Jelly and Gum Manufacturing
Spacegoods plans to move into
T
he gummy sector is witnessing a notable trend as functional ingredients, including CBD, vitamins, and herbal extracts, are increasingly being incorporated into gummy
formulations to offer consumers convenient and enjoyable ways to address various health and wellness needs. Spacegoods, renowned for its innovative approach to functional beverages, is poised to extend its expertise into the gummy market, leveraging its commitment to providing consumers with convenient and enjoyable wellness solutions. Founded by entrepreneur Mathew Kelly, the London-based brand seeks to offer an alternative to coffee with its all-in-one powder blends that provide an energy boost without the anxiety or energy crashes associated with caffeine.
“I’ve been an entrepreneur since I was
19,” said Kelly, who founded Spacegoods in April 2022. “I became interested in functional mushrooms and the interest they were generating in the US. “Many people have similar issues with too much coffee and anxiety, so I wanted to bring functional mushrooms’ benefits to UK customers.”
Accelerating growth, team expansion, and product portfolio development According to Kelly, the latest funding round would be used to expand Spacegoods’ product range, with the company looking to launch additional powder flavours and a gummy
12 Kennedy’s Confection March 2024
gummy market
Blending its expertise in functional beverages with the burgeoning demand for convenient wellness solutions, Spacegoods is planning to offer consumers innovative gummy products infused with functional mushroom ingredients.
product in the next few months. The funds will also be used to expand the customer base and support team expansion in London, with Spacegoods looking to grow its marketing and product teams. “We’re also looking to invest in the science of our products, with a view to funding clinical trials to demonstrate the benefits and add scientific credibility,” added Kelly.
The business has just opened a warehouse in Germany, which – along with the UK and Netherlands – it counts as one of its target markets, selling direct-to-consumer via its website and Amazon.
Currently, Spacegoods has a presence in 400 bricks-and-mortar stores in the UK, including Holland & Barrett; it is looking to get more retailers on board in the coming year.
Tapping into increased consumer demand for clean energy and broader wellness “Currently our customer base is tilted towards females – around 60/40, with an age range of 25 [to] 45,” said Kelly. “We’re looking to target those health-conscious professionals with an interest in health and wellbeing, who are looking to maximise energy gains without the negative impact on mood or mental health.”
The latest funding round would be used to expand Spacegoods’ product range, with the company looking to launch additional powder flavours and a gummy product in the next few months”
Functionality and energy prime areas of focus for Spacegoods Saskia Hoebée, principal at Five Seasons Ventures, the investment firm that led the seed round alongside support from Redrice Ventures, Slingshot Ventures, and G Fund, said: “Given the success of companies like MUD/WTR and Four Sigmatic in the US, we see the opportunity for a European category winner and so we were keen to identify and bet on the first mover in the space.” “We feel Spacegoods is uniquely positioned to capitalise on these tailwinds by combining novel mushroom ingredients in a familiar taste profile (chocolate) and consumption moment/ format (coffee), mitigating some of the risks associated with such a novel food category. “Furthermore, the energy category has proven to reap rewards for early investors in breakthrough products, and we believe mushroom-based energy will become mainstream.”
KennedysConfection.com
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