Growth Stage

Superfood mushroom supplements, streetwear & media

Superfood mushroom supplements, streetwear & media


Raised to Date: Raised: $143,531

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Year Founded



Fitness & Wellness

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VENICE, California

Business Type


SuperMush, with a valuation of $11 million, is raising funds on Wefunder. It is a lifestyle brand that makes fully-legal superfood mushroom supplements. The mushroom supplements of SuperMush come in the form of mouth sprays and are aimed at improving the mental health of the consumers along with increasing energy, immunity, and creativity. SuperMush has sold over 55,000 superfood supplements and generated $1.5 million in revenue in the first 14 months of its operations. Alli Schaper and Brian Friedman founded SuperMush in August 2020. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1.24 million. The campaign proceeds will be used for marketing, operations, ingredients, packaging, shipping, formulation, and general and administrative expenses.

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Financials as of: 06/05/2023
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The functional mushroom market is experiencing significant growth as consumers become more interested in natural and holistic approaches to health and wellness. Functional mushrooms are known for their potential health benefits, including immune support, increased energy, and improved mental health. SuperMush has tapped into this market by offering fully legal superfood mushroom supplements.

The Supermush product line consists of functional mints and mouth sprays available online and in various retailers, including Erewhon, Urban Outfitters, Central Market, Amazon, and Aviator Nation. The individual offerings are tailored for different goals, for example, immunity or focus. In the near future, the product line will include gummies for optimal sleep and enhanced sexual experiences. While the SuperMush team and community emphasize support for the legalization of psychedelics, it’s important to note that its current product offerings are entirely legal and do not include any psychedelic substances.

SuperMush is positioned as a lifestyle brand targeted at Gen Z and Gen Y consumers. These supplements are designed to be convenient, effective, and delicious, catering to the on-the-go lifestyle of the younger generation. SuperMush also supports the responsible use of psychedelics for therapeutic purposes and personal growth through educational content and community, aligning with the growing interest in alternative wellness practices.

Next Section: Price


SuperMush has a valuation cap of $11 million. SuperMush has shown promising growth with $1.2 million in revenue for 2022, making this valuation appropriate. A 9x revenue multiple is on the lower end for the online private markets, indicating a good deal for potential investors. 

Next Section: Market


The functional mushroom market is gaining traction as more consumers become aware of the potential health benefits. According to a report by Grand View Research, in the US alone, the market size for functional mushrooms is estimated to be approximately $3.2 billion, growing annually at 11.6%. 

Several trends are driving the functional mushroom supplement space. Consumers are increasingly seeking natural and holistic health solutions, leading to increased demand for functional mushroom supplements. These supplements offer a convenient and natural way for individuals to incorporate the health benefits of functional mushrooms into their daily routines. Second, ongoing scientific research on functional mushrooms and their potential in areas such as immune support, gut health, and mental well-being is driving consumer interest and confidence in these supplements. Finally, expanding product offerings, including proprietary blends of medicinal mushrooms, provides consumers with a wide range of options based on their specific health needs. The increasing availability of functional mushroom supplements through mainstream retail channels enhances accessibility and market reach.

Next Section: Team


SuperMush was co-founded by Alli Schaper and Brian Friedman. Schaper began her career in consulting at EY. Shortly after, she gained exposure to the consumer goods sector by founding Zigii, a wellness products subscription box she sold to her first employee. She is very involved in mushrooms, founding a collective to educate people on the benefits of microdosing psychedelics.

Friedman is also a serial entrepreneur, he raised $2.5 million from leading investors, including Marc Benioff (CEO of Salesforce) and Tim Draper to build Loopd, a smart badge for in-person events. The company was acquired by Aventri. 

The pair has impressive experience in the consumer goods space and as successful entrepreneurs. There is little doubt in their ability to lead and execute. 

Next Section: Differentiators


SuperMush faces a competitive market with lots of direct and indirect competition, especially as functional mushroom use becomes increasingly trendy. For example, an energy supplement like mushroom mouth sprays could indirectly compete with coffee, energy drinks, and shots. Nothing can be done to create a moat of defensibility beyond consumer traction and brand loyalty. The company’s partnerships and ability to establish a strong brand presence will be crucial in differentiating itself from the numerous competitors in the market. And Supermush is off to a great start. Alli and her team have made it a point to highlight Supermush as a lifestyle brand. The parent company, Multiverse, has established an industry presence through events, education, and community, all funneling into e-commerce. 

She considers Four Sigmatic and MudWtr closest direct competition, though both are functional mushroom-infused coffees and beverage powders, not mints or sprays. Both Four Sigmatic and MudWtr paved the way for the broader adoption of functional mushrooms, perhaps doing more good for SuperMush than harm by means of competition. From a branding standpoint, SuperMush is tailored more toward a younger audience. There is certainly no shortage of functional mushroom brands, but SuperMush relies heavily on branding and marketing to stand out, targeting a younger crowd. This seems to have worked well, given the early traction. Functional mushroom supplements are trendy but unnecessary, and targeting a younger generation means targeting a customer base with less expendable income. 

Next Section: Performance


SuperMush has demonstrated strong traction since its inception. The company generated $1.5 million in revenue within the first 14 months of operation, indicating a successful market entry and consumer demand for its products. SuperMush has already sold over 55,000 superfood supplements. SuperMush has high product margins (around 96%), indicating efficient cost management and the potential for near-term profitability. According to Alli, the company has five months of runway, with a monthly burn rate of $40-$55k. Ideally, a startup should have 12-18 months of runway, but investors are hesitant in the current market, and five months is more than we see for most startups raising online. This Wefunder raise should contribute to a more robust financial standing, and Alli and her team have already drastically improved burn.  

