend, harnessing the power of functional mushrooms and nootropics to develop a range of powder blends designed to enhance energy, relaxation, mood, and overall well-being.
A Journey into Mushroom Wellness
Founded by e-commerce entrepreneur Matthew Kelly in April 2022, Spacegoods was born out of Kelly’s personal journey of self-discovery and wellness. After experiencing supply chain challenges with his previous venture, Neon Beach, Kelly found himself grappling with depression and neglecting his health. Inspired by the growing popularity of functional mushrooms and wellness brands in the United States, Kelly embarked on a mission to create a unique product that would address common issues like excessive caffeine consumption and anxiety.
Introducing Rainbow Dust and Astro Dust
Spacegoods’ flagship product, “Rainbow Dust,” serves as a coffee alternative, offering the benefits of caffeine without the accompanying jitters and crashes. Infused with 80 milligrams of caffeine, Rainbow Dust comes in enticing flavors like chocolate, vanilla cinnamon, and chocolate orange. Complementing Rainbow Dust is “Astro Dust,” a blend formulated to promote relaxation and sleep. Both products contain a combination of plants and mushrooms, including ashwagandha, Cordyceps, and Lion’s Mane mushrooms, known for their cognitive and mood-enhancing properties.
Rapid Growth and Market Expansion
Since its launch, Spacegoods has garnered a loyal customer base of over 75,000 individuals, primarily through direct-to-consumer channels such as its website and Amazon. The company’s products are available in the United Kingdom and key European markets like the Netherlands and Germany, with distribution in 400 brick-and-mortar stores, including Holland & Barrett. With plans to expand its retail presence further, Spacegoods aims to capitalize on its momentum and reach new heights of success.
Securing Investment and Fueling Expansion
In a testament to its potential, Spacegoods recently announced a £2.5 million ($3.1 million) seed funding round led by Five Seasons Ventures, with participation from Redrice Ventures, Slingshot Ventures, and G-FUND. This investment, totaling £3 million, will enable Spacegoods to accelerate its growth initiatives, including product development, hiring, and market expansion. Kelly envisions tripling the company’s revenue in the coming year and has ambitious plans to introduce new powder flavors and a gummy product to cater to evolving consumer preferences.
Pioneering the Mushroom Wellness Movement
Saskia Hoebée, principal at Five Seasons Ventures, lauded Spacegoods as a trailblazer in the burgeoning category of mushroom-based energy and supplements. By operating at the intersection of supplements, functional beverages, and coffee replacements, Spacegoods is well-positioned to capitalize on the growing demand for clean energy and holistic wellness solutions. As the company continues to innovate and expand its product offerings, it is poised to shape the future of the functional beverage industry and inspire a new wave of mushroom wellness enthusiasts.
