Spokane-based spice and rub company, Spiceology has raised $7 million in a funding round led by Jackson Square Ventures.
Jackson Square Ventures is a San Francisco-based venture capital firm that specializes in early stage investments in software companies.
The firm’s investment in Spiceology marks the first addition of a consumer packaged goods brand to its portfolio, according to a company release.
“We are excited about the fact that Jackson Square Ventures invested in Spiceology, but I think Spokane is also going to benefit,” Spiceology CEO Chip Overstreet said, adding there’s a growing number of early-stage companies in the region. “The more investors we can bring into the region will help all companies.”
Spiceology is using the funding to continue expansion in the retail and food service markets, in addition to growing its sales and marketing department, Overstreet said.
The company is launching an initiative in the coming months to connect its products with more chefs and will continue fostering partnerships with influencers and brands, Overstreet said.
“We’ve always been partner-centric and doing collaborations with influencers, celebrities and brands,” Overstreet said.
“In the next three months, there will be some even higher profile options that are really fun.”
The funding round from Jackson Square Ventures came about after the firm’s founding partner and managing director Pete Solvik invested personal funds in Spiceology in 2020, Overstreet said.
Overstreet subsequently suggested Solvik become a board observer to gain insight on the company’s operations.
“In the fall, we were looking to do a small fund-raise to grow the business, and (Solvik) said he wanted to lead the round,” Overstreet said.
Jackson Square Ventures’ portfolio includes notable software companies DocuSign, Upwork and OfferUp, among others.
“Spiceology has thoughtfully transformed a perceived commodity into an active community that people want to be a part of,” Solvik said in a statement.
“We are proud to partner with Chip and team as they build Spiceology into a next generation beloved (consumer packaged goods) brand.”
Spiceology, founded in 2013 by executive chef Pete Taylor and food blogger Heather Scholten of Farmgirl Gourmet, sells spices, salts, blends and herbs as well as fruit and vegetable powders.
Spiceology, which was named to Inc. Magazine’s list of the 5,000 fastest-growing companies in the nation in 2021, expanded its operations by creating recipes and how-to videos for customers as well as collaborating with chefs and food influencers on new product lines.
Last year, Spiceology inked deals with Nordstrom and Ace Hardware to feature its products in brick-and-mortar stores and opened a new production facility in Playfair Commerce Park that brought process automation to the company’s blends, allowing it to boost production volume.
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