GOOD GOOD, the Icelandic breakfast & brunch brand known for its no-added sugar products, including jams, spreads, keto bars, and natural sweeteners, has announced the closing of a $20 million Series B round of investments led by SÍA, a private equity group in Iceland, along with additional private investors. This news coincides with the launch of the brand's low carb, no-added sugar Peanut Butter product, and recently acquired distribution into 3,500 Walmart locations with its line of Strawberry and Raspberry Jams, Concord Grape Jelly, and Chocolate Spread.
"We first met the GOOD GOOD team in 2019 and were impressed by their initial success and data-driven approach," said Heidar Ingi Olafsson, SÍA IV managing director. "Having kept an eye on the company since, we've been thrilled with their ability to innovate and execute on their brand vision. We are excited to have participated in GOOD GOOD's recent share offering and look forward to working with its co-founders, Agnar, Gardar, and Jóhann to bring the business to its full potential."
In recent years, the SÍA funds have deployed more than $400 million across various industries. GOOD GOOD is SÍA IV's second investment, aligning well with the fund's mission to support promising companies with clear business strategies that have the potential to reach international markets.
"We are thankful for the support from our current investors and board, along with the trust and confidence from our new investor, SÍA IV, and other private investors that participated in this funding," said Gardar Stefansson, co-founder, and CEO of GOOD GOOD. "GOOD GOOD is on a mission to innovate great-tasting, no added sugar alternatives in a world where such products are necessary for everyday living. With this new round of $20 million, we are on track to materialize our vision of making a positive impact on our consumers. We are continuing to add talented employees to our team to bring GOOD GOOD into more households and further develop our product line."
"Since its inception six years ago, GOOD GOOD's revenue has more than doubled each year. For this series B round, an emphasis was placed on strengthening the GOOD GOOD shareholder group for the future. We are very pleased with the progress of the share capital increase and that the demand from investors has far exceeded our expectations," said Johann Ingi Kristjansson, co-founder & chairman of the Board of GOOD GOOD. "This funding strengthens the company's foundation for continued growth, specifically in the United States, online sales, and other foreign markets. In recent months, many experienced new team members joined our company in Iceland, USA, and the Netherlands. The increase in share capital will allow us to strengthen our powerful product development and marketing efforts."
Starting with no added sugar, and low-carb jams, today the brand offers a line of spreads, keto bars, syrups, jams, and natural sweeteners. Being added to GOOD GOOD's roster is a game-changing low carb Peanut Butter, that has only 2g net carb per serving and includes natural fibers from Chicory Root. As with the majority of GOOD GOOD products, the Peanut Butter is non-GMO, gluten-free, keto, diabetes-friendly, and free from added sugars and artificial sweeteners. The better for you, tasty Peanut Butter will soon be available for purchase from selected retailers, Goodgoodbrand.com, and Amazon.com.