The investment was led by Icelandic private equity firm SÍA along with additional private investors. Last year, the company completed a $3m Series A funding round to fuel its expansion plans.
"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," said Good Good co-founder and CEO Gardar Stefansson who started the company with Johann Kristjansson to figure out a way to decrease their personal daily sugar consumption.
"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 in a press release. "Having kept an eye on the company since, we've been thrilled with their ability to innovate and execute on their brand vision.
The most recent round of funding coincides with the launch of Good Good's most product innovation, a low-carb, no-sugar-added peanut butter product with 2g of net carbs per serving including dietary fiber from chicory root to complement its existing line of strawberry and raspberry jams, concord grape jelly, and chocolate spread which use a blend of erythritol and stevia instead of cane sugar.
The company has also expanded into adjacent categories such as snack bars with its line of keto bars.
The company has grown distribution to 10,000+ retailers in 36 countries including entering 3,500 Walmart stores in the US. The brand is also available direct-to-consumer on Amazon, Walmart.com, and other online retailers.
"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," added 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."