San Francisco firm invests in Spiceology | Business

SPOKANE — Spiceology, a Spokane-based spice and rubs company, 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 seed investments in software companies.

The company’s investment in Spiceology marks the first addition of a consumer packaged goods brand to its portfolio, according to a company statement.

“We are thrilled that Jackson Square Ventures has invested in Spiceology, but I think Spokane will also benefit,” said Spiceology CEO Chip Overstreet, adding that there are a growing number of start-ups in the industry. the region. “The more investors we can attract to the region, the more all businesses will be helped.”

Spiceology is using the funding to continue its expansion into retail and restaurant markets, in addition to expanding its sales and marketing department, Overstreet said.

The company is launching an initiative in the coming months to connect its products to more chefs and will continue to foster partnerships with influencers and brands, Overstreet said.

“We’ve always been partner-centric and have collaborated with influencers, celebrities and brands,” Overstreet said.

“Over the next three months, there will be even better known options that are really fun.”

Jackson Square Ventures’ funding round came after the company’s founding partner and chief executive, Pete Solvik, invested personal funds in Spiceology in 2020, Overstreet said.

Overstreet then suggested that Solvik become a board observer to gain insight into the company’s operations.

“In the fall, we were looking to do a little fundraising 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 part of,” Solvik said in a statement.

“We are proud to partner with Chip and his team as they build Spiceology into a beloved next-generation (consumer packaged goods) brand.”

Spiceology, founded in 2013 by executive chef Pete Taylor and food blogger Heather Scholten of Farmgirl Gourmet, sells spices, salts, mixes and herbs as well as fruit and vegetable powders.

Spiceology, which was named to the 2021 list of the nation’s 5,000 fastest-growing companies by Inc. Magazine, has 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 signed deals with Nordstrom and Ace Hardware to showcase its products in physical stores and opened a new production facility at Playfair Commerce Park that automated the company’s blending processes, allowing it to to increase the volume of production.

Freeda S. Scott