SuperMush is backed by notable venture capital investors, including Vibrant VC, Humans VC, and Mystic VC, further validating the company’s potential. Angel investors include Marc Randolph, co-founder and CEO of Netflix, and NHL player Auston Matthews. There is a clear interest in the functional mushroom space from these celebrities and big-name investors, and the trendiness is backed by impressive early traction. Alli believes the team is on track to bring in $4 million in revenue for 2023.

Next Section: Risks


SuperMush operates in the highly competitive industry of wellness supplements, facing stiff competition from various established and emerging brands. Plenty of direct and indirect competitors can eat up this market share. Additionally, though the Supermush products are not psychedelic, there will likely be hesitation among consumers unfamiliar with functional mushrooms, which may impact product adoption. The early adopters may represent a more knowledgeable subgroup. Over time, revenue growth may decrease as customer acquisition expands beyond early adopters. 

Targeting younger generations may also be risky, as the products are not cheap. At $18 for a pack of mints and $27 for a mouth spray, SuperMush may be out of the price range for a large segment of this young target audience.

Next Section: Bearish Outlook

Bearish Outlook

SuperMush faces particular challenges in the competitive wellness supplements industry. The market is crowded with both direct and indirect competitors that can potentially erode its market share. Although SuperMush’s products do not contain psychedelic substances, there may still be consumer hesitation among those unfamiliar with functional mushrooms, which could affect product adoption. Early adopters may represent a knowledgeable subgroup, and as customer acquisition expands beyond this group, revenue growth may slow down. Targeting younger generations is also a risk, given the relatively high prices of SuperMush products, $18 for mints and $27 for mouth sprays, which may be outside the budget of a significant portion of the young target audience.

Next Section: Bullish Outlook

Bullish Outlook

Led by co-founders Alli Schaper and Brian Friedman, SuperMush has achieved impressive early milestones, generating $1.5 million in revenue within its first 14 months and selling over 55,000 superfood supplements. With notable backing from venture capital investors and angel investors, including Vibrant VC, Humans VC, and Mystic VC, SuperMush is well-positioned for growth. The functional mushroom market is trending and has an impressive annual growth rate, driven by increasing demand and ongoing research on the health benefits of functional mushrooms. The brand’s emphasis on targeting younger consumers and its status as a lifestyle brand further contributes to its success. The founders’ previous entrepreneurial exits add to their credibility and expertise in leading SuperMush toward continued expansion. Additionally, SuperMush stands out from the crowd by offering supplements in mouth sprays and mints. Most other competitors offer beverages. This is a more direct route to ingest the supplements, is more portable, and may appeal to those who don’t like the taste of the mushroom beverages offered by the competition.

Next Section: Executive Summary

Executive Summary

SuperMush is a functional mushroom supplement brand that has achieved impressive early milestones. The company generated $1.5 million in revenue within its first 14 months and has sold over 55,000 superfood supplements. Backed by venture capital and angel investors, SuperMush is well-positioned for growth. However, the brand operates in a highly competitive industry, facing the risk of losing market share to numerous competitors. Additionally, consumer hesitation towards functional mushrooms and the potential slowdown in revenue growth beyond early adopters pose challenges. Targeting younger generations may also be risky due to the relatively high prices of SuperMush products. Nonetheless, with the founders’ experience and the projected growth of the functional mushroom market, SuperMush has potential opportunities for success.

Report written by KingsCrowd Investment Research Manager Olivia Strobl on July 14, 2023.

Next Section: Other

Why We Invested

After several conversations with SuperMush founder Alli Schaper, we are excited to announce that KingsCrowd Capital has committed to the round. Our team is bullish on the functional mushroom market and the ongoing research underpinning the health benefits of functional mushrooms. We believe that SuperMush can potentially capture a large segment of this growing market. 

Additionally, we were impressed with the SuperMush branding. Alli and her team have made SuperMush into a lifestyle brand. The parent company, Multiverse, offers podcasts, events, and other educational content surrounding the use of mushrooms, both functional and psychedelic. However, it should be noted that none of the SuperMush products have psychedelic properties. It was clear throughout our conversations that Alli is fully committed to this venture and passionate about increasing awareness of the space. 

The early traction is also very impressive. SuperMush is backed by notable venture capital investors, including Vibrant VC, Humans VC, and Mystic VC. The team has done $1.5 million in sales in the first 14 months of operation. At $11 million, we believed SuperMush to be appropriately valued for its growth potential. Mud\Wtr, a functional mushroom beverage company, was valued at $146 million post-money in 2021, suggesting that a 10x return is not out of the question. 

SuperMush also differentiates from other functional mushroom brands, like Mud\Wtr. By packing functional mushrooms into mints and mouth sprays, SuperMush is the ultimate portable supplement. Users can take functional mushrooms on the go with no preparation required. The mouth spray also offers a more direct route of ingestion. Few other functional mushroom supplement brands (or supplements in general) appear to take the same form.

Finally, we believe that SuperMush has plenty of room to grow. The team already has a strong retail presence online and in various retailers, including Erewhon, Urban Outfitters, Central Market, Amazon, and Aviator Nation, and plans to expand into Whole Foods, Sprouts, and Target. The team is also actively rolling out new products, like functional gummies for sleep.  

Overall, we trust Alli’s vision for the company and believe SuperMush can scale enough to offer strong returns at the current valuation. With differentiated products, SuperMush is well-positioned to become an industry leader in the functional mushroom space that is rapidly growing in popularity.

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SuperMush on Wefunder 2023
Platform: Wefunder
Security Type: SAFE
Valuation: $11,000,000

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