REYKJAVIK, ICELAND — Good Good raised $2 million in a series A follow-up funding round led by existing investors Icepharma, K2B Investments and Aton.JL.
The investment follows last year’s $3 million Series A fundraise and will help Good Good scale its production and new product innovation efforts, said Gardar Stefansson, co-founder and chief executive officer of the Reykjavik, Iceland-based startup.
Launched in 2015, Good Good offers an assortment of no sugar added products, including jams, spreads, keto bars and natural sweeteners. The new funding coincides with the launch of its latest addition, a keto-friendly pancake and waffle mix. Free from added sugars and artificial sweeteners, the non-GMO and gluten-free mix is sweetened with erythritol and features ingredients such as almond flour and egg white powder.
Like all Good Good products, the pancake mix and waffle mix are available globally at more than 8,500 retail stores. The products also are available at various online retailer sites, including amazon.com and walmart.com, and direct-to-consumer through the brand’s e-commerce platform.
With a portfolio of sweet products that are diabetic-friendly, Good Good has demonstrated high demand for its offerings throughout the COVID-19 pandemic, said Svanhildur Nanna Vigfusdottir of K2B Investments.
“Sales in 2020 increased by 171% over the previous year, despite the major challenges in both production and distribution resulting from COVID-19, and this positive sales growth has continued in 2021,” she said. “This share capital increase will further boost the company’s capacity, enabling it to respond to the extra demand that is evident in new orders received, and to reinforce its operations with an expanded product line and entry into new markets.”