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February 15, 2024

Spacegoods Secures £2.5M for Mushroom Wellness Expansion

London's e-commerce scene, Spacegoods secures £2.5 million in seed funding to supercharge its mushroom

Exciting news from London's vibrant startup scene! Spacegoods, a forward-thinking direct-to-consumer (D2C) e-commerce venture specializing in mushrooms and nootropics, has just secured a significant boost with a £2.5 million seed funding round.

Led by serial entrepreneur Matthew Kelly, Spacegoods is gearing up for expansion. The investment injection will fuel a robust recruitment drive to support market growth and the rollout of new products, enhancing the company's diverse offerings.

The mushroom market, particularly in the realm of energy and wellness supplements, is experiencing remarkable growth. Valued at around $10.9 billion in 2022, the adaptogenic mushroom sector is projected to surge by 10% annually, hitting a staggering $30 billion by 2032, as per Global Markets Insights.

While the US market has seen notable players like MUD/WTR and Dirtea, European counterparts have been relatively underrepresented. Spacegoods, positioned in the UK, is poised to fill this gap and carve its niche in the European landscape.

Founder Matthew Kelly's vision for Spacegoods is rooted in personal experience. Inspired by his quest for health and wellness solutions during previous ventures, Kelly created Spacegoods and its flagship product, Rainbow Dust. This all-in-one blend harnesses the power of functional mushrooms and adaptogens to boost focus and energy without the anxiety and crashes associated with coffee.

Since its establishment in late 2021, Spacegoods has thrived primarily through direct-to-consumer sales. With a strong foothold in the UK and key European markets like the Netherlands and Germany, the company is primed for further growth and expansion.

Commenting on the investment, Saskia Hoebeé from Five Seasons Ventures remarked on Spacegoods' pioneering position in the mushroom-based energy and supplement sector. Positioned at the intersection of the burgeoning markets for supplements, functional drinks, and coffee replacements, Spacegoods is well-poised to lead the charge in meeting the rising consumer demand for clean energy and holistic wellness solutions.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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