Spiceology Announces $4.7M Series A Financing

SPOKANE, Wash., Sept. 23, 2020 /PRNewswire/ -- Spiceology, Inc., the privately held, fastest-growing spice company in America, today announced the closing of a $4.7 million round of financing, led by retail and grocery executive Ty Bennett, with participation by the Cowles Company, Kickstart Funds III & IV and a collection of angel investors. In addition, Roger Landrum has joined the company as senior vice president of Global Supply Chain & Operations, and Spiceology was named to the Inc. 5000 list of fastest-growing private companies in America for the second straight year.

"Spiceology's formula is focusing on quality and innovation at scale. By doing so, we're bringing life into a very tired category that's sorely in need of a fresh alternative," said Chip Overstreet, president & CEO of Spiceology.  "There's nothing more core to our lives than eating, and we bring smiles to people's faces when they realize how much better every meal can be with a simple sprinkle of Spiceology goodness. This capital injection, and the addition of world-class talent like Roger, will help us continue to scale and get our products into the hands of more chefs and consumers in the US and around the world."

Spiceology will use the funds to bring process automation to its SpiceLab operations, and to further fuel its sales and marketing efforts. The SpiceLab is where innovative Spiceology blends get formulated and packaged into different types of containers with Spiceology's trademarked "Periodic Table of Flavor" packaging.

"I have been an investor in Spiceology since the early days and had the privilege of watching the company elevate above the thousands of small spice purveyors in the market," said Ty Bennett, founder and former CEO of Jacent, acquired by PE firm Gridiron in May of 2019. "I look forward to bringing my retail and grocery experience to the table to help Spiceology continue to delight customers and find new ways of meeting customers where they shop." Bennett has also joined Spiceology's Board of Directors.

With deeper focus on increasing production capacity, the company has also brought on Roger Landrum to drive operations. Landrum was formerly the senior director of supply chain, risk management & procurement at Litehouse Foods, a $300M food manufacturer known for its fresh salad dressings and fresh herbs. Prior, he spent 12 years at ConAgra as a founding member of ConAgra's strategic sourcing department. Landrum brings 10 years of operations and supply chain experience in consumer packaging at Weyerhaeuser and Temple-Inland corporations. Landrum served two tours of duty in Iraq and has received multiple medals for leadership that include a bronze star as an infantry invasion force commander. He holds a BS in Education, Macroeconomics and History from the University of Tennessee Knoxville, and a master's degree in business with a focus on business statistics and math from Troy University.

"Chefs and consumers have made it very clear that quality matters, and that they won't tolerate spices and blends with additives and fillers," said Landrum. "Spiceology's commitments to 'grind fresh, ship fresh' and 'no funky stuff' are key to our strategy, our brand and our success, and I couldn't be more excited to have the opportunity to scale our operations in support of these central pillars."

Spiceology continues to be the fastest-growing spice company in the United States. In August, Spiceology was named to Inc. Magazine's "Inc. 5000 Fastest-Growing Private Companies in America" for the second year in a row, climbing up to #1,081 on the list.

For more information on Spiceology, please visit Spiceology.com, or on Facebook and Instagram.

ABOUT SPICEOLOGY
Chef-owned and operated, Spiceology was named the fastest-growing private spice company in the US by Inc Magazine in both 2019 and 2020. Founded in 2013, the company established itself early with innovative blends like Black & Bleu, Greek Freak and Smoky Honey Habanero, but now offers more than 300 premium spices, herbs, salts, chilis, blends, confections, fruit & vegetable powders and modernist ingredients. Chefs and consumers fall in love with Spiceology because of the beauty and organization of the Periodic Table of Flavor packaging, but they buy because of the innovative blends and the incredible quality that comes from the company's "grind fresh, ship fresh" ethos. Spiceology is sold direct to consumers and chefs across the US & Canada, and has customers reaching from Australia to Dubai. Please check us out at www.spiceology.com.

Contact: Cassidy Levine, Havas Formula, (619) 234-0345, [email protected]

SOURCE Spiceology