USA – Spiceology, a producer of spices and seasonings, has secured US$4.7 million in a Series A financing round for its SpiceLab operations, 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.
“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.
“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.”Chip Overstreet – president and CEO, Spiceology
“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.”
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.
“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,” Ty Bennett, founder and former CEO of Jacent, said.
“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.”
The company has also brought on Roger Landrum as its new vice president. Landrum was formerly the senior director of supply chain, risk management & procurement at Litehouse Foods, a US$300m food manufacturer known for its fresh salad dressings and fresh herbs.
Prior, he spent 12 years at ConAgra as a founding member of ConAgra’s strategic sourcing department.
Landrum brings 10 years of operations and supply chain experience in consumer packaging at Weyerhaeuser and Temple-Inland corporations. Landrum served two tours of duty in Iraq and has received multiple medals for leadership that include a bronze star as an infantry invasion force commander.
He holds a BS in Education, Macroeconomics and History from the University of Tennessee Knoxville, and a master’s degree in business with a focus on business statistics and math from Troy University.
“Chefs and consumers have made it very clear that quality matters, and that they won’t tolerate spices and blends with additives and fillers,” said Landrum.
“Spiceology’s commitments to ‘grind fresh, ship fresh’ and ‘no funky stuff’ are key to our strategy, our brand and our success, and I couldn’t be more excited to have the opportunity to scale our operations in support of these central pillars.”
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE