Practical beverage startup Odyssey grabs $6M to speed up power drink development

Odyssey, a mushroom-based useful power beverage maker, raised one other $6 million in an fairness funding to present it $14 million in whole funding since launching its first drink two years in the past.

Odyssey’s merchandise faucet into the well being advantages of Lion’s Mane and Cordyceps mushrooms to provide a drink that mixes an power increase with 2,750 milligrams of the mushrooms to offer cognitive readability and focus.

Lion’s Mane, particularly, was proven to positively influence cognitive operate and temper in younger adults, in line with a 2023 Nationwide Institutes of Well being pilot examine.

Scott Frohman, founder and CEO of Fort Lauderdale, Florida-based Odyssey, first realized about the advantages of sure mushrooms from a good friend making a mushroom powder to combine in drinks.

“I began including it to my espresso, and I spotted that all the things was extra clear,” he advised TechCrunch. “One of the best half was after I set to work, I spotted that I didn’t want that second cup of espresso. On high of that, I simply felt I used to be simply extra current and was in a position to soar to my work.”

Nevertheless, Frohman didn’t precisely like how the powder affected the style and texture of the drinks, and most well-liked an power drink supply, so he started engaged on Odyssey in 2021. At this time, the corporate has 11 SKUs, together with flavors like Ardour Fruit Orange/Mango, Dragon Fruit Lemonade and Blackberry Lemon Twist.

The power within the drinks come from a mixture of L-Theanine, ginseng and inexperienced tea caffeine. And there may be much less added sugar to assist decrease “the jitters” and sugar crashes usually related to conventional power drinks, Frohman stated. For many who need much more of a caffeine increase, the corporate just lately launched the Odyssey 222 line with 222 milligrams of caffeine along with the mushrooms.

Over 5,000 shops, together with Publix, CVS, GNC, Erewhon, 7-Eleven, Thrive Market, Wegmans and Bristol Farms carry Odyssey merchandise. Frohman didn’t present development metrics, however did say the corporate is seeing gross sales decide up when it comes to three to 5 cans per week per SKU being offered.

Development within the useful beverage business accelerated in recent times as customers more and more appeared for more healthy meals. The world useful soda class is anticipated to be valued at $208 billion by 2027. That’s impressed new manufacturers to emerge and enticed some enterprise capitalists to take a position within the sector.

Throughout this time, we noticed manufacturers like more healthy soda corporations Poppi and Olipop seize capital in 2022, whereas The Ryl Firm raised $6.7 million in early 2023 for its line of useful ready-to-drink tea.

Odyssey additionally joins a protracted record of corporations leveraging mushrooms and mycelium, the foundation of the mushroom, to make all the things from various proteins to leather-like supplies to constructing supplies. Firms like Infinite Roots are even rising mushrooms for commercialization functions.

“Because the timing is little question proper, mycelium can win over customers with style, dietary, useful, scalable and impact-related advantages,” stated PeakBridge CTO Maya Schushan Orgad in a assessment of mycelium traits.

In the meantime, Odyssey’s new funding spherical consists of strategic investor Richard Laver from Rocket Beverage Group, who joins a bunch of present stakeholders contributing 50% of the overall raised quantity.

Frohman plans to allocate the capital towards stock to maintain distribution going and hiring within the areas of gross sales and advertising.

“We don’t see this as only a product, however an entire motion,” Frohman stated.

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