In a significant development for the functional energy beverage market, Odyssey, a company that harnesses the power of mushrooms to create innovative drinks, has raised an additional $6 million in equity investment. This latest round brings the total funding secured by Odyssey since launching its first drink two years ago to $14 million.
The Science Behind Odyssey’s Products
Odyssey’s products tap into the scientifically-proven benefits of Lion’s Mane and Cordyceps mushrooms, which are combined with other natural ingredients to create a unique energy beverage. The company’s flagship drinks offer an impressive 2,750 milligrams of these potent fungi per serving, providing a cognitive boost and promoting focus.
The Benefits of Lion’s Mane
Recent studies have highlighted the potential benefits of Lion’s Mane for young adults, including improved cognitive function and mood. A 2023 pilot study conducted by the National Institutes of Health found that supplementing with Lion’s Mane led to significant improvements in cognitive performance and reduced symptoms of anxiety.
The Founder’s Inspiration
Odyssey’s founder and CEO, Scott Frohman, was inspired to start his company after learning about the benefits of certain mushrooms from a friend who made mushroom powder to mix into drinks. "I started adding it to my coffee, and I realized that everything was more clear," he explained in an interview with TechCrunch. "The best part was when I got to work, I realized that I didn’t need that second cup of coffee. On top of that, I just felt I was just more present and was able to jump to my work."
Overcoming the Taste and Texture Challenges
Frohman recognized that his friend’s mushroom powder had some drawbacks, including an unpleasant taste and texture when mixed into drinks. He set out to create a product that would not only provide the benefits of mushrooms but also be enjoyable to consume. "I began working on Odyssey in 2021 with the goal of creating a functional energy drink delivery system," he explained.
The Company’s Growth
Today, Odyssey boasts an impressive portfolio of 11 SKUs (stock-keeping units), including flavors like Passion Fruit Orange/Mango and Dragon Fruit Lemonade. The company has established partnerships with over 5,000 stores across the US, including Publix, CVS, GNC, Erewhon, 7-Eleven, Thrive Market, Wegmans, and Bristol Farms.
The Energy Drink Market
The functional beverage industry has seen significant growth in recent years as consumers increasingly seek out healthier alternatives to traditional energy drinks. The global functional soda category is expected to reach $208 billion by 2027, with new brands emerging and venture capitalists investing heavily in the sector.
Mushroom-Based Innovations
Odyssey joins a growing list of companies harnessing the power of mushrooms for innovative products. From supplements to functional beverages, these fungi are revolutionizing the way we think about health and wellness.
The Future of Odyssey
With its latest funding round, Odyssey is poised to continue pushing the boundaries of what’s possible with mushroom-based products. As Frohman explained, "We’re committed to using our expertise in natural ingredients to create innovative solutions that help people live healthier lives."
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