With Joyance’s emphasis on investing in companies that use science to improve our lives, we’re pleased to announce the most recent addition to our portfolio, Spicewell.
The global spice and seasonings market was valued at USD 17.75 billion in 2021 and is projected to grow from USD 18.47 billion in 2022 to USD 25.42 billion by 2029, exhibiting a CAGR of 4.67%. The industry is competitive and diverse, from multinational corporations to specialty producers, but Spicewell sets itself apart on multiple levels — Spicewell incorporates Ayurvedic principles and has a rich heritage story. It aims to be 100% plastic-free, follows a clean-label approach, and offers a unique nutritional boost other seasonings don’t. Spicewell sits at the intersection of wellness and flavor, creating an entire category of its own in the crowded seasonings industry.
Spicewell’s formulas effectively blend in essential supplements, providing 10% of the recommended daily vitamins in a half teaspoon of salt and pepper. Their “New Salt” and “New Pepper” incorporate vitamins derived from organic vegetables like kale, broccoli, cranberry, and maitake mushrooms. “New Salt” is 30% lower in sodium and blended with Ashwagandha for stress relief. “New Pepper” is blended with Turmeric, known for its anti-inflammatory and circulation benefits.
CEO Raina Kumra comes from a family of doctors and tech entrepreneurs. She advises Google X on Agriculture and Energy projects and serves as a Partner at The Fund LA for healthcare investments. She also holds board roles at Data & Society and Eat Real. Her extensive experience in digital direction for top brands, marketing, public policy, venture capital, and consumer movements makes her the ideal candidate to lead Spicewell to resounding success. Drawing from Ayurvedic concepts and the idea of food as medicine, Raina’s personal story and profound beliefs add to Spicewell’s exceptional and captivating brand.
With its emphasis on health and flavor, Spicewell is the embodiment of the foodtech-focused element of our thesis. This delicious, nutritious approach to seasoning is an ideal way of utilizing science to cultivate joy and improve our lives.
By Nobu Takanuma, Investment Partner
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