UK-based Spacegoods Raises £2.5M to Expand Product Line of Mushroom Wellness Products

London-based online retailer Spacegoods completes a £2.5 million seed fundraising round to bolster its lineup of nootropics and mushroom-based wellness products. Led by serial entrepreneur Matthew Kelly, the funding will support recruitment efforts and product development.

The market for adaptogenic mushrooms is thriving, with estimates projecting significant growth to reach $30 billion by 2032, up from $10.9 billion in 2022. While US brands like MUD/WTR and Dirtea have gained traction, European competitors remain scarce.

Founder Matthew Kelly emphasizes Spacegoods' mission to address health and wellness challenges through natural adaptogens and functional mushrooms. The company's flagship product, Rainbow Dust, aims to offer focus and energy without the drawbacks of coffee.

Spacegoods, founded in 2021, asserts a strong presence in the UK and key European markets like the Netherlands and Germany. With a focus on direct-to-consumer sales, the company aims to capitalize on the growing demand for mushroom-based supplements and energy drinks, positioning itself as a category leader in the emerging market.