Toronto-based Gwella Mushrooms, a psychedelic wellness company, has raised $1.5 million in funding. The investors included The Conscious Fund, Vice Ventures, Palo Santo, Ambria Capital and Vine Ventures.
– Today, Gwella Mushrooms Inc. (“Gwella”), a private life sciences company and brand house, announced the closing of its oversubscribed financing round with participation from some of the industry’s top firms, including The Conscious Fund, Vice Ventures, Palo Santo, Ambria Capital and Vine Ventures, as well as several other investors contributing an additional $1.5M strategic investment.
As the psychedelic wellness and functional mushroom market continues to generate substantial traction, the market size is now estimated at $30B (CAD) market, globally.
The growing support for these trends is led by the shift in consumer demand for organic healthy foods and alternative therapies.
“We are thrilled to welcome such an inventive CPG brand house to the TCF family as an excellent complement our existing portfolio of drug discovery, clinic, and technology-focused psychedelic start-ups, and are very excited by Gwella’s potential to actively generate meaningful revenue in the near-term,” explains Michael Hoyos, Co-Founding Partner, The Conscious Fund. “Fueled by a best-in-class team, Gwella’s dedication to developing products that allow individuals to reach their wellness potential, outside of a clinical setting is inspiring.”
In May, Gwella launched its first product in the United States, which will be followed by a Canadian launch next year. Mojo, the world’s first legal microdose product, is formulated to replicate the purported effects of a psychedelic microdose. The Mojo gummy is the first in a range of ingestible offerings scientifically targeted for specific novel use-cases, such as to facilitate a better night’s rest and a productivity boost. Tangerine-strawberry flavoured Mojo is available in two sizes for a cost of $7 for a pack of three, and $20 for a pack of 20, and is available through mojogummy.gg.
“With a portfolio of cutting-edge private and public companies, many of which are in the wellness industry, Ambria is enthusiastic about Gwella’s approach,” said Cody Shandraw, Director, Ambria. “We appreciate companies that rely on strong teams to create novel products and we are thrilled to support Peter and Gwella’s potential impact across health, fitness and other industries where functional mushroom-based products, content and tools can be used. We are confident that our investment will help capitalize on opportunities as they arise and will accelerate the execution of their overall business plan”
Gwella is driven by the belief that broad and sustainable access to functional, adaptogenic, and psychedelic mushrooms can radically improve the health and wellness of individuals and communities around the world. As demonstrated by the increased global interest in plant medicine, it is evident that there is a growing population of consumers who are actively exploring natural remedies which allow them to reach flowstate quickly, provide sustained energy, improve cognition, increase focus and optimise performance.
“We’re ecstatic to be investing in Gwella, a company that’s already positioning to bring the benefits of microdosing to a broad international audience,” says Catharine Dockery, Founding Partner of Vice Ventures “As brand investors, we’re excited to join Gwella in their push to bring the benefits of mushrooms and other natural substances to the mainstream consumer at a time when interest in the space is exploding and ongoing research continues to point towards significant potential benefits of these ingredients. We’re
thrilled to be partnering with Gwella’s dedicated, experienced, and innovative management team as they address the growing demand of this nascent market. ”
“We are thrilled to have the backing of all of our partners,” says Peter Reitano, CEO and Co-Founder Gwella. “I’m especially proud that they recognize Gwella’s mission to support the betterment of the well.”
The leadership team is leveraging their expertise and science-backed formulas to create lucrative opportunities to become leaders in this global industry.
Gwella is designing mushrooms for modern life. Our mission is to build the most accessible and Promethean over-the-counter portfolio of functional, adaptogenic and psychedelic mushroom products that amplify individual and community wellness. Driven by a consumer-first approach, Gwella has a dual focus that balances wellness and psychedelics for consumers who opt-in to natural alternatives to support their day-to-day life through physical and mental health.
More information can be found on our website gwellamushrooms.com.