US producer of spices and seasonings, Spiceology, has secured $4.7 million in a Series A financing round, led by retail and grocery executive Ty Bennett.
The round was also participated by the Cowles Company, Kickstart Funds III and IV and a collection of angel investors.
Spiceology plans to use the capital to bring process automation to its SpiceLab operations – where the company formulates and packages its different blends – as well as further fuel its sales and marketing efforts.
Founded in 2013, Spiceology established itself early with innovative blends such as Black & Bleu, Greek Freak and Smoky Honey Habanero, but currently offers more than 300 spices, herbs, salts, blends, confections, chillies, and fruit and vegetable powders.
Its range of products is sold direct to consumers and chefs across the US and Canada, as well as reaching customers from Australia to Dubai. The chef-owned and operated firm was also named the fastest-growing private spice company in the US by Inc Magazine in both 2019 and 2020.
Following the funding round, Roger Landrum – who has held former positions at Litehouse Foods and Conagra – has joined the company as senior vice president of global supply chain and operations.
“Spiceology’s formula is focusing on quality and innovation at scale. By doing so, we’re bringing life into a very tired category that’s sorely in need of a fresh alternative,” said Chip Overstreet, president and CEO of Spiceology.
He added: “This capital injection, and the addition of world-class talent like Roger, will help us continue to scale and get our products into the hands of more chefs and consumers in the US and around the world.”
Ty Bennett, founder and former CEO of Jacent, said: “I have been an investor in Spiceology since the early days and had the privilege of watching the company elevate above the thousands of small spice purveyors in the market. I look forward to bringing my retail and grocery experience to the table to help Spiceology continue to delight customers and find new ways of meeting customers where they shop.”
© FoodBev Media Ltd 2019