Good Good Raises $20 million

Good Good, a brand of Icelandic snacks and pantry staples, has closed a $20 million Series B funding round led by SÍA, a private equity group in Iceland, along with additional private investors.

Founded in 2015, Good Good markets a line of jams, spreads, nutrition bars, syrups and sweeteners formulated with no added sugar. The products are available online at Amazon.com, Walmart.com and goodgoodbrand.com and at more than 10,000 retail locations in 36 countries. The brand recently gained distribution for its strawberry and raspberry jams, concord grape jelly and chocolate spread in 3,500 Walmart locations.

“Since its inception six years ago, Good Good’s revenue has more than doubled each year,” said Johann Ingi Kristjansson, co-founder and chairman of the board of Good Good. “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. This funding strengthens the company’s foundation for continued growth, specifically in the United States, online sales and other foreign markets.”

Good Good has expanded its team in Iceland, the United States and The Netherlands in recent months. The new funding will support product development and marketing efforts, according to the company. Its latest launch is a low-carbohydrate peanut butter spread made with chicory root fibre.

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