Fast-growing Icelandic brand powers up no-sugar breakfast snacking with $20m boost

17-May-2022 - Last updated on 17-May-2022 at 09:25 GMT

Good Good creates products that consumers feel good about. Pic: Good Good

Good Good – known for its no added sugar keto bars and baking mixes – has closed a $20 million Series B round led by Iceland private equity firm SÍA IV and other investors.

The Reykjavik-based producer was founded in 2015 by Gardar Stefansson, Agnar Lemacks, and Johann Ingi Kristjansson, who were motivated by their families to make treats sweetened with a blend of stevia and erythritol.

Good Good has enjoyed rapid growth, and its extensive portfolio now includes snack bars, recently launched baking mixes, jams, spread, syrups and natural sweeteners, which can be found online, as well as at 10,000+ retail locations across 36 countries.

“Since inception, Good Good’s revenue has more than doubled each year,” said Kristjansson, cofounder and chairman.

“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.”

International spread

Kristjansson added the funding will be used to cement international growth, specifically in the US, along with online sales.

“The increase in share capital will allow us to strengthen our powerful product development and marketing efforts.”

This is SÍA IV’s second investment, have already deployed more than $400m to support local companies with clear business strategies to reach international markets.

“We first met the Good Good team in 2019 and were impressed by their initial success and data-driven approach,” said Heidar Ingi Olafsson, MD of SÍA IV.

“Having kept an eye on the company since, we’ve been thrilled with their ability to innovate and execute on their brand vision.”

Added Stefansson, cofounder and CEO, “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 materialise our vision of making a positive impact on our consumers.”

The company has recently expanded its team – its workforce now has footprints in Iceland, the US and the Netherlands, won a listing for its Strawberry and Raspberry Jams, Concord Grape Jelly and Chocolate Spread in 3,500 Walmart locations, and created a ‘game-changing’ low carb Peanut Butter.

The Keto spread packs only 2g net carbs per serving and includes natural fibres from chicory root. Like the majority of its products, the Peanut Butter is non-GMO, gluten-free, keto, diabetes-friendly, and free from added sugars and artificial sweeteners.

The better-for-you PB will soon be available for purchase from the company, on Amazon and in selected retailers, like Walmart.