Alice Mushrooms Attracts Investment from L Catterton, Zac Efron, and Pedro Pascal

Alice Mushrooms, a functional mushroom chocolate brand, has secured a significant investment led by L Catterton, less than two years after its launch. The funding round featured contributions from actors Zac Efron, Pedro Pascal, and Kevin Hart, who have joined a distinguished roster of supporters that includes Jason Strauss, co-chief executive of Tao Group, and Dr. Jennifer Ashton, former chief medical correspondent for ABC News and current medical adviser to Alice.

According to the brand, the funds from this investment will be used to expand its retail presence, diversify its product offerings, and support the growth and development of its team.

Founded in late 2022, Alice Mushrooms was born out of a desire to offer “safe, effective consumables that pair long-term benefits with immediate boosts to cognitive functioning.” The result is a premium edible wellness brand currently offering three products: Brainstorm, designed to enhance focus; Happy Ending, intended to boost arousal; and Nightcap, aimed at supporting sleep.

The brand was founded by Lindsay Goodstein and Charlotte Cruze, who spent two years collaborating with formulators, homeopathic practitioners, and generational chocolatiers to create indulgent treats that highlight the benefits of mushrooms. Since its launch, Alice Mushrooms has achieved remarkable success, with 175 percent year-over-year growth. The brand is now available in 200 retail locations across the U.S. and is projected to reach 1,000 by the end of the year.

“We made a point to not over raise or overspend because we honestly had no idea what was actually going to happen once we put the product into the market,” Goodstein told WWD. “Then we launched, and everything changed. We were sold out only a few months into the business.”

 “Alice Mushrooms distinguishes itself with its innovative branding and unique product offerings that connect with a new generation of consumers,” said Whitney Casey, partner at L Catterton, in a statement. “This investment aligns with our strategy to support forward-thinking companies in the VMS (vitamins, minerals, supplements) space. We look forward to partnering with Alice and supporting their mission to transform the wellness market.”

L Catterton, co-founded by LVMH, is a consumer-focused private equity firm with a strong track record of investing in and nurturing innovative companies across sectors like health and wellness, beauty, and food and beverage. The firm’s portfolio includes notable brands such as Honest, Merit, and, most recently, Naomi Watts’ menopause brand, Stripes Beauty.

“We bonded with the team at L Catterton right away.” Cruze told WWD. “It was one of those things that felt like a puzzle, and it became a perfect fit because not only were they right out of the gate, aligned with our vision, saw the potential for the business and saw the potential for the category as a whole, but the team that we work with at L Catterton is led by two women.”