Odyssey, a Florida-based startup specializing in mushroom-based functional energy beverages, recently secured an additional $6 million in equity investment, bringing its total funding to $14 million since its inception two years ago. Harnessing the health benefits of Lion’s Mane and Cordyceps mushrooms, Odyssey’s products offer an energy boost combined with 2,750 milligrams of mushrooms, promoting cognitive clarity and focus.
The Journey of Discovery
Scott Frohman, the founder and CEO of Odyssey, was introduced to the benefits of certain mushrooms by a friend experimenting with mushroom powder. Inspired by the cognitive benefits he experienced after incorporating the powder into his daily routine, Frohman embarked on a mission to create an energy drink infused with mushrooms. This led to the birth of Odyssey in 2021, with a focus on delivering a refreshing energy drink experience without compromising taste or texture.
Product Innovation and Expansion
Odyssey boasts a diverse product lineup featuring 11 SKUs, including enticing flavors like Passion Fruit Orange/Mango, Dragon Fruit Lemonade, and Blackberry Lemon Twist. The energy blend in these beverages comprises L-Theanine, ginseng, and green tea caffeine, with minimal added sugar to mitigate the commonly associated side effects of traditional energy drinks.
Market Penetration and Growth
With over 5,000 stores stocking Odyssey products, including major retailers like Publix, CVS, and 7-Eleven, the company has witnessed a steady increase in sales volume. While specific growth metrics were not disclosed, Frohman indicated a growing consumer interest, with three to five cans per week per SKU being sold.
Tapping into Industry Trends
The functional beverage market has experienced rapid expansion in recent years, driven by increasing consumer demand for healthier alternatives. Projections indicate that the global functional soda category will reach a value of $208 billion by 2027, attracting both emerging brands and venture capitalists keen on investing in the sector.
Embracing Mycelium Trends
Odyssey’s utilization of mushrooms aligns with a broader trend in the industry, where companies are exploring the potential of mushrooms and mycelium for various applications, ranging from alternative proteins to sustainable materials. This trend underscores the growing consumer interest in sustainable and functional products with tangible health benefits.
Strategic Investment and Future Plans
Richard Laver from Rocket Beverage Group, a strategic investor, joined Odyssey’s latest funding round, emphasizing the company’s potential for growth and innovation. With the new capital infusion, Odyssey aims to bolster inventory to support distribution efforts and expand its sales and marketing teams. Frohman envisions Odyssey not just as a product but as a movement, signaling the company’s commitment to revolutionizing the functional beverage industry.
