Fast growing spice company Just Spices has closed a Series B financing round of €13 million led by Paris-based Five Seasons Ventures, New York-based Coefficient Capital and Bitburger Ventures.
Since 2014, Just Spices has been revolutionizing the spice market with innovative spice blends online and with an increasing presence in food retail. The company is focusing in particular on a strong e-commerce business and innovation in retail and product development.
Financing for next growth step:
With the newly acquired capital, Just Spices intends to further consolidate its market position as an innovation driver in the field of spice mixes in Germany: "Our mission is to inspire more people to cook. With our spice blends, we inspire people to become creative in the kitchen themselves, to experiment and to have fun and pleasure in cooking again," says Florian Falk, co-founder and CEO of Just Spices. "We are looking forward to taking this to the next level with our investors and the new growth financing." In the future, Just Spices is therefore planning to open up new market segments, to continue its expansion in Germany and, over time, to expand its presence in the rest of Europe and North America.
The planned developments will also enable the company to fill new positions: "We are incredibly proud of our entire team. The strong growth will further strengthen our existing team in the right places. Culture is the most important thing to us. By strengthening our team in many areas, we will fill new key positions in order to put our plans into practice and take the next step," Florian Falk continued.
Pioneer in the digital field:
With its innovative spice blends, Just Spices offers its customers assistance and inspiration in cooking. Meanwhile, the company has built a vibrant online community of cooking enthusiasts who share their passion, especially through social media channels. The growing focus on product development and innovation enables us to bridge the gap between online and offline data. In addition, Just Spices will further strengthen its real-time data collection and analysis capabilities to optimize its product portfolio and align it with key food trends and tendencies. These measures help to better understand the taste profiles of customers and to continuously improve the development of spice blends. More than 60 percent of sales are currently generated online. With numerous recipes, a blog, its own podcast and a mobile app, Just Spices has become one of the most popular spice brands on the social media channels in Europe.
Support from well-known investors:
Last year the company opened up a new category with the Bio Range Just Spices IN MINUTES. "Just Spices acts perfectly with today's online and offline consumers to deliver exactly what they want," said Franklin Isacson, co-founder of Coefficient Capital. "Their new IN MINUTES category is the latest example of how innovative they are: Imaginative and dynamic. We look forward to helping them realize their extraordinary potential."
"In particular, we see four qualities that can make Just Spices a leader in the spice market," says Niccolò Manzoni, co-founder of Five Seasons Ventures, "a strong team with a great culture led by Florian, Ole and Bela, an understanding of consumer needs, the ability to build a unique and dedicated online community, and commercial appeal. That's why we bet on Just Spices."
Dr. Friedrich Droste of Bitburger Ventures also explains: "The increasing brand awareness and the speed with which Just Spices is growing show that Florian, Ole and Bela have built a sustainably successful start-up with further great potential. Together with the founders and our co-investors, we look forward to advancing the next phase of Just Spices' development.