Unilever and Tiësto Invest $8 Million in Alice Brands for Vegan Chocolates with Mushroom Functionality
Alice Mushrooms, a California-based startup, has secured $8M in a funding round led by NewBound Venture Capital, Unilever Ventures, and DJ and music producer Tiësto. This investment will be used to develop new products and expand distribution into 1,300 retail stores.
Founded in 2022, Alice Mushrooms combines mushrooms with nootropics and adaptogens to create functional chocolates. The company offers four core products: Nightcap, Brainstorm, Happy Ending, and Party Trick.
Nightcap, designed for a good night's sleep, contains reishi mushrooms, chamomile, L-theanine, zinc, and magnesium. Brainstorm, aimed at enhancing focus, contains lion's mane, corcydeps, guarana, and phosphatidylserine. Happy Ending, designed for arousal, includes cordyceps, ashwagandha root, maca root, tribulus, mucuna, damiana, horny goat weed, Ceylon cinnamon, and cayenne. Party Trick, targeted towards sober-curious consumers, is designed to target the body's serotonin, dopamine, and GABA receptors.
Sydney Couval, principal of NewBound Venture Capital, stated that Alice Mushrooms is at the forefront of driving the expansion of functional food in consumer wellness. The company's revenue hit seven figures in its first 12 months and is projected to reach eight figures in 2025.
In addition to Alice Mushrooms' products, several other companies have introduced products featuring Helaina's precision-fermented lactoferrin ingredient, Effera, this year. TurtleTree launched an animal-free lactoferrin supplement with prebiotics for women. Minus Coffee introduced an Instant Oat Milk Vanilla Latte targeting women's wellness and cortisol balance.
Alice Mushrooms forecasts 40% year-on-year growth this year and expects its footprint to grow by 250% due to a significant expansion in two retailers. The company is also entering the $1T women's wellness market with a new product, formulated by OB-GYN Jen Ashton.
Anay Mridul, the website's resident news reporter, originally from India, is passionate about coffee, plant-based milk, cooking, eating, veganism, food tech, writing, profiling people, and the Oxford comma. Mridul reports that Alice Mushrooms' products are available in Erewhon, Sprouts Farmers Market, Pop Up Grocer, Clean Market, and independent stores nationwide.
The new product from Alice Mushrooms will be focused on the women's wellness market, which is experiencing a surge in interest. Only 54% of Americans drink alcohol now, the lowest in at least 90 years, with those aged 18-24 abstaining more than the rest. This shift towards healthier lifestyle choices provides a significant opportunity for companies like Alice Mushrooms to thrive.
With the backing of prominent investors like NewBound Venture Capital, Unilever Ventures, Tiësto, and Jen Ashton, Alice Mushrooms is well-positioned to capitalise on this trend and expand its offerings in the functional food market.
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